Subject :- Accounting Required information[The following information applies to the questions displayed below.]The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:Raw material purchasesDirect laborIndirect laborSelling and administrative salariesBuilding depreciationOther selling and administrative expensesOther factory costsSales revenue ($130 per unit)$ 18,20062,10097,900$ 175,000254,000109,000133,000*Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was usedfor selling and administrative functions.Inventory data:Raw materialJanuary 1 December 31$ 15,800Work in process35,700111,100.Finished goods**The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.2. Calculate Lone Oak's cost of goods manufactured.80,000195,000344,0001,495,000

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Description: Subject :- Accounting Required information[The following information applies to the questions displayed below.]The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:Raw material purchasesDirect laborIn

Cost of goods manufactured is the total cost incurred for manufacturing a product in the factory. It…

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Accounting

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Raw material Work in process Finished goods* January 1 December 31 $ 15,800 35,700 111,100. $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 $ 18,200 62,100 97,900

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Raw material Work in process Finished goods January 1 December 31 $ 15,800 35,700 111,100. $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 $ 18,200 62,100 97,900

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) $ 18,200 62,100 97,900 $ 175,000 254,000 109,000 133,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Raw material January 1 December 31 $ 15,800 Work in process 35,700 111,100. Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. 2. Calculate Lone Oak's cost of goods manufactured. 80,000 195,000 344,000 1,495,000
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Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 $ 15,800 35,700 111,100 December 31 $ 18,200 62,100 97,900 Cost of goods sold 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 3. Compute the company's cost of goods sold. $ Raw material Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
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.
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…