The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year:Raw MaterialsDebitBeginning Balance4,850Credit8,7005,050Work in ProcessDebitCreditBeginning Balance3,95022,0506,0508,3508,150Finished GoodsDebitCreditBeginning Balance2,05022,05020,250Manufacturing OverheadDebit2,650Credit8,1503,3503,050Wages & Salaries PayableDebitCredit20,250Beginning Balance2,35011,700Cost of Goods SoldDebitCredit20,250The direct materials cost was:Multiple Choice$5,050$6,050$8,700O$3,950

The Direct Material cost is $6,050Explanation:The direct material cost can be derived from the "work…

Answered: The following partially completed…

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 accounts are from last year's books of Sharp Manufacturing: Raw Materials Work In Process Debit Credit Debit Credit Balance (a) 0 (b) 174,000 16,000 158,000 Balance e (f) 526,000 (b) 134,000 (c) 172,000 (e) 220,000 0 Finished Goods Manufacturing Overhead Debit Credit Debit Credit Balance (f) e (g) 526,000 46,000 480,000 (b) (c) 24,000 (e) 220,000 28,000 (d) 160,000 8,000 Cost of Goods Sold Debit Credit (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of direct materials used for the year? Multiple Choice $174,000 $134,000 $158,000 $172,000 M
Lastly: Determine the costs of goods sold for January:
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.
Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
The following T-accounts represent September activity for Kelly Tools: Work-in-Process Inventory Materials Inventory Debit Credit Debit Credit Beginning Ending Balance 24,900 Balance 42,400 (9/1) (9/30) Direct 120,800 Labor Cost of Goods Sold Debit Credit Manufacturing Overhead Applied Credit Debit Finished Goods Inventory Debit Credit Ending Balance 70,500 (9/30) Manufacturing Overhead Control Credit Debit 132,510 Wages Payable Sales Revenue Debit Credit Debit Credit 528,500 . Additional Data •Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. Materials of $82,100 were purchased during the month, and the balance in the Materials Inventory account increased by $8,500 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $23,900 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account…
Give true calculation
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 $
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,400 units, 2/5 completed 19,656 31 Direct materials, 151,200 units 302,400 322,056 31 Direct labor 88,540 410,596 31 Factory overhead 49,808 460,404 31 Goods finished, 153,300 units 444,402 16,002 31 Bal., ? units, 3/5 completed 16,002 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process
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
20

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