ll 69%4G+11:56 Mmatenais ana aiect japoIndirect materials but not indirect laborIndirect labor but not indirect materialsNone of the aboveFor a furniture manufacturing company, thecost of wood used in the production ofdesks is best described as:Indirect MaterialsDirect MaterialsProduct costsNone of the abovePage 4 of 7ВackNextNever submit passwords through Google Forms.This form was created inside of Lebanese InternationalUniversity. Report AbuseGoogle Forms * ll 69% i4G+11:56 Mdocs.google.com/forms/d/e/1l2Use the following to answer the three questions below:X Company reported the following year-end information:Beginning Raw Materials InventoryS70,000Ending Raw Materials Inventory60,000Beginning Work in Process Inventory126,000Ending Work in Process Inventory190,000Raw Materials purchased120,000Direct Labor210,000Manufacturing Overhead520,000Selling and Administrative Expenses198,000Refer to the above, what was the cost ofraw materials used?$190,000$130,000$110,000None of the above

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Description: ll 69%4G+11:56 Mmatenais ana aiect japoIndirect materials but not indirect laborIndirect labor but not indirect materialsNone of the aboveFor a furniture manufacturing company, thecost of wood used in the production ofdesks is best described as:Indi

Raw Material Cost = Beginning Raw Material Inventory + Raw Material Purchases - Ending Raw Material…

Business

Accounting

X Company reported the following year- end information: Beginning Raw Materials Inventory S70,000 Ending Raw Materials Inventory 60,000 Beginning Work in Process Inventory 126,000 Ending Work in Process Inventory 190,000 Raw Materials purchased 120,000 Direct Labor 210,000 Manufacturing Overhead 520,000 Selling and Administrative Expenses 198,000 Refer to the above, what was the cost of raw materials used? * O $190,000 O $130,000 O $110,000 O None of the above

X Company reported the following year- end information: Beginning Raw Materials Inventory S70,000 Ending Raw Materials Inventory 60,000 Beginning Work in Process Inventory 126,000 Ending Work in Process Inventory 190,000 Raw Materials purchased 120,000 Direct Labor 210,000 Manufacturing Overhead 520,000 Selling and Administrative Expenses 198,000 Refer to the above, what was the cost of raw materials used? * O $190,000 O $130,000 O $110,000 O None of the above

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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h8
1. Cost of raw materials $132,000 2. Indirect materials $31,000 3. Indirect labor cost $19,000 4. Cost of goods manufactured $503,000 5. Unadjusted cost of goods sold $477,500 Questions: 1.If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 2. Was manufacturing overhead underapplied or overapplied? By how much? 3. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
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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?
Question 38?
The following information was taken from the record of Anton Manufacturing Inc.: Increase in finished goods, P100,000; Increase in work process, P110,000; Decrease in raw materials P96,00O; Total cost placed in process, P5,000,000; Materials purchases, P960,000; Direct labor, P880,000; Work in process, beg. P1,600,000. How much factory in overhead was applied to production? * Your answer
None
Your answer is incorrect. Concord Company reported the following year-end information: Beginning work in process inventory $41000 Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead 23000 O $933000 $892000 $931000 $890000 43000 21000 560000 210000 120000 How much is Concord's total cost of work in process for the year?
The following selected account balances are as at the end of the current period. Manufacturing direct labour $140,000 Direct materials purchased Variable manufacturing overhead Depreciation on plant equipment and building Sales commissions Direct materials used Head office overhead costs Marketing costs What are the conversion costs for the period? O $300,000 O $420,000 O $120,000 O $215,000 150,000 75,000 85,000 35,000 120,000 110,000 90,000
N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000