The related data of Mireia Company: Cost of goods sold P1,687,800 Estimated overhead cost 2,000,000 Estimated direct labor hours 100,000 Actual overhead cost 1,789,300 Actual direct labor hours 87,100 Factory overhead is based on direct labor hours. How much is the adjusted cost of goods sold?

The related data of Mireia Company: Cost of goods sold P1,687,800 Estimated overhead cost 2,000,000 Estimated direct labor hours 100,000 Actual overhead cost 1,789,300 Actual direct labor hours 87,100 Factory overhead is based on direct labor hours. How much is the adjusted cost of goods sold?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Use the following information to compute each department's contribution to overhead. Which…

A: The term "contribution to overhead" describes the revenue generated by a department, store, service,…

Q: Use the following information for a manufacturer to compute cost of goods manufactured and cost of…

A: Cost of goods manufactured can be computed as follows

Q: The following chart shows how costs flow through a business as a product is manufactured. All boxes…

A: Raw Materials available for use in production = Beginning Raw Materials Inventory +raw materials…

Q: Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following…

A: COGM serves as a critical input for financial planning and budgeting processes. It provides a basis…

Q: Given the following data for Carla Vista Company, compute (A) total manufacturing costs and (B)…

A: MANUFACTURING COST Manufacturing cost include all Direct Cost (Direct labour & Direct…

Q: Calculate the cost of goods manufactured using the following information: Direct materials used…

A: Cost of goods manufactured:— It is the total cost of completed finished goods transferred from work…

Q: Cost of goods sold, cost of goods manufactured. Timbuk 3 company has the following information for…

A: The cost of goods manufactured includes all the cost incurred in production.

Q: What are the total costs to account for if a company's beginning inventory had $279,160 in…

A: Cost incurred in current year period = Direct material costs + Direct labor + Manufacturing overhead…

Q: The Zoe Corporation has the following information for the month of March: Cost of direct materials…

A: Cost of goods manufactured = Opening work-in-progress +Direct materials + Direct Labor +…

Q: The following information relates to Marshall Manufacturing's current accounting period: $ 16,400…

A: Introduction: Net income is the total profit earned by the organization during the period. At the…

Q: Garcon Company Pepper Company $22,500 Beginning finished goods inventory Beginning work in process…

A: Cost of goods manufactured = Beginning WIP + Direct materials used + direct labor + manufacturing…

Q: Product Cost Flows Complete the following T-accounts: Materials Inventory 480 Answer…

A: Solution:- Preparation of T accounts as follows:- Working note:- (i)75 is a manufacturing overhead…

Q: Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The…

A: The statement of cost of goods manufactured is prepared to record the cost of goods that are…

Q: Cost Flow Relationships The following information is available for the first year of operations of…

A: COGS stands for Cost of goods sold refers to the aggregate amount that the business paid as the cost…

Q: Cost behavior refers to the manner in which a. a cost is used in setting selling prices b. a cost is…

A: solution 1: Cost behavior refers to the manner in which "a cost changes as the related activity…

Q: Use the following information to compute each department’s contribution to overhead. Which…

A: Overhead cost refers to the cost or amount incurred by the company in production of its goods and…

Q: a Schedule of Cost of Goods Manufactured b. Cost of Goods c Income Statement in good form

A: A cost of goods manufactured is the cost of goods which has been actually manufactured during the…

Q: Determine the missing amount for each separate situation involving manufacturing costs. Direct…

A: Total manufacturing costs :— It is the total incurred in the manufacturing of product during the…

Q: The following data is provided for Garcon Company and Pepper Company. Beginning finished goods…

A: Prime cost is the cost directly related to the product. costs incurred related to the making of…

Q: Mason Company provided the following data for this year: Sales Direct labor cost Raw material…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: Average selling price per Cost of goods sold Decrease in direct materials inventory Direct labor…

A: Cost of goods manufactured $4,474,119 has been taken from the previous answer. Please find the…

Q: Cost Flow Relationships The following information is available for the first month operations of…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: Assume that Panasonic Company has determined its estimated total manufacturing overhead cost for one…

A: Manufacturing overhead rate per hour = Total manufacturing overhead/Total labor hours

Q: Product Cost Flows Complete the following T-accounts: Materials Inventory 960 Answer…

A: The question is based on the concept of Cost Accounting.

Q: Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the…

A: Number of Unit Estimated to be Sold = 7920 Selling Price per unit = $200 Total Sales = 7920 * 200 =…

Q: Given the following data for Scurry Company, what is the cost of goods sold? Beginning inventory of…

A: Answer:- Formula:- Cost of goods sold = Beginning inventory of finished goods + Cost of goods…

Q: Absorption and Variable Costing Income Statements During the first month of operations ended July…

A: The income statement can be prepared using various methods as absorption and variable costing. The…

Q: Use the following information to compute the unadjusted cost of goods sold for the period:

A: Cost of goods manufactured (COGM) is the total cost incurred in the production of finished goods…

Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…

A: The cost of goods sold refers to the direct costs incurred by the business to sell the products. The…

Q: Determine the missing amount for each separate situation involving manufacturing cost flow Direct…

A: The question is based on the concept of Cost Accounting.

