Need Answer Wayland Manufacturing uses a normal cost system and had the following dataavailable for 2010:Direct materials purchased on accountDirect materials requisitionedDirect labor cost incurredFactory overhead incurredCost of goods completedCost of goods soldBeginning direct materials inventory$148,00082,000130,000146,000292,000256,00026,00064,00058,000Beginning WIP inventoryBeginning finished goods inventoryOverhead application rate, as a percent of direct-labor costs 125%The ending balance of the direct materials inventory is:a. $82,000b. $108,000c. $174,000d. $92,000e. None of the above

Step 1: Define Inventory :-Inventory is the stock of goods and materials a business holds for resale…

Answered: Wayland Manufacturing uses a normal…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
During the year, a company purchased raw materials of $77,321, 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: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
During the year, a company purchased raw materials of $77,321 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: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Ivano Company has collected cost accounting information for the following subset of items forYears 1 and 2. Required:Calculate the values of the missing Items a through e.
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Oriole Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $259000 O $263100. O $259000. $261700. O $258600. 12500 8400 56000 4500 42000 15600 12500 How much is the cost of direct materials used in production?
How is materials inventory computed.? a) Cost of materials used in production during the period/ Average materials inventoryb) Cost of the goods produced during the period/ average materials inventoryc) Cost of good sold / average materials inventoryd) Net sales / average materials inventory To calculate the raw materials inventory, add the cost of the direct materials in production with the manufacturing overhead. In this case your raw materials inventory is valued at $6,000.
Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units

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