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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Prepare an Income Statement for the ff data of EH Corporation: Selling Expenses 70,000.00 Raw Materials inventory, Beginning 45,000.00 Raw Materials inventory, end 30,000.00 Work in process beginning 90,000.00 Work in process end 50,000.00 Finished Goods beginning 130,000.00 Finished Goods end 105,000.00 Utilities factory 18,000.00 Direct labor cost 75,000.00 Depreciation, Factory 81,000.00 Purchases of raw materials 375,000.00 Sales 1,250,000.00 Insurance Factory 20,000.00 Supplies, Factory 7,500.00 Administrative expenses 135,000.00 Indirect labor 150,000.00 Maintenance, factory 43,500.00
Ryder Manufacturing reported the following year end information: beginning work in process inventory $90,000; cost of goods manufactured $258,000; beginning finished goods inventory, $126,000; ending work in process inventory. $110,000; and ending finished goods inventory. $132,000. Ryders cost of goods sold for the year is: a. S252,000 b. $264,000 $238,000 d. S126,000
The following is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. None of the above c. £346,000 d. £95,000
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
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?
Calculate the cost of goods sold for the year.
Subject :- Accounting
Calculate the cost of the raw materials used in production during the year.

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