Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $35,000 $49,000 $84,500 $85,000 $23,000 $17,963 Raw materials Finished Goods Work in Process Multiple Choice $5,535 During May, $68,000 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 490 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 $8,000 of direct materials cost. The Corporation incurred $44,850 of actual manufacturing overhead cost during the month and applied $45,300 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: $9,963 Saved $4,428 < Prev 15 of 15 ⠀ Help Next Save & Exit Submit

Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $35,000 $49,000 $84,500 $85,000 $23,000 $17,963 Raw materials Finished Goods Work in Process Multiple Choice $5,535 During May, $68,000 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 490 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 $8,000 of direct materials cost. The Corporation incurred $44,850 of actual manufacturing overhead cost during the month and applied $45,300 in manufacturing overhead cost. The amount of direct labor cost in the May 30 Work in Process inventory was: $9,963 Saved $4,428 < Prev 15 of 15 ⠀ Help Next Save & Exit Submit

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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Wasik Company had the following inventory balances at the beginning and end of August 2013: August 1 August 31 Raw material inventory 58,000 84,000 Work in Process Inventory 372,000 436,000 Finished Goods Inventory 224,000 196,000 All raw material is direct to the production process. The following information is also available about August manufacturing costs: Cost of raw material used 612,000 Direct labor cost 748,000 Manufacturing overhead 564,000 b.) Determine the cost of goods sold for August.
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (41,000 units): Percentage complete with respect to Costs Ending work in process (57,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 91,100 20% $ 26,136 100% 60% ?? ?? The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 and conversion costs were $1,129,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method. Note: Round your answers to 2 decimal places. Cost per equivalent unit Direct Materials Conversion
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process inventory, March 1 22,000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Selling and administrative expenses 79,000 a. Prepare a schedule of cost of goods manufactured.
Rundle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 55,900 Work in Process 83,000 Finished Goods 26,500 During the accounting period, Rundle purchased $239,100 of raw materials and issued $249,800 of materials to the production department. Direct labor costs for the period amounted to $324,000, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $611,400 to produce were completed and transferred to Finished Goods Inventory. Goods costing $600,700 were sold for $800,200 during the period. Selling and administrative expenses amounted to $71,600. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement.
Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 24,000 Finished Goods $66,000 $ 18,000 $ 45,000 Work in Process $9,000 $ 15,000 During November, $51,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $6 per direct labor- hour, and it paid its direct labor workers $9 per hour. A total of 300 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 $6,000 of direct materials cost. The Corporation incurred $36,000 of actual manufacturing overhead cost during the month and applied $33,000 in manufacturing overhead cost. The actual direct labor-hours worked during November totaled: (Round your answers to the nearest dollar.) - 3,667 hours - 5,500 hours - 4,000 hours - 6,000 hours
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,000 Indirect materials issued to production 30,000 Total materials issued to production 110,000 Beginning materials inventory 50,000 The debit to Work-in-Process Inventory account for materials is: Multiple Choice $110,000. $30,000. $90,000. $80,000. $50,000.
The manufacturing operations of Oriole, Inc. had the following inventory balances for the month of January: Raw Materials Work in Process Finished Goods January 1 January 31 $10,560 18,480 12,320 $11,440 Cost of goods sold $ 20,240 10,560 Oriole transferred $237,600 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold for January.
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 91,600 Indirect materials issued to production 28,200 Total materials issued to production 115,000 Beginning materials inventory 51,600 The ending materials inventory cost is: Multiple Choice $115,000. $28,200. $91,600. $86,800. $51,600.
Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: Materials Work in Process Finished Goods $102,000 $97,500 $117,150 January 1 $128,500 $11,000 19,800 23,100 December 31 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods sold for the year? $ 8,800 18,700 18,150
Tyare Corporation had the following inventory balances at the beginning and end of May: May 1 May 30 $45,000 $81,000 $17,655 Raw materials $33,000 Finished Goods $82,500 Work in Process $21,000 During May, $66,000 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 450 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 $7,800 of direct materials cost. The Corporation incurred $44,250 of actual manufacturing overhead cost during the month and applied $44,100 in manufacturing overhead cost. The actual direct labor-hours worked during May totaled:
The following Information about the work-in-process Inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (43,000 units): Percentage complete with respect to Costs Ending work in process (59,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 92,100 $ 27,136 100% 60% ?? ?? The Remington Plant started 233,000 units and transferred out 217,000 in July. Materials costs incurred in July were $764,000 and conversion costs were $1,149,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. Cost per equivalent unit Direct Materials Conversion