The Wooden Chair Group has the following sales and cost data for the year ending 2019:Raw Materials Inventory, beginningRaw Materials Inventory, ending5,0006,000Work in Process Inventory, beginningWork in Process Inventory, ending11,00010,000Finished Goods Inventory, beginningFinished Goods Inventory, ending5,0008,000Selling and administrative expensesMaterials Purchased - LumberMaterials Purchased Screws and Glue19,00013,0003,000Wages - Direct Assembly WorkersWages - Factory SupervisorWages - Factory Janitor25,0003,0002,000Sales220,000Factory Depreciation25,000Factory UtilitiesMaintenance of Factory2,0004,000Insurance for Factory1,000Using the next two pages prepare:1. A cost of goods manufactured statement2. An income StatementSheet2Sheet3Sheet1+.dy

1. Prepare a cost of goods manufactured statement.

Answered: The Wooden Chair Group has the…

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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Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials. inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $ 35,000 18,000 38,000 15,000 560,000 210,000 120,000 What is Wasson's total cost of work in process for the year?
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.2. Complete the…
The Fielder manufacturing company uses job order costing system. The company usesmachine hours to apply overhead cost to jobs. At the beginning of 2020, the companyestimated that 7,850 machine hours would be worked and $1,256,000 overhead cost wouldbe incurred during 2020.The following activities took place in the work in process inventory during February: WIP Inventory A/CDebit - February 1 Bal. b/f 51,250Debit- Direct Materials Used 256,400 Other transactions incurred:- Indirect material issued to production was $38,000- Total manufacturing labour incurred in February was $345,000, 80% of this amountrepresented direct labour.- Other manufacturing overhead costs incurred for February amounted to $340,750.- Two jobs were completed with total costs of $324,000 & $240,000 respectively. Theywere sold on account at a margin of 40% on sales. Required: 1) State the journal entries necessary to record the above transactions in the generaljournal:a) For direct materials used in…
Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 2,450,000 Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 102,000 133,000 173,000 469,000 563,000 84,000 67,000 134,000 214,000 342,000 122,000 160,000 208,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufacture DELRAY MANUFACTURING Income Statement For Year Ended December 31 Sales $ 2,450,000 Cost of goods sold: Finished goods inventory, beginning 173,000 Cost of goods manufactured Goods available for sale 173,000 Less: Finished goods inventory, ending 208,000 Cost of goods sold Gross profit (35,000)…
The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000
The Harriott manufacturing company uses job order costing system. The company uses machine hours to apply overhead cost to jobs. At the beginning of 2020, the company estimated that 31,400 machine hours would be worked and s5,024,000 overhead cost would be incurred during 2020. The following activities took place in the work in process inventory during February: WIP Inventory A/C November i Bal. b/f $51,250 Direct Materials Used 256,400 Other transactions incurred: • Indirect material issued to production was s40,360 • Total manufacturing labour incurred in November was $368,000, 75% of this amount represented direct labour. • Other manufacturing overhead costs incurred for November amounted to s340,490. • Two jobs were completed with total costs of s384,000 & s270,000 respectively. They were sold on account at a margin of 33%% on sales. Required: i) ii) Compute Harriott's predetermined manufacturing overhead rate for 2020. State the journal entries necessary to record the above…
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Skylar Company reported the following year-end information: Beginning work in process inventory $1,500,000 Beginning raw materials inventory 700,000 Ending work in process inventory 800,000 Ending raw materials inventory 300,000 Raw materials purchased 200,000 Direct labor 500,000 Manufacturing overhead 900,000 Skylar's Company's cost of goods manufactured for the year is?

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