Use the following information to compute the cost of direct materials used fo the current year. (Assume no indirect materials.) Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Materials purchased Direct labor Factory overhead Cost of Direct Material is Computed as: January 1 $ 7,400 13,800 9,300 December 31 $ 11, 200 11,400 7,300 $124,000 100, 800 43,800

Use the following information to compute the cost of direct materials used fo the current year. (Assume no indirect materials.) Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Materials purchased Direct labor Factory overhead Cost of Direct Material is Computed as: January 1 $ 7,400 13,800 9,300 December 31 $ 11, 200 11,400 7,300 $124,000 100, 800 43,800

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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Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 ? $ 31,000 Ending $ 38,000 $ 25,000 ? $ 215,000 $ 261,000 ? $ 154,000 $ 376,000 $ 358,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods…
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