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

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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1:43 Recent 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 Option A The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option B Option C Option D on ▸my.cbd.edu CBD College www.cbd.edu— Cost of Cost of Goods Materials Used Manufactured $90,000 $92,000 $88,000 $88,000 $92,000 $293,000 $293,000 .LTE $263,000 $293,000 $263,000 Cost of Goods Sold $283,000 $303,000 $283,000 $303,000 $293,000
Keeton Company had the following data: Cost of materials used $60,000 Direct labor costs 58,000 Factory overhead 33,000 Work in process inventory, beginning 29,000 Work in process inventory, ending 18,000 Finished goods inventory, beginning 32,000 Finished goods inventory, ending 18,000 Determine the cost of goods sold.$fill in the blank 1
The following costs relate to one month's activity in Martin Company: Indirect materials $ 300 Rent on factory building $ 500 Maintenance of equipment $ 50 Direct material used $1,200 Utilities on factory $ 250 Direct labour $1,500 Selling expense $ 500 Administrative expense $ 300 Work-in-process inventory, beginning $ 600 Work-in-process inventory, ending $ 800 Finished goods inventory, beginning $ 500 Finished goods inventory, ending $ 250 Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (b.) Determine the cost of goods sold.
Here are selected data for Ramalingagowda Company: Cost of goods manufactured $320,000 Work in process inventory, beginning 109,000 Work in process inventory, ending 104,000 Direct materials used 73,000 Manufacturing overhead is allocated at 50% of direct labor cost. What was the approximate amount of manufacturing overhead costs? Select one: a. $161,333 b. $80,667 c. $242,000 d. $78,000 e. $151,250
Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200
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Xia Company manufactures a single product. All raw materials used were direct materials. Current information for company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead 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: Option A Option B Option C Cost of Materials Used $93,000 $96,000 $90,000 $90,000 Option D Option E $96,000 Multiple Choice O Option A O Option B O Option C O Option D O Option E Cost of Goods Cost of Goods Manufactured Sold $291,000 $291,000 $311,000 $291,000 $311,000 $ 16,000 19,000 93,000 28,000 38,000 118,000 93,000 68,000 48,000 $271,000 $311,000 $271,000 $311,000 $291,000
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