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

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LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories Raw Materials Work in Process Finished Goods January 1 January 31 $15,600 27,300 18,200 $16,900 Cost of goods sold $ 29,900 20,800 Wildhorse transferred $377,000 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold.
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
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
Cerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was S76,500 and at the end of the month was $69,750. The cost of goods manufactured for the month was $350,300. The actual manufacturing overhead cost incurred was $114,700 and the manufacturing overhead cost applied to jobs was $108,500. The adjusted cost of goods sold that would appear on the income statement for July is: A. S350,300 B. $363,250 C. S356,500 D. $344,100
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials Work in process Finished goods April 30 Inventory balances Raw materials Work in process Finished goods $123,700 118,700 77,400 $ 85,700 146,600 80,900 Costs of raw materials $119,200 purchased Costs of direct labor 101,300 Costs of manufacturing 62,600 overhead Sales revenues 352,000 During April Required a. Prepare a schedule of cost of goods manufactured and sold. b. Calculate the amount of gross margin on the income statement. Complete this question by entering your answers in the tabs below. Required Required A B Prepare a schedule of cost of goods manufactured and sold. FLAXMAN MANUFACTURING COMPANY Schedule of Cost of Goods Manufactured and Sold For April Raw materials available for use Direct raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Cost of goods…
A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule.
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $18,402 Direct labor 26,329 Factory overhead 37,074 Work in process inventory, March 1 21,356 Work in process inventory, March 31 21,741 Finished goods inventory, March 1 23,290 Finished goods inventory, March 31 27,776 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24
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.