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

a. Manufacturing OverheadTo find the manufacturing overhead, we will use the formula: Total…

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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Using $3,040, 000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18, 000 Work in process, December 31 12,000 Finished goods, January 1 45,000 Finished goods, December 31 31,000 Raw materials purchases 1, 700,000 Direct labor 760, 000 Factory utilities 150, 000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000
Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 $ 88,000 $ 130,000 $ 100,000 $ 40,000 $ 225,000 $ 202,000 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 $ 8,900 $ 5,500 $ 73,000 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. Ending $ 10,600 $ 20,100 $ 25,800 Required 1 Required 2 Required 3 Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct…
During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
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?

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