The following partially complete T-accounts for the month of June along with additional information are from Renfrew & Company: Finished Goods Inventory Debit Credit Materials Inventory Debit BB (6/1) 46,000 182,000 Credit Debit 151,000 Cost of Goods Sold Credit Additional information for June follows: Work-in-Process Inventory Credit Debit BB (6/1) 67,000 Manufacturing Overhead Control Debit Credit 119,000 • Manufacturing overhead is applied at 90 percent of direct labor cost. • Direct labor-hours recorded on jobs in June totaled 4,040. • This company uses no indirect materials or supplies. • Any products returned by customers are discarded and not resold. . During the month, sales revenue was $386,000, and selling and administrative costs were $74,000. • The labor wage rate was $25 per hour. Required: a. What cost amount of direct materials was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? BB (6/1) 122,000 269,000 oond of June? 164,000 Applied Manufacturing Overhead Debit Credit

The following partially complete T-accounts for the month of June along with additional information are from Renfrew & Company: Finished Goods Inventory Debit Credit Materials Inventory Debit BB (6/1) 46,000 182,000 Credit Debit 151,000 Cost of Goods Sold Credit Additional information for June follows: Work-in-Process Inventory Credit Debit BB (6/1) 67,000 Manufacturing Overhead Control Debit Credit 119,000 • Manufacturing overhead is applied at 90 percent of direct labor cost. • Direct labor-hours recorded on jobs in June totaled 4,040. • This company uses no indirect materials or supplies. • Any products returned by customers are discarded and not resold. . During the month, sales revenue was $386,000, and selling and administrative costs were $74,000. • The labor wage rate was $25 per hour. Required: a. What cost amount of direct materials was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? BB (6/1) 122,000 269,000 oond of June? 164,000 Applied Manufacturing Overhead Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory $ 29,200 Raw materials Work in process Finished goods 21,700 78,900 Additional information for the month of March follows: A Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Ending Inventory $ 26,700. 46,400 68,900 Required 1 Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. Required 2 89 SEP Rased on the above information nrenare a cost of goods manufactured report A O O
The raw materials purchased during May totaled:
Factory overhead is applied at 75% of direct labor cost. How much is the total cost of purchases for the month of August?
Sterling's records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used Overhead applied Cost of goods manufactured $1,500 50 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any…
The following information pertains to Acme Manufacturing Company for June. Assume actual overhead equaled applied overhead. June 1 June 30 Inventory Balances Raw Materials $100,000 $60,000 Work in Process 120,000 145,000 Finished Goods 78,000 80,000 Activity during June: Raw materials purchased $120,000 Direct labor costs 100,000 Manufactured overhead 63,000 Complete the following Schedule of Cost of Goods Manufactured and Sold
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
Give true calculation
National Co. has the following data for the month of February Inventories: February 1 February 28 Rawmaterial Work in process Finished goods P28,000 9,000 27,000 P15,000 6,000 36,000 Additional information for February: Rawmaterial purchased Direct labor payroll Direct labor rate perhour Overhead rate per dired labor hour P45,000 30,000 7.50 10.00
The following data was taken from the general ledger and other records of Vanderbeck Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year: Sales Inventories at January 1: $650,000 Materials inventory 25,000 Work in process inventory 29,000 Finished goods inventory 48,000 Inventories at January 31: Materials inventory 20,000 Work in process inventory 32,000 Finished goods inventory 54,000 Materials purchased 154,000 Labor Costs: 185,000 30,000 Assembly workers' wages Supervisors' salaries Sales personnel salaries 52,000 Depreciation: Factory building 73,000 Sales office 28,000 Indirect materials used 3,000 Factory utilities 67,000 Determine the cost of goods sold for the month
On April 1, Sangvikar Company had the following balances in its inventory accounts: Materials Inventory $12,730 21,340 Work-in-Process Inventory Finished Goods Inventory Work-in-process inventory is made up of three jobs with the following costs: Direct materials Direct labor Job 114 8,700 $2,411 1,800 1,170 Job 115 $2,640 1,560 1,014 Job 116 $3,650 4,300 2,795 Applied overhead During April, Sangvikar experienced the transactions listed below. a. Materials purchased on account, $29,000. b. Materials requisitioned: Job 114, $16,500; Job 115, $12,200; and Job 116, $5,000. c. Job tickets were collected and summarized: Job 114, 150 hours at $12 per hour; Job 115, 220 hours at $14 per hour; and Job 116, 80 hours at $18 per hour. d. Overhead is applied on the basis of direct labor cost. e. Actual overhead was $4,415. f. Job 115 was completed and transferred to the finished goods warehouse. g. (1) Job 115 was shipped, and (2) the customer was billed for 125 percent of the cost.