Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor. Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses. Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,700,000 112,000 146,000 190,000 515,000 618,000 93,000 74,000 148,000 237,000 379,000 134,000 175,000 228,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,397,000.

Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor. Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses. Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,700,000 112,000 146,000 190,000 515,000 618,000 93,000 74,000 148,000 237,000 379,000 134,000 175,000 228,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,397,000.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 6P: Inventory costing methods The following transactions affecting materials occurred in February:...

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< CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
mework i ces W 3 ! Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales. Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases how ma Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Direct materials: Raw materials inventory, beginning Add: Raw materials purchases * Prepare its schedule of cost of goods manufactured for the year ended December 31. DELRAY MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31 14 O 16 $ 2,700,000 112,000 146,000 190,000 515,000 618,000 93,000 74,000 148,000 237,000 $ 112,000 515,000 Q Search 379,000 134,000 175,000 228,000 17…
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
E COST ACCOUNTING AND CONT x + To * pook i forms.office.com/Pages/ResponsePage.aspx?id=cYWpTercOUIPsQvdXclp-WXyu19p0dpljDbGCXgjKqpUMKISRjcOSUUyWkgwUERKSzczT0tETUhGQi4u&fbclid. ☆ 49 Determine the costs of jobs completed in January. January 1, there were two jobs in process at the Fortune Manufacturing Company. Details of the jobs are: Job No. Direct Materials Direct Labor A-9 A-10 P 34,800 6,400 P12,800 16,800 Materials inventory at January 1 totaled P 184,000 and P 23,200 in materials were purchased during the month. A requisition for P16,00 in supplies was filled. On January 1, finished goods inventory consisted of two Jobs: Job No. A-7 costing P78,400 and Job No. 8 with a cost of P31,600. Both these Jobs were sold during the month. Also during January, Job Nos. A-9 and A-10 were completed. Completing Job No, A-9 required additional P13,600 in direct labor and P6,000 in direct materials. The completion costs for Job No. A-10 included P21,600 in direct materials and P 40,000 in direct…
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