Raw material purchases Depreciation on manufacturing equipment Sales commissions $54,000 3,000 20,000 36,000 3,500 Production supervisor's salary Shipping costs on units sold Materials used in production Goods completed Cost of units sold $ 20,000 43,500 83,500 115,000 150,000 Factory labor Property tax on manufacturing equipment Assume the beginning raw materials inventory was $62,800, the beginning finished goods inventory was $118,400, and there was no beginning work-in-process inventory.

Raw material purchases Depreciation on manufacturing equipment Sales commissions $54,000 3,000 20,000 36,000 3,500 Production supervisor's salary Shipping costs on units sold Materials used in production Goods completed Cost of units sold $ 20,000 43,500 83,500 115,000 150,000 Factory labor Property tax on manufacturing equipment Assume the beginning raw materials inventory was $62,800, the beginning finished goods inventory was $118,400, and there was no beginning work-in-process inventory.

Name: Fujita Company produces a single product. Costs accu mulated at the en
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Description: Fujita Company produces a single product. Costs accu mulated at the end of the period are as follows:Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process and Finished Goods. Raw material purchas

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 10E: Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board...

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Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 2,400 units, which were complete as to conversion cost. All materials are added at the beginning of the process. Direct materials cost incurred was 219,360, direct labor cost incurred was 28,100, and factory overhead applied was 12,598. Determine the following for the Pressing Department: A. Total conversion cost B. Conversion cost per equivalent unit C. Direct materials cost per equivalent unit
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 percent
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
Fill 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
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
Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products Scrap processing (disposal) Rework Preventive maintenance Product design Warranty work Finished goods inspection Activity Cost $50,000 28,000 19,000 25,000 8,000 30,000 46,000 12,000 23,000 From the provided schedule of activity costs, determine the value-added costs. A.$177,000 B.$191,000 C.$156,000 D.$104,000
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 purchased $254,000 Beginning raw materials inventory 12,000 Ending raw materials inventory 7,900 Direct labor incurred 51,000 Indirect materials requisitioned and used 4,000 Actual manufacturing overhead costs 36,800 Beginning work-in-process inventory 15,100 Ending work-in-process inventory 12,000 How much is the cost of direct materials used in production? Please show which amounts were added/subtracted to get the correct answer.
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?
Statement Of Cost of Goods Manufactured Instructions The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $44,250 $31,700 Work in process 63,900 80,000 Finished goods 101,200 99,800 December 31 Advertising expense $ 400,000 Depreciation expense-office equipment 30,000 Depreciation expense-factory equipment 80,000 Direct labor 1,100,000 Heat, light, and power-factory 53,300 Indirect labor 115,000 Materials purchased 556,600 Office salaries expense 318,000 Property taxes-factory 40,000 Property taxes-office building 25,000 Rent expense-factory 27,000 Sales 3,850,000 Pre Check My Work 5 more Check My Work uses remaining. Email Instructor Save and Exit Subm
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?
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? ?