Q: Compute ending work in process inventory for a manufacturer using the following information. Raw…

A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…

Q: Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor…

A: Income Statement:The income statement refers to the financial performance of a company for a…

Q: Sales Revenue Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Cost of Goods…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: For each of the following unrelated companies, compute the cost of goods manufactured and the cost…

A: The cost of goods sold is the cost of producing those goods which have been sold during an…

Q: Use the following information to compute each department's contribution to overhead. Which…

A: The objective of the question is to calculate each department's contribution to overhead and…

Q: Prepare a customer profitability report using the inform $ 13,000 Overhead 4, 700 Custome 1,900…

A: A customer profitability report is a useful tool for organizations to use when making choices about…

Q: Here are selected data for Wilson Company Estimated manufacturing overhead Estimated labor hours…

A: Predetermined overhead rate is the rate which is determined at the beginning of the period using the…

Q: Under absorption costing, what is the cost of goods sold? (Round cost per unit to 2 decimal places,…

A: ABSORPTION COSTING Absorption Costing is a Cost managerial Accounting method in which All Cost…

Q: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at…

Q: Delph Company uses a job-order costing system and has two manufacturing departments-Molding and…

A: Cost of Goods Sold = Opening Inventory + Direct Material + Direct Labour + Manufacturing Overhead -…

Q: Use the following information for a manufacturer to compute cost of goods manufactured and cost of…

A: The schedule of cost of goods manufactured shows the direct cost incurred to manufacture the…

Q: Account balances from Boilermakers Company are as follows: Manufacturing Overhead Work in Process…

A: Cost of goods sold is the cost of production making of the goods sold in the market. It includes the…

Q: Indicate whether the following items would appear on the cost of goods manufactured schedule,…

A: FINANCIAL STATEMENTFinancial Statements include Income Statement, Stockholders Equity, Retained…

Q: Comet Company accumulated the following account information for the year: Beginning raw materials…

A: Calculation of total factory overhead cost:- Total Factory OH costs = Indirect material cost +…

Question

The related data of Mireia Company:

Cost of goods sold P1,687,800

Estimated overhead cost 2,000,000

Estimated direct labor hours 100,000

Actual overhead cost 1,789,300

Actual direct labor hours 87,100

Factory overhead is based on direct labor hours.

How much is the adjusted cost of goods sold?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer Answer 18,120 250 Wages Payable 9,000 1,050 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 175 Answer Answer 18,000 4,500 0 Work in Process Inventory 3,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer Save AnswersNext
The following data is provided for Garcon Company and Pepper Company. Garcon Pepper Company $ 16,600 23,100 12,300 26,500 Company $ 13,300 17,600 Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor 10,100 30,750 20,000 19,400 23,200 5,700 10,200 9,100 22,000 2,200 43,800 16,700 21,000 7,800 17,750 4,700 46,000 9,220 Repairs-Factory equipment Raw materials purchases Selling expenses Sales Canh Factory equipment, net Accounts receivable, net 6,860 44,000 52,400 246,030 21,000 247,500 16,400 2,700 65,500 51, 100 300,010 17,200 172,825 22,950 Required: 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the…
c. For the month ended January 31, determine Bandera Manufacturing's net income. Bandera Manufacturing Company Net Income January 31 Operating expenses: Total operating expenses Feedback Check My Work c. Gross profit minus operating expenses equals net income. Feedback Check My Work Incorrect
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $20,000 $32,000 Work-in-Process Inventory 39,000 37,000 Finished Goods Inventory 14,000 23,000 Data Table Other information: Purchases of direct materials $79,000 Direct labor 80,000 Manufacturing overhead 41,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods…
The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 x
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
eBook Show Me How Calculator E Print Item Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production $65,000 Direct labor 75,000 Factory overhead 27,000 Work in process inventory, March 1 54,000 Work in process inventory, March 31 41,990 Finished goods inventory, March 1 24,000 Finished goods inventory, March 31 16,000 a. For March, determine the cost of goods manufactured. く Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured KSHEET.A... 24 $4 Total manufacturing costs incurred during March Total manufacturing costs NKSHEET.A... LANKSHEET Cost of goods manufactured CEL.ALGO Check My Work 5 more Check My Work uses remaining. D items : 30% All work saved. MacBook Pro 20 F1 F2 F3 F4 F5 F6 F7 F8 %23 LC
I need only question 8 and 10 to be solved please 8.- What is the total amount of actual manufacturing overhead cost incurred during the year? 10.- What is the cost of goods available for sale during the year?
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 ? ? ?
For each of the following independent cases (1 to 4), compute the missing values. Note: Enter all amounts as positive values. Beginning raw materials Raw materials purchases Indirect materials issued Ending raw materials Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process Ending work in process Cost of goods manufactured Beginning finished goods Ending finished goods Cost of goods sold Case 1 $ 6,200 53,000 900 1,700 36,000 62,000 45,000 134,000 78,000 80,000 Case 2 11,550 2,000 2,450 13,500 39,450 80,600 38,600 73,800 31,900 74,000 Case 3 $ 30,000 49,640 1,400 32,720 29,280 94,000 42,950 90,125 53,200 113,075 Case 4 $ 94,000 3,600 94,200 121,750 540,930 101,920 238,100 831,900 398,500 845,400
Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~