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 Gross Profit.

Cost of goods sold = Cost of goods available for sale - Ending Finished goods = 775,000 - 75,000 =…

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 inventory information is available for Narcisa Manufacturing Corporationfor the year: Beginning Ending Inventories:Raw materials P17,000 P19,000Work in process 9,000 14,000Finished goods 11,000 8,000Total P37,000 P41,000 In addition, the following transactions occurred:a. Raw materials purchased on account, P75,000.b. Incurred factory labor, P80,000, all is direct labor. (Credit Factory Wages Payable).c. Incurred the following overhead costs during the year: Utilities P6,800, Depreciation onmanufacturing machinery P8,000, Manufacturing machinery repairs P6,200, Factoryinsurance P9,000 (Credit Accounts Payable and Accumulated Depreciation).d. Assigned P80,000 of factory labor to…
LBC’s beginning work-in-process inventory is P 376,000, ending work-in-process inventory is P 440,000, cost of goods manufactured is P 1.700,000, and direct materials used are P 324,000. What are the conversion costs? A) 1,960,000 B) 1,440,000 C)1.312,000 D) 1.376,000
GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24
5. Payton Corporation provided the following information for the year: Beginning Balance-Work-in-Process Inventory $26,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance- Direct Materials 81,000 Ending Balance- Direct Materials 59,000 Purchases Direct Materials 360,000 Direct Labor 471,000 Indirect Labor 19,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year? A $1,363,000 B $1164,000 S1,193,000 $1135,000
1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, $42000. How much is Coronado's cost of goods sold for the year? a) $760000 b) $750000 C) S770000 d) S780000
1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, S760000; beginning finished goods inventory, $52000; ending work in process inventory. $72000; and ending finished goods inventory. $42000. How much is Coronado's cost of goods sold for the year? a) $760000 b) $750000 C) $770000 d) $780000
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
8. complete the following table to determine 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 ($1,156,696)? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed for that space, please enter "$0" with no quotation marks. Material Costs Conversion Costs Total Costs Beginning work in process ? ? x Added: ? ? x Direct materials ? ? x Direct labor ? ? x Manufacturing overhead ? ? x Total Costs ? ? ?
The following inventory data relate to Niagara Corp: Ending Beginning Finished Goods 75,000 110,000 Work in Process 80,000 70,000 Direct Materials 95,000 90,000 Direct Materials Used 205,000 Sales 900,000 Cost of Goods Available for sale 775,000 Total Manufacturing Cost 675,000 Factory Overhead 175,000 Calculate: 1. Direct Materials Purchased 2. Direct Labor Cost Incurred 3. Cost of Goods Sold 4. Gross Profit Note: Kindly provide an thorough explanation for your computations.

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