What are the total costs to account for if a company’s 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)?
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What are the total costs to account for if a company’s 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)?
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- Given the following data for Mehring Company, what are (A) total manufacturing costs and (B) cost of goods manufactured? Direct materials Beginning work in process $230,000 used inventory Direct labor Manufacturing overhead Operating expenses OA) B) C) D) (A) 150,000 255,000 263,000 (B) Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $635,000 $620,000 $650,000 $665,000 $620,000 $650.000 $635,000 $650,000 $30,000 15,000 38,000 23,000Use the cost information below for Sundar Company to determine the total manufacturing costs added during the current year: Direct materials used $ 19,100 Direct labor used 24,600 Factory overhead 54,600 Beginning work in process inventory 10,800 Ending work in process inventory 11,400Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,600 $ 5,800 $ 71,000 Ending $ 10,800 $ 20,000 $ 25,400 $ 653,000 $ 82,000 $ 133,000 $ 106,000 $ 45,000 $ 223,000 $ 201,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
- Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $20,000 $32,000 Work-in-Process Inventory 39,000 37,000 Finished Goods Inventory 14,000 23,000 Data Table Other information: Purchases of direct materials $79,000 Direct labor 80,000 Manufacturing overhead 41,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods…Compute conversion costs given the following data: direct materials, $356,600; direct labor, $196,300; factory overhead, $194,500 and selling expenses, $40,900. a.$390,800 b.$153,600 c.$551,100 d.$747,400For each of the following independent cases (A through E), compute the missing values in the table: Case A B C D E Prime Cost 6,990 11,640 Conversion Cost 11,570 7,940 20,550 Direct Materials $ 2,110 $ 2,200 1,450 3,410 Direct Manufacturing Labor Overhead 1,130 $ 3,120 2,060 3,500 6,780 2,960 Total Manufacturing Cost 9,390 5,860
- Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?Compute conversion costs given the following data: direct materials, $353,800; direct labor, $206,900; factory overhead, $205,600 and selling expenses, $47,600. Oa. $559,400 Ob. $158,000 Oc. $412,500 Od. $766,3008. complete the following table to determine what are the total costs to account for if a company’s 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 ($1,156,696)? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed for that space, please enter "$0" with no quotation marks. Material Costs Conversion Costs Total Costs Beginning work in process ? ? x Added: ? ? x Direct materials ? ? x Direct labor ? ? x Manufacturing overhead ? ? x Total Costs ? ? ?
- The following chart shows how costs flow through a business as a product is manufactur cost amounts. Compute the cost amounts in the empty boxes. Materials Activity Raw materials Inventory, beginning $148,000 Production Activity Direct labor used in production $360,000 Work In process Inventory, beginning $87,000 Sales Activity Anished goods Inventory, beginning $ Raw materials $542000 Raw materials available for use in production $ Direct materials used in production $ Total work In proboes Cost of goods manufactured $1,596,000 Cost of goods available for sale $1,741,500 spid Raw materials Inventory, ending $180,000 Factory overhead used in production $760,000 Work in process Inventory, ending Finished goods Inventory, ending $140,200Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 12,500 Direct labor used 32,300 Beginning work in process inventory 8,900 General and administrative expenses 15,200 Direct materials used 42,200 Ending work in process inventory 10,700 Indirect labor 8,000 Ending finished goods inventory 11,200 Indirect materials 15,200 Depreciation—factory equipment 9,200Freeman Furnishings has summarized its data as shown: Depreciation of factory building $77,500 Factory real estate taxes $15,000 Factory utility expenses Indirect materials $85,000 $32,000 $25,000 $84,000 Indirect labor Direct labor cost Direct labor hours incurred Estimated direct labor hours Raw material purchased Raw material, beginning Inventory Raw material, ending Inventory Work in process, beginning Inventory Work in process, ending Inventory Estimated overhead Compute the cost of goods manufactured, assuming that the overhead is allocated based on direct labor hours. x 21,500 22,000 $370,000 $40,000 $29,000 $52,000 $67,000 $247,500
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