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

Step 1: DefinitionsConcept of Materials Inventory Account: This account tracks the raw materials a…

Answered: Uzo Haulers Co. is a company that…

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...

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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.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
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?
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
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?
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
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…
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 Prepare an income statement through gross profit.
The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $51,500 Factory Insurance $5,400 Raw Materials Inventory 6/30/20 47,900 Factory Machinery Depreciation 17,200 Finished Goods Inventory 7/1/19 98,100 Factory Utilities 29,000 Finished Goods Inventory 6/30/20 27,700 Office Utilities Expense 9,050 Work in Process Inventory 7/1/19 25,200 Sales Revenue 561,600 Work in Process Inventory 6/30/20 21,000 Sales Discounts 4,900 Direct Labor 145,850 Plant Manager’s Salary 61,200 Indirect Labor 25,260 Factory Property Taxes 9,710 Accounts Receivable 35,200 Factory Repairs 1,700 Raw Materials Purchases 98,500 Cash 37,200 1. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600 Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600 Finished Goods Inventory 7/1/19 99,600 Factory Utilities 29,200 Finished Goods Inventory 6/30/20 21,600 Office Utilities Expense 8,850 Work in Process Inventory 7/1/19 27,700 Sales Revenue 561,400 Work in Process Inventory 6/30/20 25,300 Sales Discounts 4,900 Direct Labor 144,150 Plant Manager’s Salary 64,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 29,900 Factory Repairs 2,100 Raw Materials Purchases 99,200 Cash 40,700
The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600 Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600 Finished Goods Inventory 7/1/19 99,600 Factory Utilities 29,200 Finished Goods Inventory 6/30/20 21,600 Office Utilities Expense 8,850 Work in Process Inventory 7/1/19 27,700 Sales Revenue 561,400 Work in Process Inventory 6/30/20 25,300 Sales Discounts 4,900 Direct Labor 144,150 Plant Manager’s Salary 64,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 29,900 Factory Repairs 2,100 Raw Materials Purchases 99,200 Cash 40,700 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
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 -…

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