The direct material inventory at October 31, 2014. Given information: Direct material inventory, 10/1/2014 is $105 million. Direct material inventory purchased is $365 million. Direct material used is $385 million.

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Answer 1

Question

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

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KIARA LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Property, plant and equipment (cost) Accumulated depreciation Long-term investments Inventory Accounts receivable Company tax paid in advance Bank EQUITY AND LIABILITIES 2024 2023 R R 2 490 000 1 620 000 (630 000) 660 000 1 050 000 1 230 000 30 000 (480 000) 450 000 1 290 000 900 000 0 750 000 660 000 5 580 000 4 440 000 Ordinary share capital 2 700 000 2 000 000 Retained income 1 500 000 1 158 000 Long-term loan from Kip Bank (15%) 900 000 1 000 000 Accounts payable 480 000 228 000 Company tax payable 0 54 000 5 580 000 4 440 000 ADDITIONAL INFORMATION All purchases and sales are on credit. Interim dividends paid during the year amounted to R150 750. Credit terms of 3/10 net 60 days are granted by creditors.

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Answer 2

Question

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

Expert Solution & Answer

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See solution

Answer 5

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

Answer 6

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

Answer 7

Chapter 2, Problem 2.31P

1.

To determine

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

Answer 8

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

Answer 9

2.

To determine

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

Answer 10

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

Answer 11

3.

To determine

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

Answer 12

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

Answer 13

4.

To determine

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

Answer 14

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Answer 15

5.

To determine

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Answer 16

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

Answer 17

6.

To determine

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.

Answer 18

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Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3Q Ch. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9Q Ch. 2 - What are three different types of inventory that...

The direct material inventory at October 31, 2014. Given information: Direct material inventory, 10/1/2014 is $105 million. Direct material inventory purchased is $365 million. Direct material used is $385 million.

To identify: The direct material inventory at October 31, 2014. Given information: Direct material inventory, 10/1/2014 is $105 million. Direct material inventory purchased is $365 million. Direct material used is $385 million.

To identify: The fixed manufacturing overhead costs for October 2017. Given information: Total manufacturing overhead costs for October 2014 is $450 million. Variable manufacturing overhead costs for October 2014 is $265 million.

To identify: The direct manufacturing labor costs for October 2014. Given information: Total manufacturing overhead costs for October 2014 is $450 million. Total manufacturing costs for October 2014 is $1,610 million. Direct material used is $385 million.

To identify: The work-in-process inventory. Given information: Work-in-process inventory is $230 million. Total manufacturing costs for October 2014 is $1,610 million. Cost of goods manufactured is $1,660 million.

To identify: The cost of goods available for sale in October 2014. Given information: Finished goods inventory, 10/1/2014 is $130 million. Cost of goods manufactured is $1,660 million.

To identify: The finished-goods inventory, 10/31/2014. Given information: Finished goods inventory, 10/1/2014 is $130 million. Cost of goods manufactured is $1,660 million. Cost of goods sold is $1,770 million.

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Chapter 2 Solutions

To identify: The direct material inventory at October 31, 2014.

Given information:

Direct material inventory, 10/1/2014 is $105 million.

Direct material inventory purchased is $365 million.

Direct material used is $385 million.

To identify: The fixed manufacturing overhead costs for October 2017.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Variable manufacturing overhead costs for October 2014 is $265 million.

To identify: The direct manufacturing labor costs for October 2014.

Given information:

Total manufacturing overhead costs for October 2014 is $450 million.

Total manufacturing costs for October 2014 is $1,610 million.

Direct material used is $385 million.

To identify: The work-in-process inventory.

Given information:

Work-in-process inventory is $230 million.

Total manufacturing costs for October 2014 is $1,610 million.

Cost of goods manufactured is $1,660 million.

To identify: The cost of goods available for sale in October 2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

To identify: The finished-goods inventory, 10/31/2014.

Given information:

Finished goods inventory, 10/1/2014 is $130 million.

Cost of goods manufactured is $1,660 million.

Cost of goods sold is $1,770 million.