Beginning Work in Process: Ending Work in Process: Beginning Finished Goods Inventory: Ending Finished Goods Inventory: Beginning Raw Materials Inventory Ending Raw Materials Inventory Raw Material Purchases Indirect Materials Used: Direct Labor: Indirect Labor: Administrative and Selling Expenses: Other Manufacturing Overhead: Required: Complete a Schedule of Cost of Goods Manufactured for the Smithfield Company. $50,000 $55,000 $190,000 $140,000 $210,000 $190,000 $205,000 $45,000 $320,000 $70,000 $205,000 $135,000
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- Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =Beginning direct materials $20,900 Beginning finished goods 32,000 Beginning work in process 21,200 Selling & administrative expenses 17,000 Gross profit 42,000 Cost of goods manufactured 328,000 Factory overhead ? Direct labor ? Direct materials purchases 124,100 Ending direct materials 24,800 Ending work…Direct materials used in production Direct labor Total actual manufacturing overhead costs Over-applied Manufacturing overhead Beginning Work in Process inventory Cost of Goods Manufactured Decrease in Finished Goods Inventory Compute the Cost of Work put into process. P 500,000 400,000 300,000 24,000 120,000 1,400,000 100,000
- Inventory of work in process Inventory of finished goods Direct materials used Direct labor Manufacturing overhead Selling expenses December 31 $ 40,000 60,000 a. Work in process inventory b. Cost of finished goods manufactured c. Cost of goods sold d. Total manufacturing costs 250,000 120,000 145,000 135,000 January 1 $ 18,000 68,000 Required: a. Find the amount debited to the Work In Process Inventory account during the year. b. What is the cost of finished goods manufactured for the year? c. What is the cost of goods sold for the year? d. What are the total manufacturing costs for the year?ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…Direct Materials Direct Labor Manufacturing overhead Total Manufacturing costs Work-in-process 1/1 Work-in-process 12/31 Cost of goods manufactured Sales Finished Goods 1/1 Cost of Goods Available Finished Goods 12/31 Cost of Goods Sold Gross Profit Operating Expenses Net Operating Income Case 1 $36,000 $12,000 $78,000 $12,000 $66,000 $180,000 $42,000 $78,000 $54,000 Case 2 $5,000 $6,000 $21,000 $2,000 $33,000 $50,000 $9,000 $7,000 $10,000 a Calculate the unknown amounts for both Case 1 and 2 b For Case 1, compute the total prime costs for the year. c For Case 1, compute the total conversion costs for the year. d For Case 1, compute the average price per unit if the company sold 15,000 uni e For Case 1, compute the operating income per unit if the company sold 15,000 units f For Case 1, compute the POHR assuming Manufacturing overhead is applied based on DL cost g For Case 1, review beginning and ending work in process. As an auditor or manager what one question might you possibly…
- The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished goods inventory $ 14,200 $ 17,050 Beginning work in process inventory 16,000 20,100 Beginning raw materials inventory (direct materials) 9,500 13,350 Rental cost on factory equipment Direct labor 22,300 23250 32,250 33 300 22, 200 443400 20,900 37,400 Ending finished goods inventory 14,800 Ending work in process inventory 19,800 200 26, 200 5 800 5,800 Ending raw materials inventory Factory utilities 8,400 750 15,000 13,750 Factory supplies used (indirect materials) 10000 10,000 5,300 General and administrative expenses 25,500 46,000 Indirect labor 1,650 8,260 7,820 2,950 Repairs-Factory equipment Raw materials purchases Selling expenses 47,500 54,500 57,600 55,000 Sales 249,030 327,510 Cash 34,000 17,700 Factory equipment, net 277,500 148,825 Accounts receivable, net 16,600 22,450 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon…Direct materials issued to production $170,000Indirect materials issued to production $45,000Other manufacturing overhead $255,000Overhead allocated $240,000Direct labour costs $80,000 Is the manufacturing overhead under- or over-applied? By how much?Bledsoe Corporation has provided the following data for the month of November: Ending $ 21,100 $ 10,100 $ 56,100 Inventories Beginning $ 25,100 $ 17,100 $ 48,100 Raw materials Work in process Finished Goods Additional information: $ 72,100 $ 92,100 $ 42,110 $ 4,010 $ 41,100 Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold. Complete this question by entering your answers in the table below. Schedule of Schedule of COGM COGS Prepare a Schedule of Cost of Goods Sold. -....................................................... ................... BLEDSOE CORPORATION Schedule of Cost of Goods Sold Beginning finished goods inventory Cost of goods available for…
- Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [L03-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 54,000 Ending $ 35,000 $ 23,000 Raw materials Work in process Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods manufactured for April? Show solution Group of answer choices ₱150,000 ₱118,000 ₱109,000 ₱115,000