17. LO.4 (Cost accumulation) Blaine Corp. makes floats for Mardi Gras in New Orleans.The company's fiscal year ends on March 31. On January 1, 2010, the company's WIPInventory account appeared as follows:Work in Process InventoryBeginning balance916,650Cost of completed jobs??Direct material589,670Direct labor159,600Applied overhead127,680The direct labor cost contained in the beginning balance of WIP Inventory was for atotal of 15,200 direct labor hours (DLHs). During January, 7,600 DLHs were recorded.Only one job was still in process on January 31. That job had $73,250 in direct materialand 2,850 DLHs assigned to it.a. If overhead is applied on the basis of DLHs, what predetermined OH rate was ineffect during the company's 2009-2010 fiscal year?b. What was the average direct labor rate per hour?c. What amount of direct material cost was in the beginning balance of WIPInventory?d. What was the balance in WIP Inventory at the end of January?e. What was the total cost of jobs manufactured in January?

The overhead rate is a cost connected with the manufacturing of a product or service. Overhead costs…

Answered: Work in Process Inventory ce 916,650…

Work in Process Inventory ce 916,650 Cost of completed jobs ?? 589,670 159,600 d 127,680 cost contained in the beginning balance of WIP Inventory was for a

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Exercise 15-11 (Static) Computing inventory balances and over- or underapplied overhead LO P1, P2,…

A: The direct costs such as direct materials, direct labor and overhead applied are debited to work in…

Q: Assume the following information from a schedule of cost of goods manufactured: Cost of goods…

A: Cost of goods manufactured means the amount of cost incurred on the making of the goods. It include…

Q: Finished goods inventory, ending The following data is provided for Garcon Company and Pepper…

A: Prime Cost - The term "prime cost" refers to the actual expenses incurred throughout the…

Q: Complete the information in the cost computations shown here: Raw materials Beginning inventory…

A: Raw material, finished goods and work-in-process goods, all constitute the total amount of inventory…

Q: ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process…

A: Finished goods available for sale :— It is calculated by adding beginning finished goods inventory…

Q: Account Dollar amount Beginning Materials Inventory $74,323 Purchases ? Materials available for…

A: There are the journal entries : Raw material purchase A/c Dr.…

Q: TB MC Qu. 3-30 (Static) The final step in recognizing the... The final step in recognizing the…

A: Production process starts with the purchase of raw materials. The purchased raw material is then…

Q: Compute ending work in process inventory for a manufacturer using the following information. Raw…

A: SCHEDULE OF COST OF GOODS MANUFACTURED Schedule Of Cost Of Goods Manufactured are those Cost Which…

Q: None

A: Raw material means the material purchased and still not enter in to the production lines.Work in…

Q: Question 9 Bailey Corp has the following information: Raw Materials Inventory Work in Process…

A: Total manufacturing cost is the total cost incurred in the manufacturing of product during the…

Q: Costs of units in beginning Work-in-Progress (WIP) Inventory Costs added to units in beginning WIP…

A: The total cost of production incurred by the entity is referred as cost of goods manufactured. It…

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: Inventory Raw materials Work in process Finished goods Beginning Ending $9,600 $14,080 7,400 5,200…

A: The cost of goods manufactured is the total cost of producing the goods. It includes direct material…

Q: Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials…

A: Thank you

Q: The Goods in Process Inventory account for the AB Corp. follows: Goods in Process Inventory…

A: This question requires us to calculate the Cost of units transferred to finished goods. Cost of…

Q: Selected information from the Iowa Instruments accounting records for April follows: Materials…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: [The following information applies to the questions displayed below.] Victory Company uses weighted…

A: Equivalent Units of Production :— It is the number of completed units of product that are equivalent…

Q: Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a…

A: Process costing is a method of cost accounting, which is used where there is continuous production…

Q: Lansing Inc provides the following information for one of ts department's operations for June (no…

Q: Overhead is estimated to be two times the amount of direct labor cost. Compute the amount of direct…

A: SOLUTION:- GIVEN, cost of goods sold=450,000 cost of goods sold=Beginning Finished Goods…

Q: Data: Inventory balances on January 1: Raw materials Work in process Finished goods E Estimated…

A: Lets understand the basics. Journal entry is required to make to record an event and transaction…

Q: Ivanhoe Incorporated has the following information available about the jobs worked on during the…

A: To determine the balance in Work in Process Inventory on February 28, 2022, we need to calculate the…

Q: Inventory of work in process Inventory of finished goods Direct materials used Direct labor…

