Use the following selected information for Jim Beam CompanyFor the year ended 31st December 2020Ending Work in ProcessManaging Director salaryDirect Labor Incurred in periodRent – factoryBeginning Work in ProcessShop cleaner salaryRent – shopRent – head office$1,000Direct Materials Used (applied to production) $23,000$132,000$25,000$5,500$10,000$15,000$9,000$17,000$57,000Factory Manager salaryThe total of Factory Overheads for the period is:Select one:O a. $97,000O b. $62,500O c. $24,000O d. $79,500

Factory overhead is indirect labor and indirect cost involved in operating manufacturing business.…

Answered: Use the following selected information…

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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For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. Explanation 4. Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. 5. Manufacturing overhead incurred on account totaled $153,600. 6. Incurred depreciation on factory machinery $10,240. 7. Assigned indirect materials of $17,920 and indirect labor of $23,040. 55,040 74,240 Direct Manufacturing Labor Overhead $30,720 46,080 23,040 61,440 70,400 Total Costs $36,864 $99,584 55,296 139,776 27,648 64,768 73,728 190,208…
Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,210 Factory utilities $440 Direct materials used 22,640 Depreciation, factory equipment 1,790 Work in process, 6/1/20 3,580 Direct labor 42,090 Work in process, 6/30/20 3,980 Maintenance, factory equipment 1,810 Finished goods, 6/1/20 5,230 Indirect materials 2,670 Finished goods, 6/30/20 8,520 Factory manager’s salary 3,910 Prepare an income statement through gross profit for June 2020 assuming sales revenue is $87,710. CEPEDA CORPORATIONIncome Statement (Partial)choose the accounting period select an income statement item $enter a dollar amount select an opening name for section two select an income…
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A manufacturing company shows the following amounts in the cost of goods sold statement and the statement of comprehensive income for the year 2019 January 1. 2019. P 100,000 December 31. 2019 P 150,000 87,000 Materinis Work in process Finished goods Materials used 80,000 Cost of goods sold Cost of goods manufactured Total manufacturing costs 590,000 750,000 800,000 790,000 Required: 1. Work in process, January 1, 2019 2. Finished goods, December 31, 2019 3. Amount of materials purchased in 2019
Wayland Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold $148,000 82,000 130,000 Compute the ending balance of finished goods inventory. 146,000 292,000 256,000 Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs 125 percent 26,000 64,000 58,000
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From the account balances listed below, prepare a schedule of cost of goods manufactured for Sur Manufacturing Company for the month ended December 31, 2019. Finished Goods Inventory, December 31 Factory Supervisory Salaries Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Account Balances OMR 42,000 12,000 12,000 15,000 14,000 8,000 35,000 105,000 25,000 6,000 70,000 19,000 21,000 Raw Materials Inventory, December 31 Indirect Labor Sur Manufacturing Company Cost of Goods Manufactured Schedule For the Month Ended December 31, 2019
The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the cost of raw materials inventory on August 31, 2020? Show solution Group of answer choices ₱40,000 ₱63,000 ₱36,000 ₱46,000
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The following information is available for the QRS Corporation for 2019: Inventories January 1 December 31 Materials $351,000 $436,800 Work in process 631,800 592,800 Finished goods 608,400 576,000 Advertising expense $ 296,400 Depreciation expense-office equipment 42,120 Depreciation expense-factory equipment 56,160 Direct labor 670,800 Heat, Light and Power-Factory…
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