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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Answered: The following information is taken from…

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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Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 X
Selected financial information for Shadyside Manufacturing is presented in the following table (000s omitted). Sales revenue $5,000 Purchases of direct materials $480 Direct labor $510 Manufacturing overhead $690 Operating expenses $680 Beginning raw materials inventory $260 Ending raw materials inventory $180 Beginning work in process inventory $360 Ending work in process inventory $450 Beginning finished goods inventory $300 Ending finished goods inventory $230 What was the cost of direct materials used? $740 $440 $560 $480
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs Work in process inventory (1/1) $27,000 $35,000 $104,000 $19,000 Cost of goods manufactured $100,000 Cost of goods available for sale $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Selling and administrative expenses $125,000 Income tax expense $18,000 Required: Compute the following: a. Manufacturing overhead. b. Work-in-process inventory, 12/31. c. Finished-goods inventory, 1/1. d. Cost of goods sold.
Question 38?
The following information were taken from the accounting records of BLUE Corporation for the year ended December 31, 2021: Decrease in finished goods inventory - 700,250; Increase in raw materials inventory - 368,000; Freight out - 520,000; Factory overhead - 6,000,000; Direct labor - 4,000,000: Raw materials purchased - 8,600,000; Freight in - 842,100. There was no work in process inventory at the beginning or at the end of the year WHAT IS THE COST OF GOODS SOLD
Subject :- Accounting
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Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 $ 15,800 35,700 111,100 December 31 $ 18,200 62,100 97,900 Cost of goods sold 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 3. Compute the company's cost of goods sold. $ Raw material Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $100,000.00 $48,200.00 3 Materials inventory, May 31 (a) 50,000.00 4 Materials purchased 950,000.00 710,000.00 5 Cost of direct materials used in production 938,500.00 (a) 6 Direct labor 2,860,000.00 (b) 7 Factory overhead 1,800,000.00 446,000.00 8 Total manufacturing costs incurred during May (b) 2,484,200.00 9 Total manufacturing costs 5,998,500.00 2,660,600.00 10 Work in process inventory, May 1 400,000.00 176,400.00 11 Work in process inventory, May 31 382,000.00 (c) 12 Cost of goods manufactured (c) 2,491,500.00 13 Finished goods inventory, May 1 615,000.00 190,000.00 14 Finished goods inventory, May 31 596,500.00 (d) 15…
Record the amount in each account affected by the transactions/adjustments below. Note: These are not complete journal entries not all rows will have more than one entry and they will not balance like previous transactions. Beginning Inventory Purchased $10,000 of raw materials Transferred $13,000 direct materials to factory for production. Production required $7,200 of direct labor. Applied overhead at $2 per each dollar of direct Completed work on production costing $32,120. Sold products that cost $17,530 to produce for $35,000 in sales. Actual overhead totaled $16,000. Ending Balances Raw Materials $12,500 Work In Process $3,600 Finished Goods Cost of Goods Sold $5,980 Sales $0 $0 $12,500 $3,600 $5,980 $0 $0
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