$ 19,660 $ 41,650 Work in process inventory, August 1 Total manufacturing costs incurred during August Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured (e) 332,750 (c) 1,075,000 $515,770 $1,240,000 (a) 54,000 (f) $1,068,000 23,500 (b) (d)
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Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter.
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- Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 ExpensesOn ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
- Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percentOn Off Company Company Materials inventory, December 1 $82,740 $110,870 Materials inventory, December 31 (a) 125,280 Materials purchased 210,160 (a) Cost of direct materials used in production 221,740 (b) Direct labor 311,930 249,460 Factory overhead 96,810 124,170 Total manufacturing costs incurred in December (b) 717,330 Total manufacturing costs 789,340 789,340 Work in process inventory, December 1 158,860 267,200 Work in process inventory, December 31 134,040 (c) Cost of goods manufactured (c) 710,680 Finished goods inventory, December 1 139,830 124,170 Finished goods inventory, December 31 146,450 (d) Sales 1,219,590 1,108,700 Cost of goods sold (d) 717,330 Gross profit (e) (e) Operating expenses 158,860 (f) Net income (f) 246,130Fill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales
- I. E1-7 Sales $86,625Materials inventory (January 1) $28,875Work in process inventory (January 1) $27,720Finished goods inventory (January 1) $36,960Materials purchased $24,255Direct labor cost $20,790 Factory overhead (including $1,000 of indirect materials used and $3,000 of indirect labor cost) $13,860 Selling and administrative expenses $11,550Inventories at January 31:Materials $25,410Work in process $23,100Finished goods $34,650a. Prepare the Statement of cost of goods manufactured. b. Prepare Cost of goods sold. II. E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc. INVENTORIES ENDING BEGINNING Finished goods $82,294 $120,698 Work in process $87,780 $76,808 Direct materials…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?Work-in-Process Inventory—Cutting Balance, May 1 0 (a) Transfer out to Direct Materials 49,000 Direct Labor 9,000 Manufacturing Overhead 33,000 Balance, May 31 6,000 Work-in-Process Inventory—Finishing Balance, May 1 17,000 80,000 Transfer out to Transfer in from (b) Direct Materials 26,000 Direct Labor (c) Manufacturing Overhead 16,000 Balance, May 31 67,000 Work-in-Process Inventory—Packaging Balance, May 1 6,000 (d) Transfer out to Transfer in from (e) Direct Materials 6,000 Direct Labor 13,000 Manufacturing Overhead 14,000 Balance, May 31 19,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to Transfer in from (g)…
- Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 isInventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods ManufacturedD Question 11 A company had a beginning work in process (WIP) inventory balance of $32.900. During the year, $55,100 of direct materials was placed into production Direct labor was $64,400, and Indirect labor was $19,900. Manufacturing overhead is allocated at 140% of direct labor costs. Actual manufacturing overhead was $86,500, and Cost of Goods Manufactured totaled $225,400. What is the ending work in process inventory balance? # $90.160 O $17.160. O $13.500 Ⓒ$187.4460