---### Learning Objective 3Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year:| Inventory Data | Amount ||-----------------------------|------------|| **Direct Materials Used** | $12,000 || **Manufacturing Overhead** | $21,000 || **Work-in-Process Inventory**: | || - Beginning Balance | $1,000 || - Ending Balance | $5,000 || **Direct Labor** | $9,000 || **Finished Goods Inventory**: | || - Beginning Balance | $18,000 || - Ending Balance | $4,000 |1. **Direct Materials Used**: This represents the cost of raw materials that were actually used during the manufacturing process for the year. In this case, it is $12,000.2. **Manufacturing Overhead**: This includes all the indirect costs that are related to manufacturing, such as utilities, depreciation, and maintenance. The total manufacturing overhead for the year is $21,000.3. **Work-in-Process Inventory**: - Beginning Balance: This is the cost of the inventory that was incomplete at the start of the period, valued at $1,000. - Ending Balance: This is the cost of the inventory that was incomplete at the end of the period, valued at $5,000.4. **Direct Labor**: This refers to the wages and salaries of employees who are directly involved in the manufacturing process. The direct labor cost for the year is $9,000.5. **Finished Goods Inventory**: - Beginning Balance: This is the cost of finished products that were not sold at the beginning of the period, valued at $18,000. - Ending Balance: This is the cost of finished products that were not sold at the end of the period, valued at $4,000.This data will be used to calculate the total cost of goods manufactured by considering the various elements of production costs and inventory adjustments. ---

Cost of goods manufactured= Manufacturing cost* + Beginning WIP - Ending WIP*Manufacturing cost =…

Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year: Direct Materials Used Manufacturing Overhead Work-in-Process Inventory: Beginning Balance Ending Balance Direct Labor Finished Goods Inventory: Beginning Balance Ending Balance $ 12,000 21,000 1,000 5,000 9,000 18,000 4,000

Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year: Direct Materials Used Manufacturing Overhead Work-in-Process Inventory: Beginning Balance Ending Balance Direct Labor Finished Goods Inventory: Beginning Balance Ending Balance $ 12,000 21,000 1,000 5,000 9,000 18,000 4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Prepare the Cost Statement for the year end February 2023 that shows the cost of goods manufactured and cost of sale using the the information provided
Subject : Accounting
Ryan company recorded the following data pertaining to raw material Y during the current year. units Date Received cost Issued On hand Jan. 1 Inventory 200 16,000 Jan. 8 Issue 8,000 8,000 Jan. 20 Purchase 24,000 240 32,000 What is the moving average unit cost on January. 31?
The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
Subject- account
Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials. Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods Multiple Choice The cost of finished goods manufactured in August is: $147,000. $92,000. $57,000. August 31 August 1 $ 25,000 $ 47,000 $ 43,000 Some other amount. $ 65,000 $ 60,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
Sterling's records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used Overhead applied Cost of goods manufactured $1,500 50 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any…
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500