The following information was taken from Cavite Company's accounting records for the year ended December 31, 2003: Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000 The cost of goods sold is

The following information was taken from Cavite Company's accounting records for the year ended December 31, 2003: Decrease in raw materials inventory, P500,000 Increase in goods in process inventory, P1,500,000 Increase in finished goods inventory, P1,000,000 Raw materials purchased, P20,000,000 Direct labor payroll, P5,000,000 Factory overhead, P3,000,000 Freight out, P2,000,000 Freight in, P2,500,000 The cost of goods sold is

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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At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 Manufacturing overhead Dr – 0 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000 Direct labor incurred $190,00 Manufacturing OH incurred $300,000 Manufacturing OH allocated to production $295,000 Costs of jobs completed $500,000 Selling price of jobs sold $750,000 Cost of jobs sold $440,000 As a result of these transactions how gross profit will Conway report? A) 310,000 B) 305,000 C) 515,000 D) 345,000
The following information relates to a company at its year end: £ Stock at beginning of year Raw materials 20,000 Work-in-progress 4,000 Finished goods 68,000 Stock at end of year Raw materials 22,000 Work-in-progress 8,000 Finished goods 60,000 Purchase of raw materials 100,000 Direct wages 80,000 Royalties on goods sold 6,000 Production overheads 120,000 Distribution costs 110,000 Administration expenses 140,000 Sales 600,000 The cost of goods manufactured during the year is £.
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Question 38?
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000Direct labor incurred $190,00Manufacturing OH incurred $300,000Manufacturing OH allocated to production $295,000Costs of jobs completed $500,000Selling price of jobs sold $750,000Cost of jobs sold $440,000 After recording all these transaction the adjusted cost of goods sold account is: A) Debit of $445,000B) Debit of $440,000C) Credit of $445,000D) Debit of $435,000
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
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1. The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct labor cost 200,000 Factory overhead control 260,000 Freight-in 45,000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the cost of direct materials used in 2014?a. P2,600,000b. P2,500,000c. P1,800,000d. P3,600,000