Answered: Using the information below, compute…

Using the information below, compute the raw materials inventory turnover Raw materials used Beginning raw materials inventory Ending raw materials inventory $ 93,500 8,800 10,600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Computing cost of goods manufactured and cost of goods sold Use the following information for a…

A: Cost of goods manufactured is the total cost incurred to manufacture or produce the goods for a…

Q: Compute cost of goods sold using the following information. Finished goods inventory, beginning Work…

A: Cost of goods sold is the difference between cost of goods available for sale and ending finished…

Q: Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching…

A: Detailed explanation:Overhead is applied using predetermined rate : For cutting department, overhead…

Q: What is the dollar amount of Total Cost of Work In Process for the year ended December 31, 2020? Raw…

A: Direct material cost is the cost of raw material produced or purchased to produce the final…

Q: The following information is available for the year ended December 31: Beginning raw materials…

A: RAW MATERIALS USED IN PRODUCTIONRaw Materials Used in Production is computed by deducting Ending Raw…

Q: determine the net income

A: To determine the Net income of the business. We have to prepare Income Statements to determine the…

Q: Assume the following information from a schedule of cost of goods manufactured: Beginning work…

A: The cost of goods manufactured includes the total cost of goods that are finished during the period.…

Q: McGown Corporation has the following information: Raw Materials Inventory Work in Process Inventory…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: Raw materials Beginning inventory $341 Purchases 1,532 Materials available for use Ending inventory…

A: Raw Materials Particulars Amount Explanation Beginning inventory 341 Purchases 1532…

Q: The following information is available for Shamrock Company. Raw materials inventory Work in process…

A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…

Q: Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $…

A: Material refers to the item that is important for the manufacturing of a product and without which…

Q: The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct…

A: Cost of goods sold The cost of goods which has been sold by the company is called as cost of goods…

Q: The following information is available for Shamrock Company. Raw materials inventory Work in process…

A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold…

Q: The following data has been taken from the accounting records of Curtis Manufacturing Company for…

A: The direct materials used are calculated as excess of direct materials available for use over the…

Q: What are the total costs to account for if a company's beginning inventory had $279,160 in…

A: Cost incurred in current year period = Direct material costs + Direct labor + Manufacturing overhead…

Q: Work-in-process inventory, January 1, 2019 0000 Work-in-process inventory, December 31, 2019 00 0n…

A: Cost of goods manufactured means the cost which is incurred to manufactured the finished goods…

Q: Carla Vista Company reported the following amounts for 2022: Raw materials purchased Beginning Raw…

A: Raw materials is the amount of materials used for production purpose. It can be direct or indirect…

Q: Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $…

A: Direct materials are the materials or resources used in the production of a product that are…

Q: Assume the following: Purchases of raw materials Beginning raw materials inventory Ending raw…

A: Direct materials are the materials or resources used in the production of a product that are…

Q: Garcon Company Pepper Company $22,500 Beginning finished goods inventory Beginning work in process…

A: Cost of goods manufactured = Beginning WIP + Direct materials used + direct labor + manufacturing…

Q: Pharoah Company reported the following amounts for 2022: Raw materials purchased Beginning Raw…

A: The materials available for use are calculated as the sum of beginning inventory and materials…

Q: If beginning raw materials inventory was $16,198; raw materials purchases were $37,965; raw…

A: Raw material used = Beginning raw material inventory + Raw material purchases - Ending raw material…

Q: What is the raw materials inventory as of June 30, 2020? What is the total cost of goods…

A: 1. (i) JYD Manufacturing Company Calculation of raw materials inventory as of June 30, 2020…

Q: Compute ending work in process inventory for a manufacturer with the following information. Raw…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those Cost Which is…

Q: ormatior Raw materials Beginning inventory $344 Purchases 1,532 Materials available for use $4…

A: Raw material Beginning inventory 344 Purchases 1,532 Materials available for use(344+1,532)…

Q: inventory computed.? a) Cost of materials used in production during the period/ Average materials…

A: Inventory refers to the goods and services of the business which the company holds for a motive of…

Q: a Schedule of Cost of Goods Manufactured b. Cost of Goods c Income Statement in good form

A: A cost of goods manufactured is the cost of goods which has been actually manufactured during the…

Q: Problem 2. Statement of Costs of Goods Manufactured and Income statement. The following…

A: Direct materials used is one of important manufacturing costs being incurred in business. Direct…

Q: Question 9 Bailey Corp has the following information: Raw Materials Inventory Work in Process…

A: Total manufacturing cost is the total cost incurred in the manufacturing of product during the…

Q: The following information is available for the year ended December 31: Beginning raw materials…

A: Raw Material Consumed :— It means How much of Raw material Used in Manufacturing of Product During…

Q: The following information is available for Marin Company. Raw materials inventory Work in process…

A: The cost of goods manufactured is the total cost of producing the goods. It includes direct material…

Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…

A: Thank you

Q: The Goods in Process Inventory account for the AB Corp. follows: Goods in Process Inventory…

A: This question requires us to calculate the Cost of units transferred to finished goods. Cost of…

