Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done $ 215 75 335 385 265 485 1,610 1,690 1,700 220
Q: Total raw materials available for ise Less: Raw materials inventory (12/31) Direct materials used…
A: Lets understand the basics. Cost of goods manufactured schedule is a schedule which shows how much…
Q: Analyze T-accounts given below: Raw material inventory $15 Balance $245 Used $30 Purchased Balance…
A: The following calculations are done to evaluate the T-accounts to compute the indirect material used…
Q: Raw materials Beginning inventory $341 Purchases 1,532 Materials available for use Ending inventory…
A: Raw Materials Particulars Amount Explanation Beginning inventory 341 Purchases 1532…
Q: An incomplete cost of goods manufactured schedule is presented here. Complete the cost of goods…
A: The cost of goods manufactured schedule is a schedule that shows the breakup of the total cost of…
Q: The following information is available for Shamrock Company. Raw materials inventory Work in process…
A: Cost of goods manufactured :— It is the total cost of completed finished goods transferred from work…
Q: The following information is available for Shamrock Company. Raw materials inventory Work in process…
A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold…
Q: August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1,…
A: The total manufacturing costs are calculated as sum of direct materials, direct labor and…
Q: The following data has been taken from the accounting records of Curtis Manufacturing Company for…
A: The direct materials used are calculated as excess of direct materials available for use over the…
Q: Compute ending work in process inventory for a manufacturer with the following information. Raw…
A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those Cost Which is…
Q: ormatior Raw materials Beginning inventory $344 Purchases 1,532 Materials available for use $4…
A: Raw material Beginning inventory 344 Purchases 1,532 Materials available for use(344+1,532)…
Q: Complete the information in the cost computations shown here: Raw materials Beginning inventory…
A: The cost of goods sold is computed as: Beginning inventory of finished goods + cost of goods…
Q: Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred…
A: The field of accounting known as cost accounting is utilized by manufacturing organizations to…
Q: The following information is available for Marin Company. Raw materials inventory Work in process…
A: The cost of goods manufactured is the total cost of producing the goods. It includes direct material…
Q: Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31:…
A: Cost of goods sold statement is prepared to determine the carrying cost of goods sold for any…
Q: The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021…
A: The total cost of a product is calculated and it comprises various components which are required to…
Q: Required Supply the missing information on the following schedule of cost of goods manufactured.…
A: Beginning inventory = Raw materials available for use - Purchases Raw materials available for use -…
Q: The following information is available for Windsor Company. Raw materials inventory Work in process…
A: Cost of goods manufactured is the cost incurred on the making of the goods that are to be…
Q: Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2…
A: To find the blanks we should apply various formulas at different stages: The approach would be that…
Q: SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ A $ $
A: CURRENT ASSETS Current Assets are those Assets that are expected to be converted to cash within…
Q: Cullumber Company's accounting records reflect the following inventories: Dec. 31, 2022 Raw…
A: Raw material available to use can be calculated by adding up raw material purchased to Beginning raw…
Q: Required: Supply the missing information on the following schedule of cost of goods manufactured…
A: Identify the missing information in the cost of goods manufactured schedule:
Q: Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw…
A: The direct material used indicates the consumed direct material in the production. It is calculated…
Q: On November 30, 2022, there was a fire in the factory of Oriole Manufacturing Limited, where you…
A: The question is based on the concept of Cost Accounting. Beginning WIP Inventory + Manufacturing…
Q: Current Attempt in Progress The following information is available for Marin Company. Raw materials…
A: The Cost of Goods Manufactured is the total cost incurred for manufactured goods of the company.…
Q: Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect)…
A: Given the following information: Cost of materials purchases on account: $68,800 Cost of materials…
Q: A manufacturing company reports Beginning $ 18,720 10,100 13,160 Ending $ 12,700 11,900 9,330…
A: The question is based on the concept of Cost Accounting.
Q: Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement…
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: Current Attempt in Progress The following data were taken from the records of Shamrock Company for…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: January 1 (Beginning) ($000) $ 712 December 31 (Ending) ($000) $ 784 1,330 264 Direct materials…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct…
A: The costs incurred on the making of the goods or the production of the goods are referred to as the…
Q: Sheridan Company's accounting records reflect the following inventories: Raw materials inventory…
A: Total manufacturing costs is the total cost incurred in the manufacturing of product during the…
Q: Given the following information, determine the cost of goods manufactured. Direct Labor Incurred…
A: Note : Cost of goods manufactured = Total manufacturing cost for the period + Beginning WIP - Ending…
Q: View Policies Current Attempt in Progress The following data were taken from the records of Shamrock…
A: Income Statement - Income Statement Includes income earned and Expense incurred during the financial…
Step by step
Solved in 3 steps
- Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100Cost of materials issuances under the FIF0 method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions X. An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 284 $30.00 $8,520 139 $32.90 May 4 91 373 May 10 44 117 38.80 May 21 97 100 May 27 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. D. Explain how the materials ledger might be used…PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold
- Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?Please do not give solution in image format thanku< CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
- Dont guve handwritten answer thnkuUsing the given information find the cost of direct material used: Ending inventory of raw materials OMR 1,000 Beginning inventory of raw materials OMR 1,500 Material used as indirect OMR 500 Purchase of materials OMR 2,000 O a. OMR 5,000 b. OMR 2,000 O c. OMR 2,500 O d. OMR 3,000Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
- Please explain how you get the amount, quantity and unit price.Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank Question Content Area b.…Analyze T-accounts given below: Raw material inventory Balance $15 Purchased $245 Used Balance $30 Work-in-progress inventory $30 Cost of goods $245 manufactured S310 Balance Direct material $540 Direct labor Manufacturing overhead $130 Balance $40 Amount of indirect material used is: a. $230 b. $110 c. $120 d. $340