The following information were taken from the accounting records of Yanni Music Company for 2001: Increase in raw materials inventory 45,000 Decrease in finished goods inventory 150,000 Raw materials purchases 1,290,000 Direct labor payroll 600,000 Factory overhead 900,000 Freight Out 135,000 The cost of raw materials used during the period amounted to?

The following information were taken from the accounting records of Yanni Music Company for 2001: Increase in raw materials inventory 45,000 Decrease in finished goods inventory 150,000 Raw materials purchases 1,290,000 Direct labor payroll 600,000 Factory overhead 900,000 Freight Out 135,000 The cost of raw materials used during the period amounted to?

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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he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
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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
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X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above
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