Answered: Work in process inventory increased by…

Work in process inventory increased by $20,000 during the current year. Cost of goods manufactured was $180,000. Total manufacturing costs incurred are

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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Pikachu Company applies manufacturing overhead to production at 70% of direct labor cost. During the year ended 20xx, manufacturing overhead of $139,790 was applied to production; actual manufacturing overhead was $157,700. Ending Work in Process Inventory was $23,000 and ending Finished Goods Inventory was $30,910. Work in Process Inventory increased by 15% during the year and Finished Goods Inventory increased by 10% during the year. Unadjusted Cost of Goods Sold was $573,600. Complete the following schedule: Item Direct Materials Used in Production Direct Labor Manufacturing Overhead Applied Current Manufacturing Costs Beginning Work in Process Inventory Ending Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Unadjusted Cost of Goods Sold Overhead Adjustment Adjusted Cost of Goods Sold Amount
Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?
The following cost data relate to the manufacturing activities of ABC Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials $ 16,900 Indirect labor 149,000 Property taxes, factory 9,900 Utilities, factory 89,000 Depreciation, factory 316,900 Insurance, factory 11,900 Total actual manufacturing overhead costs incurred $ 593,600 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 419,000 Direct labor cost $ 79,000 Inventories: Raw materials, beginning $ 21,900 Raw materials, ending $ 31,900 Work in process, beginning $ 41,900 Work in process, ending $ 71,900 The company uses a predetermined overhead rate of $28 per machine-hour to apply overhead cost to jobs. A total of 21,600 machine-hours were used during the year. Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of…
Vernon Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,100 additional units during the period. At the end of the period, 790 units were in work in process inventory. The ending work in process inventory was estimated to be 60 percent complete. The cost of work in process inventory at the beginning of the period was $6,280, and $25,044 of product costs was added during the period. Required a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. Complete this question by entering your answers in the tabs below. Req A and B Req C a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. Note: Round "Cost per equivalent unit" answer to 2 decimal places. a. Equivalent units b. Cost per equivalent unit
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