Balances in inventory 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) $35,000Balances in inventoryInventory TypeSeptember 30 September 1Materials$?$25,000Work in Process $65,000$45,000$40,000Finished Goods $60,000Total manufacturing costs charged (debited) to work in process duringSeptember amount to:

Concept of Direct MaterialsDirect materials are the raw materials that are directly used in the…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value...

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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
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
What is the manufacturing costs
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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 Work in Process Finished Goods $? $65,000 $60,000 $25,000 $47,000 $43,000 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: A. $135,000 B. $210,000 C. $160,000 D. Some other amount
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 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 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
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.
Denger

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