The following inventory data relate toHometown Corp: Finished goods,ending - 75,000; Finished goods,beginning - 110,000; Work in process,ending - 80,000; Work in process,beginning - 70,000; Direct materials,ending - 95,000; Direct materials,beginning - 90,000. Revenues andcosts for the period: Sales - 900,000;Cost of goods available for sale -775,000; Total manufacturing costs -675,000; Factory Overhead -175,000; Direct materials used -205,000. Calculate the directmaterials purchased. *

Direct material purchased = Ending Direct material inventory + Direct material used - Beginning…

Answered: The following inventory data relate 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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The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense. Direct labor cost.... Purchases of raw materials. Rent, factory building. Indirect labor... Sales commissions. Utilities, factory.... Maintenance, factory equipment... Supplies, factory..... Depreciation, office equipment.. Depreciation, factory equipment. Beginning of Year End of Year Inventories: Raw Materials $8,000 $10,000 Work in Process $5,000 $20,000 Finished Goods $70,000 $25,000 .$100,000 $90,000 $132,000 . $80,000 $56,300 . $35,000 .$9,000 ... $24,000 $700 $8,000 .. $40,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold section of Eccles Company.
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: а. Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. С. d. е. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. g.
Information related to Scullio Manufacturing appears below. What is the ending balance in the work-in-process (WIP) inventory account? Cost of good manufactured 44,500 Beginning WIP inventory 32,000 Total current manufacturing costs 35,000 Manufacturing overhead applied 11,000 Direct labor cost 16,500
Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: Materials Work in Process Finished Goods $102,000 $97,500 $117,150 January 1 $128,500 $11,000 19,800 23,100 December 31 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? $ 8,800 18,700 18,150
McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex
Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account? Cost of goods sold 128,000 Cost of goods manufactured 146,000 Beginning finished goods inventory 29,000 Total current manufacturing costs 121,000
Carmelita Inc., has the following information available: Costs fromBeginning Inventory Costs fromCurrent Period Direct materials $4,300 $20,400 Conversion costs 5,700 154,100 At the beginning of the period, there were 500 units in process that were 41% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 300 units that were 33% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The cost of completing a unit during the current period was a.$35.74 b.$42.89 c.$53.61 d.$31.49
What are the total costs to account for if a company’s beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
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 following information is included below for Golden Gadgets: Raw Materials Inventory $7,500, COGS(Product) $42,140, Depreciation $11,253, Work-in-Process inventory $13,489, Cash $19,710, Revenues (Product) $105,328, SG&A $6,840, Finished Goods Inventory $18,190, Accounts Receivable $7,140. Compute the Gross Margin for Golden Gadgets
Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.
The following information is available for Bandera Manufacturing Company for the month ending January 31:Cost of goods manufactured $4,490,000Selling expenses 530,000Administrative expenses 340,000Sales 6,600,000Finished goods inventory, January 1 880,000Finished goods inventory, January 31 775,000For the month ended January 31, determine Bandera’s (a) cost of goods sold, (b) gross profit, and (c) net income.

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