vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31. 2016 Raw materials inventory $350000 $290000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2017, $840000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. vaughn Manufacturing's total manufacturing costs incurred in 2017 amounted to $2090000. $2050000. $1950000. $2150000.

vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31. 2017 Dec. 31. 2016 Raw materials inventory $350000 $290000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2017, $840000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. vaughn Manufacturing's total manufacturing costs incurred in 2017 amounted to $2090000. $2050000. $1950000. $2150000.

Name: Vaughn Manufacturing's accounting records reflect the following inven
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Vaughn Manufacturing's accounting records reflect the following inventories:Dec. 31, 2017 Dec. 31. 2016Raw materials inventory$350000$290000Work in process inventory300000160000Finished goods inventory190000150000During 2017, $840000 of raw material

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lakeside Company estimated manufacturing overhead costs for 2014 at $390,000, based on 160,000 estimated direct labor hours. Actual direct labor hours for 2014 totaled 195,000. The manufacturing overhead account contains debit entries totaling $391,500. The manufacturing overhead for 2014 was: (Round your intermediate calculations to one decimal place)
Help
Monty Manufacturing Company reported the following materials data for the month ending April 30, 2016: Materials purchased RM123,900 Materials inventory, April 1 39,100 Materials inventory, April 30 32,600. Determine the cost of direct materials used in production by Monty during the month ended April 30, 2016 and also discuss economic order quantity(EOQ).
mni.2
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: FG Inventory 8,000 Select one: Oa. debit of $67,000 $80,000 $190,000 Manufacturing overhead incurred $300,000 Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed $500,000 Selling Price of Jobs Sold $750,000 Cost of Jobs Sold $440,000 After these transactions have been recorded, the balance in the Work in process account is a: O b. credit of $63,000 O c. debit of $72,000 O d. debit of $70,000* Manufacturing O/H 0
During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
Selected data for Lemon Grass Company for 2015 is provided below: Factory Utilities $ 1,500 Indirect Materials Used 37,500 Direct Materials Used 300,000 Property Taxes on Factory Building 6,900 Sales Commissions 85,000 Indirect Labor Incurred 25,000 Direct Labor Incurred 150,000 Depreciation on Factory Equipment 6,500 What is the total factory overhead? A) $450,000 B) $612,000 C) $77,400 D) $62,400
The following accounts of ABC Manufacturing Co. appeared in its balance sheets on December 31, 2013 and December 31, 2014: Materials inventory Work in process inventory Finished goods inventory 2013 P60,000 34,000 46,000 Materials used Cost of goods sold Direct labor Indirect labor The following amounts appeared in the company's statement of comprehensive income for 2014: P 600,000 1,840,000 410,000 140,000 2014 P90,000 35,000 36,000 REQUIREMENT: Compute for the: a) Amount of raw materials purchased b) Cost of goods manufactured
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory - DR 2,000 FG Inventory - DR 8,000 ( All T accounts) During the year the following transactions took place: Direct materials placed in production $80,000Direct labor incurred $190,00Manufacturing OH incurred $300,000Manufacturing OH allocated to production $295,000Costs of jobs completed $500,000Selling price of jobs sold $750,000Cost of jobs sold $440,000 After recording all these transaction the adjusted cost of goods sold account is: A) Debit of $445,000B) Debit of $440,000C) Credit of $445,000D) Debit of $435,000
Consider the following information: direct materials used totaled $124,700; direct labor amounted to $412,000; overhead was computed to be $789,600; Work in Process Inventory on March 1, 2014, was $482,500; and Work in Process Inventory on March 31, 2014, was $597,100. What was the cost of goods manufactured? a. $1,211,700 b. $729,200 c. $1,440,900
The GH company uses a cost accounting system by process and presents the following information for the month of July 2017: Its products are electronic components, manufactured in series for which its Elaboration is paid for by work cards. 37,000 units were started, the Material requisitions were $ 83,000, conversion costs were $ 98,000 and 33,000 units were completed. Starting inventory as of July 1 was 8,500 units with a cost of $ 31,000 of raw material and $ 39,000 conversion costs (100% material advance premium and 80% conversion costs). The ending inventory is 12,500 units, which have 100% raw material and the 40% conversion costs. Based on previous information: a) Prepare the certificates of physical units, that of equivalent production and that of cost allocation. b) Evaluate with the three inventory valuation methods (FIFO, LIFO and CPP) and determine the unit cost of production
ABC company has the following data: Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 24,000 Purchases of direct materials 151,000 Ending inventory of direct materials, December 31, 2015 18,000 Direct manufacturing labor 27,000 Indirect manufacturing costs 50,000 Beginning inventory of finished goods, January 1, 2015 43,000 Cost of goods manufactured 234,000 Ending inventory of finished goods, December 31, 2015 48,000 Operating costs 152,000 No beginning work in process inventory Required: a- Prepare cost of goods manufactured statement b- Prepare income statement