How much is the cost of goods sold using the normal costing system? Chapter 5: A Closer look on Cost Accounting additional information: Actual factory overhead Applied Factory overhead Direct Materials Used Cost of Goods Manufactured 1,080,000 1,125,000 1,425,000 3,862,500 a. P3,975,000 b. P3,930,000 c. P3,855,000 d. P3,817,500
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- 12. QRS Manufacturing Company has the following data for 2025 (amounts in millions): View the information. Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2025. Begin by preparing the schedule of cost of goods manufactured. Direct Materials Used: Direct Materials Used QRS Manufacturing Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2025 (in millions) Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured CITE Information Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Materials Purchased, including Freight In Direct Labor Manufacturing Overhead Print Done $ 8 9 15 14 7 10 35 41 25 XConcord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year isCoronado Industries's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 O $2050000. $1910000. $2110000. $2010000. $310000 300000 190000 Dec. 31, 2019 $250000 160000 150000 During 2020, $800000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Coronado Industries's total manufacturing costs incurred in 2020 amounted to
- Swifty Corporation has beginning work in process inventory of S154000 and total manufacturing costs of S1086000. If cost of goods manufactured is $1060000, what is the cost of the ending work in process inventory? A. $160000. B. $200000. C. $128000. D. $180000.The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.Sandhill Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2022 O $710000. O $1030000. $980000. O $620000. $270000 4 300000 190000 Dec. 31, 2021 $220000 160000 During 2022, $760000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) 150000 The total raw materials available for use during 2022 for Sandhill Company is
- Sheridan Company's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2022 O $2120000. O $1980000. O $2080000. O $2170000. $360000 300000 190000 Dec. 31, 2021 $310000 160000 150000 During 2022, $860000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. (Assume that all raw materials used were direct materials.) Sheridan Company's total manufacturing costs incurred in 2022 amounted toSheffield Corp. has beginning work in process inventory of $ 118000 and total manufacturing costs of $ 477000. If cost of goods manufactured is $ 480000, what is the cost of the ending work in process inventory? O $ 100000. O $ 115000. O $ 130000. O $ 121000.b. P5.00 d. P5.09 57. Ansel Corp. has provided the following data from its activity-based costirg system: Activity Cost Pool Assembly Processing Orders Inspection Total Activity 110,000 3,000 3,800 Total Cost 1,226,500 92,340 292,220 Data concerning one of the company's products, Product A appear below: 227.40 Selling price per unit Direct materials per unit Direct labor cost per unit Annual unit production and sales 96.28 23.24 360.00 Annual machine hours 2,080.00 Annual orders 120.00 Annual inspection hours 60.00 Using ABC, the product gross profit for product A is P38,836.80 b. P11,030.80 c. P11,915.20 d. P7,337.2O a. 326
- 4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000Based on the below information, compute the cost of goods manufactured for ABC Company: Beginning of 2020 End of ABC company Direct manufacturing labor Work-in-process inventory Repairs and maintenance on plant Purchases of direct materials Finished-goods inventory Indirect manufacturing labor Marketing, distribution, and customer-service costs 2020 20,000 22,000 21,000 3,000 70,000 18.000 23,000 16,000 108.000 Depreciation on plant, building, and equipment Direct materials inventory General and administrative costs Plant insurance 10,000 29.000 27.000 34,000 7,000 A) S124.000 B) S146.000 C) $125 000 D) $159.000Bonita Industries reported the following year-end information: beginning work in process inventory, S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000