Xia Company manufactures a single product. All raw materials used were direct materials. Current information for company follows: $ 16,000 Beginning raw materials inventory Ending raw materials inventory Raw material purchases 19,000 93,000 28,000 38,000 118,000 Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option A Option B Option C Option D Option E Cost of Materials Used $93,000 $96,000 $90,000 $90,000 $96,000 Cost of Goods Cost of Goods Manufactured Sold $291,000 $291,000 $311,000 $291,000 $311,000 93,000 68,000 48,000 $271,000 $311,000 $271,000 $311,000 $291,000

Xia Company manufactures a single product. All raw materials used were direct materials. Current information for company follows: $ 16,000 Beginning raw materials inventory Ending raw materials inventory Raw material purchases 19,000 93,000 28,000 38,000 118,000 Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Option A Option B Option C Option D Option E Cost of Materials Used $93,000 $96,000 $90,000 $90,000 $96,000 Cost of Goods Cost of Goods Manufactured Sold $291,000 $291,000 $311,000 $291,000 $311,000 93,000 68,000 48,000 $271,000 $311,000 $271,000 $311,000 $291,000

Name: Xia Company manufactures a single product. All raw materials used wer
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Description: Xia Company manufactures a single product. All raw materials used were direct materials. Current information for company follows:Beginning raw materials inventoryEnding raw materials inventoryRaw material purchasesBeginning work in process inventory

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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TB MC Qu. 14-140 (Static) Richards Company manufactures a single... Richards Company manufactures a single product. All raw materials used were direct materials. Current information for the company follows: Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Option A Option B Option C Option D Option E Beginning finished goods inventory Ending finished goods inventory The company's cost of direct materials used, cost of goods manufactured and cost of goods sold are: Cost of Materials Used $90,000 $92,000 $88,000 $88,000 $92,000 Multiple Choice Option A Option B Option C Option D Option E Cost of Goods Manufactured $293,000 $293,000 $263,000 $293,000 $263,000 Cost of Goods Sold $ 10,000 12,000 90,000 40,000 $283,000 $303,000 $283,000 $303,000 $293,000 25,000 130,000 60,000 55,000 45,000
Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
Problems:
8. complete the following table to determine what are the total costs to account for if a company’s beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed for that space, please enter "$0" with no quotation marks. Material Costs Conversion Costs Total Costs Beginning work in process ? ? x Added: ? ? x Direct materials ? ? x Direct labor ? ? x Manufacturing overhead ? ? x Total Costs ? ? ?
NBA Inc. is engaged in the business of manufacturing basket ball. The company employs actual costing system. The company uses a single account for direct and indirect materials. The company provided the following data for the year ended December 31, 2018. Gross sales 9,500,000 Sales return 500,000 Gross purchase 1,000,000 Purchase returns, allowance and discount 200,000 Freight in. 400,000 Total costs of factory labor 1,000,000 Depreciation of factory assets 300,000 Expired insurance of factory assets 100,000 Utilities expense on factory 500,000 Total administrative expenses 2,000,000 Total marketing expenses 3,000,000 Inventories are as follows: January 1 December 31 Raw materials 100,000 300,000 Work in process. ? 200,000 Finished goods. 500,000 600,000 The following additional data are provided:1. The net profit ratio of the company before income tax for the year ended December 31, 2016, was 10% of net sales.2. The direct labor costs…
The following chart shows how costs flow through a business as a product is manufactur cost amounts. Compute the cost amounts in the empty boxes. Materials Activity Raw materials Inventory, beginning $148,000 Production Activity Direct labor used in production $360,000 Work In process Inventory, beginning $87,000 Sales Activity Anished goods Inventory, beginning $ Raw materials $542000 Raw materials available for use in production $ Direct materials used in production $ Total work In proboes Cost of goods manufactured $1,596,000 Cost of goods available for sale $1,741,500 spid Raw materials Inventory, ending $180,000 Factory overhead used in production $760,000 Work in process Inventory, ending Finished goods Inventory, ending $140,200
Problem 1-7. Jansport Manufacturing Company currently uses normal costing method in accumulating the cost of production. The following data were provided for the current year: Factory Labor: Total Factory payroll Raw Materials: P2,700,000 Inventory, Jan 1 450,000
Subject : Accounting
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending
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