Year 1 Year 2 Item: Direct materials used in production Direct materials: Beginning inventory Dircct materials purchases Dircct materials: Ending inventory Dircct labor uscd in production Manufacturing overhcad costs used in production Work in proccss: Beginning inventory Work in process: Ending inventory Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold $50,000 $ 10,000 P 17,000 45,000 15,000 b 53,000 80,000 76,000 17,000 14,000 14,000 19,000 8,000 7,000 7,000 11,000 169,000

Year 1 Year 2 Item: Direct materials used in production Direct materials: Beginning inventory Dircct materials purchases Dircct materials: Ending inventory Dircct labor uscd in production Manufacturing overhcad costs used in production Work in proccss: Beginning inventory Work in process: Ending inventory Finished goods: Beginning inventory Finished goods: Ending inventory Cost of goods sold $50,000 $ 10,000 P 17,000 45,000 15,000 b 53,000 80,000 76,000 17,000 14,000 14,000 19,000 8,000 7,000 7,000 11,000 169,000

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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Complete 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
Hello, I need help solving this accounting problem.
1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
The unadjusted cost of goods sold is calculated using which of the following equations? Multiple Choice O Beginning finished goods inventory + Cost of goods manufactured + Ending finished goods inventory Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured - Ending finished goods inventory Beginning finished goods inventory - Cost of goods manufactured + Ending finished goods inventory
Selected T - accounts of Moore Company are given below for the just completed year: Raw Materials Debit Credit Balance 1/1 33,000 Credits ? question mark Debits 156,000 Balance 12/31 43,000 Manufacturing Overhead Debit Credit Debits 186,200 Credits ? question mark Work in Process Debit Credit Balance 1/1 38,000 Credits 524,000 Direct materials 108,000 Direct labor 204,000 Overhead 214, 200 Balance 12/31 ? question mark Factory Wages Payable Debit Credit Debits 221,000 Balance 1/1 18,000 Credits 216,000 Balance 12/31 13,000 Finished Goods Debit Credit Balance 1/1 58,000 Credits ? question mark Debits? question mark Balance 12/31 87,000 Cost of Goods Sold Debit Credit Debits? question mark Required: What was the cost of raw materials used in production? How much of the materials in (1) above consisted of indirect materials? How much of the factory labor cost is indirect labor? What was the cost of goods manufactured? What was the unadjusted cost of goods sold? Do not include any…
Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold
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a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement.
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The cost of the ending inventory under absorption costing is higher than the cost of ending inventory under varibale costing by 1. an amount equal to the fixed overhead cost per unit. 2. an amount computed by multiplying the units in the ending inventory by the fixed costs per unit. 3. an amount equal to the difference in the income amounts under both costing methods. 4. the amount equal to the fixed overhead cost charged to expense during the period.