None You are a new accounting intern at Allterrain Bikes. Your supervisor gives you the following information and asks you to compute the cost of direct materials used (assume that the company's raw materials inventory contains only direct materials).View the information.Allterrain BikesInformationCalculation of Direct Materials UsedDirect materials used:Plus:Less:Direct materials usedImport duties...$ 1,100Beginning raw materials inventory.$4,000Ending raw materials inventory$1,300Freight-in.....900Freight-out...$ 800Purchases of direct materials$ 16,000PrintDone- X

Detailed explanation:Direct materials used is computed by adding beginning inventory of raw…

Answered: You are a new accounting intern at…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter12: Activity-based Management

Section: Chapter Questions

Problem 8E: Thayne Company has 30 clerks that work in its Accounts Payable Department. A study revealed the...

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Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view account balances.) (Click the icon to view other information.) Data table Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Print Beginning S 21,000 $ 44,000 14.000 Done Ending 32,000 30,000 23,000 - X ... Data table Other information: Purchases of direct materials Direct labor Manufacturing overhead Print S Done 71,000 84.000 45,000 - X
The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the most recent year: Cost of goods manufactured Cost of goods sold Direct labor costs Direct materials inventory, December 31 Direct materials purchased Finished goods inventory, December 31 Prime costs for the year Total manufacturing costs Work-in-process inventory, January 11 Required: Compute: a. Direct materials used. b. Direct materials inventory, January 1. c. Conversion costs. d. Work-in-process inventory, December 31. e. Manufacturing overhead. 1. Finished goods inventory, January 1. a. Direct materials used b. Direct materials inventory c. Conversion costs d. Work-in-process inventory e. Manufacturing overhead f. Finished goods inventory $ 906,000 727,400 184,000 52,000 263,200 236,400 466,600 914,400 26,200
Your manager asks you to bring the following incomplete accounts of Endeavor Printing, Inc., up to date through January 31, 2017. Consider the data that appear in the T-accounts as well as the following information in items (a) through (j). Endeavor's normal-costing system has two direct-cost categories (direct material costs and direct manufacturing labor costs) and one indirect-cost pool (manufacturing overhead costs, which are allocated using direct manufacturing labor costs). Materials Control Wages Payable Control 12-31-2016 Bal. 30,000 1-31-2017 Bal. 6,000 Work-in-Process Control Manufacturing Overhead Control 1-31-2017 Bal. 114,000 Finished Goods Control Costs of Goods Sold 12-31-2016 Bal. 40,000 Additional information follows: a. Manufacturing overhead is allocated using a budgeted rate that is set every December. You forecast next year's manufacturing overhead costs and next year's direct manufactur- ing labor costs. The budget for 2017 is $1,200,000 for manufacturing overhead…
Please answer the following subparts in regards to this same question: d. Direct labor usede. Indirect labor usedf. Other overhead costs paid in cash Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the cutting process. The following information is available regarding its May inventories. Beginning Inventory Ending Inventory Raw materials inventory $ 81,000 $ 97,900 Work in process inventory—Cutting 193,500 135,500 Work in process inventory—Stitching 213,300 107,000 Finished goods inventory 50,100 38,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 100,000 Direct materials used—Cutting 25,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 23,100 Direct labor—Stitching 92,400 Factory Overhead (Actual costs)…
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Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
Hello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.
I need support with the statement of cost of goods manufactured and he income statement. Please show me the formulas for how you came up with the answer. Thank you.
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 1(Click the icon to view account balances.) 2(Click the icon to view other information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory $42,000 Direct Materials Used: Beginning Direct Materials $21,000 Purchases of Direct Materials 78,000 Direct Materials Available for Use 99,000 Ending Direct Materials (33,000) Direct Materials Used $66,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 188,000 Total Manufacturing Costs to Account For 230,000 Ending Work-in-Process…
See attached photos for the questions and what I need help on. I’d appreciate help on Part A & B. Thanks!

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