The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:Raw MaterialsWork in ProcessBeg Bal5,1009,200Beg Bal4,20022,3005,3006,3008,6008,400Finished GoodsManufacturing OverheadBeg Bal2,30020,5002,9008,40022,3003,6003, зеWages & Salaries PayableCost of Goods Sold20,500Beg Bal2,600Beg Bal20,50012, 200The Cost of Goods Manufactured was: Dacosta Corporation had only one job in process on May 1. The job had been charged with $2,050 of direct materials, $6,990 of direct labor, and $10,006 ofmanufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $18.90 per direct labor-hour.During May, the following activity was recorded:Raw materials (all direct materials):Beginning balancePurchased during the monthUsed in production$ 8,750$38,250$39,550Labor:Direct labor-hours worked during the month2,150$24,760$33,550Direct labor cost incurredActual manufacturing overhead costs incurredInventories:Raw materials, May 30Work in process, May 30$17,e02Work in process inventory on May 30 contains $3,786 of direct labor cost. Raw materials consist solely of items that are classified as direct materials.The balance in the raw materials inventory account on May 30 was:

Cost of goods manufactured is recorded by debiting the finished goods account and crediting the work…

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Work in Process Beg Bal 5,100 9,200 Beg Bal 4,200 6,300 8,600 22,300 5,300 8,400 Finished Goods Manufacturing Overhead Beg Bal 2,зее 20,500 2,900 3,600 3, зе 8,400 22, 3ее Wages & Salaries Payable Cost of Goods Sold 20,500 Beg Bal 2,600 12,200 Beg Bal 20,500 The Cost of Goods Manufactured was:

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Work in Process Beg Bal 5,100 9,200 Beg Bal 4,200 6,300 8,600 22,300 5,300 8,400 Finished Goods Manufacturing Overhead Beg Bal 2,зее 20,500 2,900 3,600 3, зе 8,400 22, 3ее Wages & Salaries Payable Cost of Goods Sold 20,500 Beg Bal 2,600 12,200 Beg Bal 20,500 The Cost of Goods Manufactured was:

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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Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials. inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $ 35,000 18,000 38,000 15,000 560,000 210,000 120,000 What is Wasson's total cost of work in process for the year?
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 18,400 Work in process inventory, beginning 15,500 21,450 Raw materials inventory, beginning 8,800 12,450 Rental cost on factory equipment 31,500 23,200 Direct labor 20,400 41,000 Finished goods inventory, ending 18,500 16,100 Work in process inventory, ending 26,800 19,600 Raw materials inventory, ending 6,700 8,800 Factory utilities 10,500 12,500 General and administrative expenses 23,000 44,500 Indirect labor 14,450 13,860 Repairs—Factory equipment 4,700 2,150 Raw materials purchases 39,000 58,000 Selling expenses 50,000 55,300 Sales 274,470 395,150 Cash 34,000 22,700 Accounts Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for…
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.
The following data summarize the operations during the year. A. Purchase of raw materials on account. $3,000 B. Raw materials used by Job 1. $550 C. Raw materials used as indirect materials. $50 D. Direct labor for Job 1. $300 E. Indirect labor incurred. $60 F. Factory utilities incurred on account. $650 G. Adjusting entry for factory depreciation. $250 H. Manufacturing overhead applied as % of direct labor. 200% I. Job 1 is transferred to finished goods. J. Job 1 is sold. $2,900 K. Manufacturing overhead is overapplied. $80 Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory Raw Materials Inventory Accounts Payable Accounts Payable B. Work in Process Inventory Work in Process Inventory Raw Materials Inventory Raw Materials Inventory C. Manufacturing Overhead Manufacturing Overhead Raw Materials Inventory…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: $819,700 221,300 73,800 30,300 13,900 418,000 904,900 30,300 Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $1,054,900 Gross profit 284,800 Indirect labor 94,900 Indirect materials 39,000 Other factory overhead 17,900 Materials purchased 538,000 Total manufacturing costs for the period 1,164,600 39,000 Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 ? $ 31,000 Ending $ 38,000 $ 25,000 ? $ 215,000 $ 261,000 ? $ 154,000 $ 376,000 $ 358,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods…
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 60,000 ? $ 40,000 Income Statement Ending $ 37,000 $ 32,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. COGS Schedule Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.…
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
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.
View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $