Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold EA 20,000 50,000 2,000 49,000 7,000 20,000 3,000 $ 230,000 $ 225,000 $ $ $

Data table Actual direct materials used Actual direct manufacturing labor costs paid in cash Indirect materials used Supervision and engineering salaries paid in cash Plant utilities and repairs paid in cash Plant depreciation Actual direct manufacturing labor-hours Cost of individual jobs completed and transferred to finished goods Cost of goods sold EA 20,000 50,000 2,000 49,000 7,000 20,000 3,000 $ 230,000 $ 225,000 $ $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Budgeted manufacturing overhead costs	$1,160,000

Budgeted direct manufacturing labor-hours	29,000

Similar questions

Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
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 $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…
Inventories Work in process Materials Finished goods Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor Direct materials Income tax Indirect labor Indirect materials Interest expense Interest payable Beginning 15,000 24,000 31,000 Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Research and development expense Retained earnings Selling expenses Sales revenue 12,800 21,100 12,500 5,800 2200 41,000 21,500 8,500 16,800 8,500 6,500 1,800 3,200 5,000 2,600 850 2,400 158,000 7,400 121,100 Ending 6,400 29,000 41,300 Required - Choosing only the appropriate data among those presented above: a) Prepare a statement of cost of goods manufactured for 2016. b) Prepare a statement of cost of goods sold for the same period. c) Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income. d) Prepare…
Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company:Sales$ 975,000Direct labor cost $ Selling expense $ Manufacturing overhead applied to work in process $Inventories:Work in process $165,000 48,750 180,000Beginning 20,000 $Ending 14,750Raw material purchases$ 229,000Administrative expenses$ 146,250Actual manufacturing overhead costs$ 175,050Raw materials$ 18,000$ 17,500Finished goods$ 9,000$ 11,000Required: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.
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
Sales revenue Rent revenue Raw material purchases Energy consumption in production Energy consumption in headquarters depreciation Factory/machinery Direct labor costs Indirect labor costs Salaries for headquarters personnel Raw materials (opening yearly balance-500.000) Work-in process Finished goods Cost of goods sold a. 562.000, 162.000 Beginning Within Ending 4,000,000.00 500,000.00 4,500,000.00 220,000.00 20,000.00 240,000.00 2,000,000.00 200,000.00 2,200,000.00 400,000.00 40,000.00 440,000.00 55,000.00 5,000.00 60,000.00 28,000.00 2,000.00 30,000.00 880,000.00 120,000.00 1,000,000.00 600,000.00 100,000.00 700,000.00 800,000.00 90,000.00 890,000.00 300,000.00 400,000.00 1,200,000.00 1,000,000.00 900,000.00 ? O b. 362.000, 562.000 O c. 362.000, 162.000 O d. 562.000, 362.000 500,000.00 1,900,000.00 Suppose that the table belongs to a firm's December transactions. What are the Cost of Goods Manufactured and Cost of Goods Sold? ?
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 =
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…
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending
View Policies Current Attempt in Progress The following T-accounts record the operations of Bonita Co.: Beginning Balance Ending Balance Beginning Balance Direct Material Direct Labor Overhead Ending Balance Beginning Balance COGM Ending Balance Direct Materials 29,000 17,000 ? Work in Process 37,000 165,000 28,000 44,000 ? Finished Goods 15,000 Direct materials purchased ? ? Costs of goods manufactured 244,000 (a) Calculate the amount of direct materials purchased during the period. 644,000 COGS $ ? (b) Calculate the cost of goods manufactured during the period. LA $
Administrative expenses Depreciation of plant machinery and equipment Direct labor Direct materials Freight out Indirect labor Plant facility rent Sales commissions Compute for the product cost. P40,000 40,000 400,000 300,000 20,000 20,000 30,000 500,000
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