Richards Company manufactures a single product. All raw materials used were direct materials.Current information for the company follows:Beginning raw materials inventoryEnding raw materials inventoryRaw material purchasesBeginning work in process inventoryEnding work in process inventoryDirect laborTotal factory overheadBeginning finished goods inventoryEnding finished goods inventoryOption A $90,000Option B $92,000Option C $88,000Option D $88,000Option E $92,000$$10,00012,00090,00040,00025,000130,00060,00055,00045,000The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are:Cost of Materials Used Cost of Goods Manufactured Cost of Goods SoldOption A$293,000$293,000$263,000$293,000$263,000Time left 0:07:02$283,000$303,000$283,000$303,000$293,000

Introduction: Direct materials are goods that physically become the finished product at the end of…

Time left 0:07 Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 55,000 45,000 Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used Cost of Goods Manufactured Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000 Option A $90,000 Option B $92,000 Option C $88,000 Option D $88,000 Option E $92,000 $293,000 $293,000 $263,000 $293,000 $263,000

Time left 0:07 Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases $10,000 12,000 90,000 Beginning work in process inventory 40,000 Ending work in process inventory 25,000 Direct labor 130,000 Total factory overhead 60,000 55,000 45,000 Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used Cost of Goods Manufactured Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000 Option A $90,000 Option B $92,000 Option C $88,000 Option D $88,000 Option E $92,000 $293,000 $293,000 $263,000 $293,000 $263,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 11E: The charges to Work in ProcessAssembly Department for a period, together with information concerning...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
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