A: Cost management is crucial for companies of all sizes and sectors because it has a direct impact on…

Q: All direct materials are placed in process at the beginning of production and the first-in,…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Use the included information about Raw Materials Inventory (RM), Work in Process Invent (WIP),…

A: Conversion cost is the cost incurred for converting raw materials into finished products, thus it…

Q: 1. Answer the following questions by analysing the T-accounts given below Materials Inventory Work…

A: Total manufacturing cost is the accumulated total expenses incurred in the process of manufacturing…

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: dls.3

A: Compute the Total Prime Costs:Prime Costs are the sum of Direct Materials Used and Direct…

Q: Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles.…

A: Equivalent units in ending WIP = Units of ending WIP * % of completion

Q: Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of…

A: The overhead is applied to the production on the basis of the pre-determined overhead rate. The…

Q: Requirements: 7. Materials inventory 8. Finished Goods Ending Inventory

A: Material inventory means the raw material in hand which is used to make the finished goods. Finished…

Q: Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average…

A: Equivalent unit means where some goods remain incomplete at the end of process and we need to…

Q: Equivalent Units and Product Cost Report-Weighted Average Method In its first month's operations,…

A: Process costing system is that costing system which is used in industries where product needs to go…

Q: Answer

A: Step 1: Introduction to the Finished Goods:Finished goods refer to the ready to be sold products…

Q: 1. Answer the following guestions by analysing the T-accounts given below, Work in Process Inventory…

Q: epartment GX had 3,600 units, 25% completed at the beginning of the period, 11,000 units we mpleted…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Carla Vista Manufacturing Inc. has the following cost and production data for the month of April.…

A: The FIFO Method (First-in, First-Out) method is used for finding the equivalent unit in the…

Q: The Work in Process Inventory account for DG Manufacturing follows Compute the cost of jobs…

A: Total manufacturing costs including Beginning work in process inventory = Beginning work in process…

Q: Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning…

A: Ending Balance Calculation: Ending Balance = Beg. Bal. + Purchases - CGSEnding Balance = 22,100 +…

Question

17. LO.4 (Cost accumulation) Blaine Corp. makes floats for Mardi Gras in New Orleans.
The company's fiscal year ends on March 31. On January 1, 2010, the company's WIP
Inventory account appeared as follows:
Work in Process Inventory
Beginning balance
916,650
Cost of completed jobs
??
Direct material
589,670
Direct labor
159,600
Applied overhead
127,680
The direct labor cost contained in the beginning balance of WIP Inventory was for a
total of 15,200 direct labor hours (DLHs). During January, 7,600 DLHs were recorded.
Only one job was still in process on January 31. That job had $73,250 in direct material
and 2,850 DLHs assigned to it.
a. If overhead is applied on the basis of DLHs, what predetermined OH rate was in
effect during the company's 2009-2010 fiscal year?
b. What was the average direct labor rate per hour?
c. What amount of direct material cost was in the beginning balance of WIP
Inventory?
d. What was the balance in WIP Inventory at the end of January?
e. What was the total cost of jobs manufactured in January?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Question: In the finishing department, what is the cost assigned to December 31, 2020, work-in-process inventory? a.6,668,130 b. 6,276,330 c. 6,401,800 d. 9,235,100
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
Ef 13.
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
16. Work in Process inventory, Feb. 28 1. 20 Summarized data for jobs worked on during 20. Cost of Goods Sold for February O a. P1.500 О а. Рб,500 COSTS INCURRED O b. P19,900 O b. P7,500 JOBS January February March O. P7,500 O. P20,000 A P5,000 O d. P15,300 O d. P7.000 В 3,000 2,500 17. Finished Goods inventory, Feb. 28 D 1,500 4,000 3,500 O a. P7,500 F 5,800 6,500 о b. Р3,000 G 9,600 3,800 O. P7,000 4,500 4,200 O d. P5,500 3,000 7,000 18. Finished Goods inventory, March 31 O a. P7,000 Jobs Completed Jobs Sold January А В A, C O b. P7,500 February DE B О с. Р5,500 March GH J GH O d. P3,000 Work in Process inventory, Jan. 31 19. Cost of Goods Sold for January O a. P15,300 O a. P7.000 O b. P7,500 O b. P7,500 O. P1,500 O. P20,000 O d. P19,900 O d. P10,500
Please do not give solution in image format thanku
Answer the following questions by analysing the T-accounts given below.
*need help with C please *
Answer the following questions by analysing the T-accounts given below.
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…
Answer the following questions by analysing the T-accounts given below.