Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 190,000 Factory Wages 575,000 575,000 Manufacturing Overhead 95,000 51000 51700 45,000 Work in Process Inv. 3,300 185,000 $30,000 5,700 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11

Various financial figures have been provided for manufacturer Rayquaza Company. Raw Materials Inv. 22,000 195,000 27,000 190,000 Factory Wages 575,000 575,000 Manufacturing Overhead 95,000 51000 51700 45,000 Work in Process Inv. 3,300 185,000 $30,000 5,700 6.) Overhead for the period is over-applied by $5,700. 7.) Ending inventory account balances are as follows: Finished Goods Inv. Raw materials inventory $27,000 Work in process inventory $19,300 Finished goods inventory $43,000 62,000 Additional Information: 1.) Raw materials purchases total $195,000. 2.) Factory payroll for the period totals $575,000. 3.) Other overhead costs total $95,000 for the period. 4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials. 5.) Time tickets show $530,000 for direct labor costs. Cost of Goods Sold Required: Use the additional information to complete the T-accounts and compute the ending balance for each account. 11

Name: points)Various financial figures have been provided for manufacturer
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Description: points)Various financial figures have been provided for manufacturer Rayquaza Company.Raw Materials Inv.22,000195,00027,000Factory Wages575,000190,000$575,000Manufacturing Overhead95,0005,0005,70045,000Work in Process Inv.3,300185,000530,0005,70024,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

points)
Various financial figures have been provided for manufacturer Rayquaza Company.
Raw Materials Inv.
22,000
195,000
27,000
Factory Wages
575,000
190,000
$
575,000
Manufacturing Overhead
95,000
5,000
5,700
45,000
Work in Process Inv.
3,300
185,000
530,000
5,700
24,000
Additional Information:
1.) Raw materials purchases total $195,000.
2.) Factory payroll for the period totals $575,000.
3.) Other overhead costs total $95,000 for the period.
6.) Overhead for the period is over-applied by $5,700.
7.) Ending inventory account balances are as follows:
Finished Goods Inv.
Raw materials inventory $27,000
Work in process inventory $19,300
Finished goods inventory $43,000
62,000
4.) Material requisitions show $185,000 for direct materials and $5,000 for indirect materials.
5.) Time tickets show $530,000 for direct labor costs.
Cost of Goods Sold
Required: Use the additional information to complete the T-accounts and compute the ending
balance for each account.
11

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