MCQ The following information has been taken from the perpetual inventorysystem of Everest Mfg. Co. for the month ended September 30:Purchases of direct materialsDirect materials usedDirect labor costs assigned to production$60,000$50,000$25,000Manufacturing overhead costs incurred (and applied) $35,000Balances in inventoryInventory Type September 30 September 1Materials$?Work in Process $65,000Finished Goods $60,000$25,000$45,000$40,000Total manufacturing costs charged (debited) to work in process duringSeptember amount to:a. $110,000b. $120,000c. $105,000d. Some other amount.

To determine the total manufacturing costs charged (debited) to Work in Process (WIP) during…

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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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
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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
Computing cost of goods manufactured Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year
Problem 1.a.: Computation of Direct Material Used. Akari Inc. provided the following information for its raw material inventory account at the end of the current month: Raw Materials (RM) Inventory Accounts $ Accounts $ Beginning balance $22,600 Direct materials (DM) used ? Purchase $88,400 Indirect materials used $7,600 Ending Balance $27,200 Required: Compute the missing information for the direct materials used during the current month. Solution: Formula: Beginning RM + RM Purchased = Total RM available for use - Ending RM = RM used - Indirect material used = DM used
Tag. General Account
Inventory of work in process Inventory of finished goods Direct materials used Direct labor Manufacturing overhead Selling expenses December 31 $ 40,000 60,000 a. Work in process inventory b. Cost of finished goods manufactured c. Cost of goods sold d. Total manufacturing costs 250,000 120,000 145,000 135,000 January 1 $ 18,000 68,000 Required: a. Find the amount debited to the Work In Process Inventory account during the year. b. What is the cost of finished goods manufactured for the year? c. What is the cost of goods sold for the year? d. What are the total manufacturing costs for the year?
Company had the following inventory balances at the beginning and end of November:November 1 November 30Raw Materials P17,000 P20,000Finished Goods P50,000 P44,000Work in Process P 9,000 P11,000During November, P39,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was P8 per direct labor-hour, and it paid its direct labor workers P10 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained P4,700 of direct materials cost. The Company incurred P28,000 of actual manufacturing overhead cost during the month and applied P26,400 in manufacturing overhead cost. The amount of direct labor cost in the November 30 Work in Process inventory was:
Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
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