What is the dollar amount of Total Cost of Work In Process for the year ended December 31, 2020? Raw Material Information: Beginning Inventory $0 Ending Inventory 2,000 Purchases during the year 60,000 Work in Process Information: Beginning Inventory 0 Ending Inventory 4,000 Direct Labor during the year 80,000 Manufacturing Overhead during the year 500,000

What is the dollar amount of Total Cost of Work In Process for the year ended December 31, 2020? Raw Material Information: Beginning Inventory $0 Ending Inventory 2,000 Purchases during the year 60,000 Work in Process Information: Beginning Inventory 0 Ending Inventory 4,000 Direct Labor during the year 80,000 Manufacturing Overhead during the year 500,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Model Magic Manufacturing reported the following year-end balances: Beginning work in process inventory, $35,000; beginning raw materials inventory, $18,000; ending work in process inventory, $38,000; ending raw materials inventory, $15,000; raw materials purchased, $510,000; direct labor, $180,000; and manufacturing overhead, $75,000. What is the amount of total work in process for Model Magic for the current year? $513,000. $768,000. $803,000. $765,000.
Current Attempt in Progress The Assembly Department of Concord Company has the following production and cost data at the end of May, 2022, its first period of operations. Production: Manufacturing Costs: Prepare a production cost report for the month of May using weighted-average process costing. (Do not leave any answer field blank. Enter O for amounts.) (Round unit costs answers to 2 decimal places, e.g. 52.75.) QUANTITIES Units to be accounted for Work in process inventory, May 1 Started into production 34,200 units started into production; 28,500 units completed and transferred out and 5,700 units 100% completed as to materials and 40 % completed as to conversion costs. Materials added at beginning of process, $112,860; labor, $85,500; overhead $77,634. Total units to be accounted for Units accounted for Completed and transferred out Work in process inventory, May 31 Total units accounted for Q Search Physical Units CONCORD COMPANY Assembly Department-Production Cost Report For the…
A
The following costs were incurred in May: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses Conversion costs during the month totaled: O $54,000 O $133,000 O $59,000 O $87,000 $ 41,000 $ 13,000 $ 46,000 $ 18,000 $ 15,000
22. Peter Company provided the following data for the year ended December 31, 2020: Raw materials purchases Total manufacturing costs Decrease in raw materials inventory Decrease in work in process inventory Increased in finished finished goods inventory45,000 Gross margin ratio Factory overhead is applied at 60% of direct labor. How much is the factory overhead cost incurred? P 80,000 220,000 4,000 20,000 40%
Work in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. What are the total manufacturing costs incurred in the current year?
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 19,000 Direct material 58,600 Direct labor 75,000 Applied overhead 39,772 Total costs to account for $201,372 Units to Account For Beginning work in process 6,000 Units started into production 20,000 Transferred out 20,000 Costs to account for Materials Conversion Total Beginning work in process $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Incurred during the period fill in the blank 16 fill in the blank 17 fill in the blank 18 Total costs to account for $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Equivalent units fill in the blank 22 fill in the blank 23…
Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
how do you define prime costs? conversion costs? The following costs were incurred in July: Direct Materials $39,500 Direct Labor $30, 400 Manufacturing Overhead $28, 900 Selling Expenses $26, 500 Administrative Expenses $35, 800 What are total conversion costs during the month of July?
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…