Tyare Corporation had the following inventory balances at the beginning and end of May:May 1$30,500$80,000$18,500May 30$40,000$76,000$17,270Raw materialsFinished GoodsWork in ProcessDuring May, $63,500 in raw materials (all direct materials) were drawn from inventory andused in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 400 hours of direct labor timehad been expended on the jobs in the beginning Work in Process inventory account. Theending Work in Process inventory account contained $7,550 of direct materials cost. TheCorporation incurred $43,500 of actual manufacturing overhead cost during the month andapplied $42,600 in manufacturing overhead cost.The direct materials cost in the May 1 Work in Process inventory account totaled:Multiple ChoiceO $6,000$12,500$13,700O $7,700

Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…

Answered: Tyare Corporation had the following…

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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Crane's Manufacturing calculated its predetermined overhead rate to be 180% of direct materials costs. For the month of July, the company incurred $118000 of raw material costs, of which $89000 were direct materials, and $29000 were indirect materials. Actual overhead incurred was $174000. What would be the debit entry to the Work in Process Inventory account for July with respect to manufacturing overhead? $174000 $160200 $212400 $zero, the account should be credited
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 Raw materials $29,500 $38,000 Finished Goods $79,000 $74,000 Work in Process $17,500 $17,116 During May, $62,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 380 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,450 of direct materials cost. The Corporation incurred $43,200 of actual manufacturing overhead cost during the month and applied $42,000 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: Multiple Choice $4,296 $5,370 $4,990 $9,666
Morton Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted cost of goods sold that would appear on the income statement for November is: $241,000 $245,000 $237,000 $249,000
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
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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.

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