Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Beginning of Year End of Year $ 6,000 12,000 8,000 $ 123,000 94,000 39,000 Cost of Direct Material Used is Computed as: $ 7,000 9,000 5,000 QS 14-16 (Static) Computing direct materials used LO P2 Compute the cost of direct materials used for the current year.

Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Beginning of Year End of Year $ 6,000 12,000 8,000 $ 123,000 94,000 39,000 Cost of Direct Material Used is Computed as: $ 7,000 9,000 5,000 QS 14-16 (Static) Computing direct materials used LO P2 Compute the cost of direct materials used for the current year.

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Description: Use the following information for the Exercises below. (Static)[The following information applies to the questions displayed below.]Note: Assume all raw materials were used as direct materials.InventoriesRaw materials inventoryWork in process invent

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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The Up-Towner has sales of $913,400, costs of goods sold of $579,300, inventory of $123,900, and accounts receivable of $78,900. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit? A) 74.19 days B) 84.69 days C) 78.07 days D) 96.46 days E) 71.01 days
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.
A local picnic table manufacturer has budgeted these overhead costs - ERROR: "Handling materials" is $33,350 - (note their order as you will use the same order down below): Purchasing Handling materials Machine setups $70,000 33,333 70,500 25,500 45,000 Inspections Utilities They are considering adapting ABC costing and have estimated the cost drivers for each pool as shown (again, note their order): Cost Driver Activity Orders 700 Material moves Machine setups Number of inspections Square feet 1,334 15,000 5,000 180,000 Recent success has yielded an order for 1,000 tables. Assume direct labor costs per hour of $20. Determine how much the job would cost given the following activities (once more, note their order for the last worksheet): Activity Order (units) Direct materials 1,000 112,700 15,200 5,300 60 Machine hours Direct labor hours Number of purchase orders Number of material moves Number of machine setups Number of inspections Number of square feet occupied 800 100 450 8,000…
Compute factory overhead cost from the following costs: Depreciation on factory buildings $ 45,950 Depreciation on office equipment 32,980 Direct materials used 96,840 Indirect labor $ 6,580 a.$78,930 b.$73,000 c.$96,840 d.$52,530
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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Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending
Using the following for March, calculate the cost of goods manufactured: Direct materials $29,000 Direct labor $19,000 Manufacturing overhead $27,000 Beginning work in process inventory $10,000 Ending work in process inventory $12,000 The cost of goods manufactured was: $74,000 $86,000 $76,000 $73,000 Show the calculation and work.