Uzo Haulers Co. is a company that manufactures industrial trucks. During the year, Uzo purchased $1,200,000 of direct materials and placed $1,275,000 worth of direct materials into production. Uzo’s beginning balance in the Materials Inventory account was $310,000. What is the ending balance in Uzo’s Materials Inventory account?

Uzo Haulers Co. is a company that manufactures industrial trucks. During the year, Uzo purchased $1,200,000 of direct materials and placed $1,275,000 worth of direct materials into production. Uzo’s beginning balance in the Materials Inventory account was $310,000. What is the ending balance in Uzo’s Materials Inventory account?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account?
Hula's Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula purchased $1,580,000 of direct materials and placed $1,630,000 worth of direct materials into production. Hula's beginning balance in the Materials Inventory account was $450,000. What is the ending balance in Hula's Materials Inventory account? Correct answer
Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $19,000 and an ending balance of $14,000. During the year, the company purchased $56,000 of direct materials. Direct labor for the year totaled $125,000, while manufacturing overhead amounted to $152,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $18,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Goodrow Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used
Kelvin Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $16,000 and an ending balance of $21,000. During the year, the company purchased $51,000 of direct materials. Direct labor for the year totaled $125,000, while manufacturing overhead amounted to $152,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Kelvin Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used i
Hawthorn Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $12,000 and an ending balance of $17,000. During the year, the company purchased $63,000 of direct materials. Direct labor for the year totaled $135,000, while manufacturing overhead amounted to $156,000. The Work in Process Inventory account had a beginning balance of $21,000 and an ending balance of $19,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Hawthorn Industries Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used
Hawthorn Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $18,000 and an ending balance of $16,000. During the year, the company purchased $66,000 of direct materials. Direct labor for the year totaled $120,000, while manufacturing overhead amounted to $161,000. The Work in Process Inventory account had a beginning balance of $30,000 and an ending balance of $19,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Hawthorn Industries Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus: Purchases of direct materials Materials available for use Less: Ending raw materials inventory Direct materials…
The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 $51,100 Accounts Receivable $34,600 Raw Materials Inventory 6/30/22 41,600 Factory Insurance 5,200 Finished Goods Inventory 7/1/21 96,800 Factory Machinery Depreciation 16,800 Finished Goods Inventory 6/30/22 27,800 Factory Utilities 29,700 Work in Process Inventory 7/1/21 21,300 Office Utilities Expense 9,550 Work in Process Inventory 6/30/22 27,900 Sales Revenue 563,900 Direct Labor 144,350 Sales Discounts 4,600 Indirect Labor 26,360 Factory Manager’s Salary 64,300 Factory Property Taxes 9,610 Factory Repairs 2,500 Raw Materials Purchases 97,200 Cash 37,900
Hyundai Company had beginning raw materials inventory of $29,000. During the period, the company purchased $115,000 of raw materials on account. If the ending balance in raw materials was $18,500, the amount of raw materials transferred to work in process inventory is? Solve this
Can you please answer the general accounting question?
The following transactions were taken from the books of Masayun La Eni Corporation during the month of June 2020: a.Purchased raw materials on account, P200,000 and factory supplies, P70,000. b. Issued raw materials to production, P400,000. c. Paid direct factory labor, P950,000. d. Paid indirect factory labor, P160,000. e. Consumed factory supplies in production, P80,000. f. Paid production supervisor’s salary, P60,000. g. Received factory utility bills for the month, P122,460. h. Depreciation of production assets for the month, P64,000. i. Units finished were 10,000 units in the amount of P1,600,000. j. Sales for the month, P3,600,000. Goods related to sales cost P1,800,000. Required: 1. Establish T-accounts for the following manufacturing accounts and post corresponding beginning balances. Manufacturing Accounts Beginning Balances Raw Materials Inventory - P205,000 Work-in-Process Inventory - P630,000 Finished Goods Inventory - P360,000 Indirect Materials Inventory -…
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANYCost of Goods Manufactured Schedule…