The following information is taken from the accounting records of four different companies. Provide the missing amounts. Assume there are no indirect materials used in the company's finished product.Direct Materials Inventory, beginningPurchases of direct materialsCompany 1Company 2$15,000$92,200Company 3$5,00050,600Company 4$130,500221,800Total direct materials available for use391,000101,300Direct Materials Inventory, ending25,00034,600Direct materials used in production71,200Direct labor212,00025,000324,400Total manufacturing overhead254,40097,50064,300Total manufacturing costWork in Process Inventory, Beginning194,000138,300913,200148,50038,000Work in Process Inventory, Ending50,00043,70047,500Cost of goods manufactured814,400103,450920,300Finished Goods Inventory, beginning35,00036,000Cost of goods available for sale393,000140,050Finished Goods Inventory, endingCost of Goods Sold$796,400$12,600$109,400$42,300

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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! Required information [The following information applies to the questions displayed below.] The following data refer to Huron Corporation for the year 20x2. Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/x2 Direct-labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work-in-process inventory, 12/31/x1 Work-in-process inventory, 12/31/x2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead X Answer is complete but not entirely correct. HURON CORPORATION Schedule of Cost of Goods Sold For the Year Ended December 31, 20X2 Finished-goods inventory, 12/31/x1 Add: Cost of goods manufactured Cost of goods available for sale Less: Finished-goods inventory,…
For each of the following independent cases (1 to 4), compute the missing values. Note: Enter all amounts as positive values. Case 1 Case 2 Case 3 Case 4 Beginning raw materials Raw materials purchases Indirect materials issued Ending raw materials $ 69 6,900 $ 25,000 $ 108,000 54,000 11,250 50,640 500 2,500 700 2,900 1,500 2,950 95,000 Direct materials used 14,300 33,420 Direct labor 37,000 122,750 Manufacturing overhead applied 61,000 38,950 30,280 539,830 Total current manufacturing costs 82,600 94,400 Beginning work in process 50,000 36,600 100,520 Ending work in process 43,150 237,600 Cost of goods manufactured 138,000 71,800 91,025 826,900 Beginning finished goods 77,000 52,900 Ending finished goods 79,000 30,100 398,100 Cost of goods sold 75,000 112,575 842,400
The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each  Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the FIFO costing method?a. P2,519.00b. P2,421.00c. P2,500.00d. P2,400.00
The data given below relate to Materials AAA used by Jose Company: Beginning balance, 480 at P4.80 each Purchase Order #30, 600 at P4.90 each Requisition #46, 175 Requisition #49, 225 Requisition #50, 280 Purchase Order #96, 400 at P4.95 each Requisition #52, 310 Returned materials report 24 (from requisition #50), 20What is the cost of ending inventory using the moving average costing method?a. P2,499.59b. P2,450.59c. P2,459.60d. P2,949.60
XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000 ; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. None of the answers given O c. OMR120,000 O d. OMR145,000 O e. OMR580,000
Crawford Corporation incurred the following transactions. Accounting Transactions No. Transactions 1. Purchased raw materials on account $46,800. 2. Raw Materials of $40,900 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,600 was classified as indirect materials. (Hint: Raw materials of $40,900 are applied to production. of $40,900, $8,600 are indirect materials. Make sure to calculate the amount of direct materials.) 3. Factory labor costs incurred were $63,800, of which $51,500 pertained to factory wages payable and $12,300 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $9,500 was indirect labor. (Hint: Factory labor including direct labor and indirect labor was assigned to production.) Journalize the transactions. List debit transactions first and then list credit transactions. Date Account Titles and Explanation Debit ($) Credit ($) 1.…
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ost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price MaterialsRequisition Number Quantity Amount Date Quantity Unit price Amount May 1 320 $8 $2,560 27 220 $10 May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3 fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6 105 360 $fill in the blank 96e897097f99fe6_7 May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12 May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank…
Assume that in Case 1 the other items in the current assets section are as follows: cash $ 3,090, receivables (net) $ 10,110, raw materials $ 850, and prepaid expenses $ 300. Incomplete manufacturing costs, expenses, and selling data for two different cases are given below: (a) Your answer is correct. Indicate the missing amount for each letter. Direct Materials Used Direct Labour Manufacturing Overhead Total Manufacturing Costs Beginning Work in Process Inventory 1 Case 2 $6,600 $ 6630 3,180 8,550 6,120 3,000 15900 (a) 18,180 1,460 8200 (h)
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $8 $1,760 24 150 $10 May 4 fill in the blank 0748f9092fa1036_1 fill in the blank 0748f9092fa1036_2 fill in the blank 0748f9092fa1036_3 fill in the blank 0748f9092fa1036_4 fill in the blank 0748f9092fa1036_5 fill in the blank 0748f9092fa1036_6 107 250 $fill in the blank 0748f9092fa1036_7 May 10 fill in the blank 0748f9092fa1036_8 fill in the blank 0748f9092fa1036_9 fill in the blank 0748f9092fa1036_10 30 100 12 May 21 fill in the blank 0748f9092fa1036_11 fill in the blank 0748f9092fa1036_12 fill in the blank 0748f9092fa1036_13…
An incomplete cost of goods manufactured schedule is presented here.Complete the cost of goods manufactured schedule for Splish Brothers Company. (Assume that all raw materials used were direct materials.) SPLISH BROTHERS COMPANYCost of Goods Manufactured ScheduleFor the Year Ended December 31, 2022 Work in process, January 1 $243,600 Direct materials Raw materials inventory, January 1 $enter a dollar amount Raw materials purchases 184,000 Total raw materials available for use enter a total of the two previous amounts Less: Raw materials inventory, December 31 27,000 Direct materials used $208,800 Direct labor enter a dollar amount Manufacturing overhead Indirect labor 21,600 Factory depreciation 41,400 Factory utilities 79,600 Total manufacturing overhead 142,600 Total…
The Genesis Corporation has the following account balances (in millions): For Specific Date Direct materials, January 1, 20X1 Work in process, January 1, 20XI Finished goods, January 1, 20X1 Direct materials, December 31, 20X1 Work in process, December 31, 20X1 Finished goods, December 31, 20X1 For Year 20X1 P15 Purchases of direct materials P325 10 Direct manufacturing labor 70 Depreciation - plant building and equipment 5 Plant supervisory salaries 55 Miscellaneous plant overhead 100 20 80 5 35 Revenues 950 Marketing, distribution and customer-service costs 240 Plant supplies used Plant utilities 10 30 Indirect manufacturing labor 60 Required: 1. Prepare an income statement and a supporting schedule of costs of goods manufactured for the year ended December 31, 20X1.

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