Provide correct answer general accounting The following information has been taken from the perpetual inventory system ofElite Mfg. Co. for the month ended August 30:Purchases of direct materialsDirect materials usedDirect labor costs assigned to productionManufacturing overhead costs incurred (and applied)Balances in inventoryMaterialsWork in Process$55,000$45,000$20,000$30,000August 30 August 1$?$20,000$60,000 $42,000$55,000$38,000 40.Finished GoodsTotal manufacturing costs charged (debited) to work in process during Augustamount to:a. $100,000.b. $110,000.c. $95,000.d. Some other amount.

Step 1: Define Work-in-Process InventoryWork-in-process inventory is an inventory class found in the…

Answered: The following information has been…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter9: Working Capital

Section: Chapter Questions

Problem 27E

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LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.
Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as shown in the records of Hillsdale Corp. for November follow: Required: 1. Complete a materials ledger account similar to Figure 2-10 (the On Order columns should be omitted) for each of the following inventory costing methods, using a perpetual inventory system: a. FIFO b. LIFO c. Weighted average (carrying unit prices to five decimal places) 2. For each method, prepare a schedule that shows the total cost of materials transferred to Work in Process and the cost of the ending inventory. 3. If prices continue to increase, would you favor adopting the FIFO or the LIFO method? Explain. 4. When prices continue to rise, what is the effect of FIFO versus LIFO on the inventory balance for materials reported in the balance sheet? Discuss.
Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
What is the manufacturing costs
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory August 31 $? Materials Work in Process Finished Goods The cost of finished goods manufactured $ 66,000 $ 50,000 in August is: August 1 $ 20,000 $ 47,500 $ 43,300 $ 61,000 $ 40,000 $ 15,000 $ 35,000
The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of finished goods manufactured in August is: A. $147,000 B. $92,000 C. $57,000 D. Some other amount
The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31 Purchases of direct materials \$70,000 Direct materials used $53,500 Direct labor costs assigned to production$ 18,000 Manufacturing overhead costs incurred and applied) $ 35,000 Balances in inventory August 31 August 1 Materials$ ? $38,000 Work in Process $ 54,000 $ 52,000 Finished Goods $ 59,000 $ 46,000 Total manufacturing costs charged (debited) to Work in Process during August amount to:
The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200
Subject: acounting
The following information is available for the year ended December 31: Beginning raw materials inventory $ 3,400 Raw materials purchases 4,900 Ending raw materials inventory 3,900 Direct labor expense 1,900 The amount of direct materials used in production for the year is: O $6,900. $5,000. $8,300. $4,400. $4,900.

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