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…

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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.
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 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.
Computing cost of goods manufactured Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year
s
Ginobili Corp has the following information: Beginning Ending Inventory Inventory (1/1) (12/31) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 21,507 $ 23,112 $ 13,945 $ 9,081 $ 19,802 $ 19,956 Additional information for the year is as follows: Raw materials purchases $ 56,338 $ 41,158 $ $ $ 46,601 2,394 $ Direct labor Manufacturing overhead applied Indirect materials Compute the cost of goods manufactured.
Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred $175 150 200 300 Manufacturing overhead costs Direct materials used in production 250 125 Multiple Choice $650. $675. $700. $750.
The Sauron Company's accounting information system shows the following Information: Work in process inventory, Direct materials Direct naterials inventory Sunnary of all additions to work in process during May Мay 31 Dr $ 148,000 Cr $ 140,000 On April 30, a breakdown of the balance In the work in process account showed that direct materials accounted for $40,000 of the total balance. There were 12.000 units in work in process Inventory on that date. During May no new units were Introduced Into production and all 12000 units in beginning work in process were completed and transferred out. Requlred: Calculate the cost per equivalent unit for materlals for May. Cost per equivalent unit for materials
Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: Materials Work in Process Finished Goods $102,000 $97,500 $117,150 January 1 $128,500 $11,000 19,800 23,100 December 31 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? $ 8,800 18,700 18,150

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