The selected amounts that follow were taken from Kandace Corporation's accountingrecords:Raw material usedDirect laborTotal manufacturing costs$27,000$35,000$104,000$19,000$100,000$175,000Finished goods inventory (12/31)$60,000Sales revenue$300,000Work in process inventory (1/1)Cost of goods manufacturedCost of goods available for saleSelling and administrative expenses $125,000Income tax expenseEx Required:Compute the following:a. Manufacturing overhead.bWork-in-processest of goods sold.13/31$18,000遊

Computationsa. Manufacturing overhead> To compute manufacturing overhead, we use the following…

Answered: The selected amounts that follow were…

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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Here is selected data for Lori Corporation: Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold $77,000 43,000 3,000 80,000 100,000 233,500 OA. credit to Work-in- Process Inventory account for $237,500 OB. debit to Finished Goods Inventory account for $237,500 OC. debit to Finished Goods account for $233,500 OD. debit to Work-in-Process Inventory account for $233,500 142,000 17,000 32,000 35,000 130% Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct labor) The journal entry to transfer completed goods to the finished goods inventory account would include a
Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year End of Year $ 23,000 $25,000 $ 35,000 $31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500
please answer if you know , give correct answer
Brooks Corp. has the following information: Beginning Inventory (1/1) $20,000 $15,000 $30,000 Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials purchases Direct labor Manufacturing overhead actual Manufacturing overhead applied Compute the cost of goods manufactured. O $235,000 O $245,000 O $242,000 Ending Inventory (12/31) $30,000 $18,000 $20,000 $255,000 $100,000 $75,000 $90,000 $80,000
Selected financial information for Shadyside Manufacturing is presented in the following table (000s omitted). Sales revenue $5,000 Purchases of direct materials $480 Direct labor $510 Manufacturing overhead $690 Operating expenses $680 Beginning raw materials inventory $260 Ending raw materials inventory $180 Beginning work in process inventory $360 Ending work in process inventory $450 Beginning finished goods inventory $300 Ending finished goods inventory $230 What was the cost of direct materials used? $740 $440 $560 $480
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
Question 38?
Calculate the cost of goods sold for the year.
Manufacturing costs: Direct materials: Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234). Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale January 1 (Beginning) ($000) $ 712 Cost of goods sold December 31 (Ending) ($000) $784 1,330 264 1,154 139 BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)
Subject :- Accounting
The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…
Data are as follows: Beginning inventory balances for Work in Process and Finished Goods inventory are P 67,000 and P 54,000, respectively. Ending balances of raw materials, Work in Process and Finished goods inventory are as follows: P 39,000, P 59,000 and P 48,000, respectively. Raw materials purchases is P 45,000. Factory overhead totaled P 7,500 (this is 75% of total Direct labor cost). Total expenses of the company totaled P 11,500 which is 11.5% of total sales. Net income is 31,000 Provide the solution on how to compute the prime cost. P36,000 must be the final answer.

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