Practice Problem 4:All-About-Us, Inc. has collected the following information for February:Purchases of direct materialsDirect laborIndirect laborDepreciation on machinerySalesSellingexpensesRent on the factory buildingDirect materialsandadministrative$54,000BB = =31,20015,0009,000165,00018,90021,000$24,000BB =6,300BB = 15,000Work-in-ProcessFinished GoodsQ1: Cost of Goods Manufactured for February =Q2: Cost of Goods Sold for February =Q3: Operating Income for February =EB=EB=EB$26,1009,60017,100

The cost of goods manufactured is the total cost of production of the company for a particular…

Answered: Q1: Cost of Goods Manufactured for…

Business

Accounting

Q1: Cost of Goods Manufactured for February Q2: Cost of Goods Sold for February Q3: Operating Income for February = =

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

See similar textbooks

Similar questions

SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Beginning of Year End of Year Inventories Raw materials inventory $ 6,300 $ 8,100 Work in process inventory 12, 600 9,300 Finished goods inventory 9, 100 5,800 Activity during current year Raw materials purchased $ 124,100 Direct labor 94,300 Factory overhead 39,900 QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $39,900 consists of Indirect labor of $20,300, Depreciation expense-Factory of $15,300, and Factory utilities of $4,300. Compute total manufacturing costs. Prepare a schedule of cost of goods manufactured.
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Beginning of Year End of Year $ 6,000 12,000 8,000 $ 123,000 94,000 39,000 Cost of Direct Material Used is Computed as: $ 7,000 9,000 5,000 QS 14-16 (Static) Computing direct materials used LO P2 Compute the cost of direct materials used for the current year.
Exercise 14-4 (Algo) Classifying costs for a service company LO C2 Listed below are costs of services provided by an airline company. Consider the cost object to be a flight. Flight attendants and pilots are paid based on hours of flight time. Classify each cost as direct, indirect, selling, or general and administrative. Cost Classification 1. Accounting manager salary 2. Depreciation (straight-line) on plane 3. Fuel used for plane flight 4. Flight attendant wages for flight 5. Pilot wages for flight 6. Aircraft maintenance manager salary 7. Snacks served on airplanes 8. Maintenance on airplanes EIndirect Mc Graw < Pry 9 of 10 Type here to search Next
Determine the cost of goods manufactured using the given information for July: • Direct materials_P31,000 • Direct labor_P22,000 • Manufacturing overhead_P29,000 • Beginning work in process inventory_P14,000 • Ending work in process inventory_P15,000
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials $32,000 $ 4,870 $58,700 $88,200 $ 4,130 Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,600 $ 54,300 $ 33,100 Ending $ 18,400 $ 66,400 $ 42,600 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete the question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Primare Corporation Schedule of Cost of Goods Sold o search
How do I find the numbers to the questions marks?Selling expenses $ 211,000Purchases of raw materials $ 266,000Direct labor ?Administrative expenses $ 152,000Manufacturing overhead applied to work in process $ 363,000Actual manufacturing overhead cost $ 350,000Inventory balances at the beginning and end of the year were as follows:Beginning of Year End of YearRaw materials $ 53,000 $ 32,000Work in process ? $ 28,000Finished goods $ 33,000 ?The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
Preparing journal entries—manufacturing overhead Blue Ridge Mountain Manufacturing had the following transactions related to manufacturing overhead for the year: Incurred manufacturing overhead costs $5,000 in indirect materials $12,500 in indirect labor (credit Wages Payable) $30,600 in machinery depreciation $20,400 in other indirect costs that were paid in cash Allocated manufacturing overhead (use a compound entry) $30,000 to the Mixing Department $37,000 to the Packaging Department Requirements Prepare the journal entries for Blue Ridge Mountain Manufacturing. Determine the amount of overallocated or under-allocated manufacturing overhead by posting the transactions to the Manufacturing Overhead account. Assume the balance in Manufacturing Overhead on January 1 is $0. Prepare the adjusting entry.
ces The following transactions occurred during April: (a) Purchased materials on account at a cost of $232,870. (b) Requisitioned materials at a cost of $111,500, of which $15,700 was for general factory use. (c) Recorded factory labor of $224,300, of which $42,775 was indirect. (d) Incurred other costs: Selling expense Factory utilities Administrative expenses Factory rent Factory depreciation $35,900 24,600 50,750 11,700 20,600 (e) Applied overhead at a rate equal to 144 percent of direct labor cost. (f) Completed jobs costing $262,350. (g) Sold jobs costing $324,070. (h) Recorded sales revenue of $513,000. Required: 1. & 2. Post the April transactions to the T-accounts and compute the balance in the accounts at the end of April. (Post each transaction (d) cost separately. Round your answers to 2 decimal places.) 3-a. Compute over- or underapplied manufacturing overhead. (Round your answer to 2 decimal places.) 3-b. If the balance in the Manufacturing Overhead account is closed…
Problem 3. Below are balances and information taken from the records of Bulls Company for the last quarter of the current year: Inventories: October 1 Raw Materials Work in process Finished goods Cost of goods sold Manufacturing overhead P134,000 354,000 594,600 10,800,000 4,200,000 debit 4,600,000credit Supplementary data: (1) During the period, purchases of raw materials totaled P1,093,400 while physical count of raw materials revealed that P250,000 were unused. (2) 39,800 direct labor hours were utilized distributed as follows: (a) 25,000 hours worked on regular time at P67 per hr. (b) 14,000 hours worked at the late shift (c) 800 hours work on overtime, all on regular shift. (c) Overhead is charged to production at 80% of direct labor costs. (d) Actual overhead incurred were P1,420,000. Overhead variance is closed to all accounts with overhead elements only at the end of the year (e) At the end of the year, records show that work in process increased by P80,000 while Finished Goods…
Subject: Cost management & accounting QUESTION – 9**Following transactions were recorded in the books of Wahid Electronics Est., for the month of April 1989.Beginning Inventories: Rs. Ending Inventories: RsMaterials 19,000 Materials 8,900Work – In – Process 7,500 Work – In – Process 15,700Finished Goods 26,000 Finished Goods 21,750Transactions for the months were:Material Purchased 275,000 Consumable & supplies (Indir. Mat.) 54,000Utilites 60,000 Wages 90,000 (Factory 60%, Office 40%) (Factory 70%, Office 30%) Salaries – Office Staff 30,000 Salaries – Sales Staff 10,000Travelling Expenses – Sales 25,500 Factory Overheads…