Q: Selected information from the Iowa Instruments accounting records for April follows: Materials…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: Sales Total manufacturing cost Administrative expenses Selling expenses Work in process inventory,…

A: The net income is the difference between the gross margin and the selling and administrative…

Q: Information below pertains to raw materials inventory of PQR Company for the month of February 2020:…

A: Solution: Moving average unit cost of inventory on Feb 28 = Cost of units available / Nos of units

Q: Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31:…

A: Cost of goods sold statement is prepared to determine the carrying cost of goods sold for any…

Q: The following costs and inventory data were taken from the accounts of Crane Company for 2022:…

A: Raw Material used in production -Raw Material is an inventory purchased by the company to be used in…

Q: Raw materials inventory, ending Purchases of raw materials Direct labor Manufacturing overhead Work…

A: Cost of goods sold is the cost of goods that are sold during the period. It includes the direct…

Q: Anderson Corp. has the following information: Direct Materials Inventory Work in Process Inventory…

A: Cost of goods manufactured:— It is the total cost of completed finished goods transferred from work…

Q: the equivalent units for materials and conversion costs. 2. Compute the unit costs for materials…

A: Answer 1) Equivalent units for material and conversion costs. Physical units % material %…

Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…

A: The cost of goods sold refers to the direct costs incurred by the business to sell the products. The…

Q: Overhead is estimated to be two times the amount of direct labor cost. Compute the amount of direct…

A: SOLUTION:- GIVEN, cost of goods sold=450,000 cost of goods sold=Beginning Finished Goods…

Q: 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit.

A: The following formulas used as follows under:-1)Gross profit= Sales - Cost of goods sold2)Cost of…

Q: Please use excel to create a Schedule of Cost of Goods Manufactured below using the following date;…

A: The cost of goods manufactured schedule is used to calculate the cost of producing products for a…

Q: What are the equivalent units for material and conversion costs for each quarter using the…

A: Equivalent units is calculated by using weighted average method by blending together the units and…

Question

Using the information below, compute the raw materials inventory turnover.
Raw materials used
Beginning raw materials inventory
Ending raw materials inventory
Multiple Choice
10.55.
374.53.
$ 93,500
8,800
10,600

O
O
O
O
10.55.
374.53.
9.64.
10.37.
8.82.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Explanation

VIEW

Solution

VIEW

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

acc
Use the information below for the year ended December, 2019 to prepare the Statement of Costs of Goods Manufactured:
The following information is available for Windsor Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) Jan, 1 led Dec 31 V V V > > January 1, 2022 $25,200 << < 17,100 33,150 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) 2022 $183,000 268,400 219,600 $ 1,110,200 WINDSOR COMPANY Cost of Goods Manufactured Schedule December 31, 2022 183000 171600 $36,600 $ 21.150 25,620 268400 219600 659.600 $ 0000 $ 21 670 21 655
Compute cost of goods manufactured and cost of goods sold from the following amounts, using the equation method. Beginning of Year $22,000 38,000 18,000 End of Year Direct materials inventory Work in process inventory Finished goods inventory Purchases of direct materials $26,000 30,000 23,000 75,000 82,000 Direct labour Manufacturing overhead 39,000
dls.3
Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June: Production Data (in unit) 70,000 Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) Started in June Completed and transferred out Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 460,000 450,000 80,000 Cost Data (in dollar) Material Conversion $36,550 $391,850 $13,500 Beginning WIP Inventory Current period $287,300 Required: (a) Determine the cost per equivalent unit for the Assembly Department's direct materials and…
SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $
Question 9
The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200
Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of goods manufactured Cost of goods sold (not considering over- or underapplied overhead) Sales Predetermined overhead rate based on direct materials used $ 39,000 13,400 Required 2 9,750 96,290 0 84,200 101,000 Finished Goods Inventory 90% 1. Complete the T-accounts for each of the three Inventory accounts using the data provided in the above table. 2. Compute overapplied or underapplied overhead. Complete this question by entering your answers in the tabs below. Costs incurred for the period Raw materials purchases Direct materials used Direct labor used. Factory overhead (actual) Required 1 Complete the T-accounts for each of the three inventory accounts using the data provided in the above table. Raw Materials Inventory Indirect materials used Indirect labor used Other overhead costs Work in Process Inventory 0 $19,460 45,250 23,800 10,300 17,400 5,300
D Company reported the following information for the year: Ending work-in- process inventory P4,000 Beginning work-in-process inventory P3,000 Factory overhead P5,100 Direct labor cost P7,000 Direct materials used P5,000 Manufacturing costs added to work-in-process inventory were: P12,000 OP17,100 P16,100 OP13,600
The following data were taken from the records of Larkspur Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 Raw Materials Inventory 6/30/25 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 Work in Process Inventory 7/1/24 Work in Process Inventory 6/30/25 Direct Labor Indirect Labor $57,500 41,500 96,300 22,100 21,300 28.200 142,650 26,760 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $29,900 4,900 17,000 31.100 8,550 561,300. 4,300 65,100 9.610 1,500 99,400 42.100