What is the answer to the Cost of goods sold? !Required informationUse the following information to answer questions[The following information applies to the questions displayed below.]The following information is available for Lock-Tite Company, which produces special-order security products and uses ajob order costing system.April 30May 31Inventories$46,0009,50056,000$30,00019,60035,000Raw materialsWork in processFinished goodsActivities and information for MayRaw materials purchases (paid with cash)Factory payroll (paid with cash)Factory overheadIndirect materials177,000250,00018,00057,500104,0001,800,000Indirect laborOther overhead costsSales (received in cash)Predetermined overhead rate based on direct labor cost55% *Do not consider any underapplied or overapplied overhead.X Answer is complete but not entirely correct.Raw Materials (RM)Work in Process (WIP)April 3046,000April 309,500RM purchases177,000DM used175,00018,000Indirect materialsDL used192,500Cost of goods175,000DM usedOverhead applied105,875463,275manuf.May 3130,000|Мaу 3119,600Finished Goods (FG)Factory OverheadApril 30Cost of goodsmanuf.56,000Indirect materials18,000463,275Indirect labor57,500Other overhead0X Cost of goods sold104,000costsMay 31519,275105,875Overhead appliedUnderapplied OH73,625

Cost of goods sold means the difference between the sale and gross profit . It means the cost of…

Answered: What is the answer to the Cost of goods…

Business

Accounting

What is the answer to the Cost of goods sold?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required Information [The following information apples to the questions displayed below.] Pro-Weave manufactures stadlum blankets by passing the products through a weaving department and a sewing department. The following Information is available regarding Its June Inventories: Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 178,00e 400,000 580, eee 1,446,e0e Ending Inventory $ 289,000 378,808 768, 808 1,286,809 The following additlonal Information describes the company's manufacturing activitles for June: $ 585,000 3,315,000 Raw materials purchases (on credit) Factory payroll cost (paid in cash) Other factory overhead cost (Other Accounts credited) Materials used 17e,00e Direct-Neaving Direct-Sewing $ 298,000 99,000 152,00e Indirect Labor used Direct-Neaving Direct-Sewing Indirect $1, 250, 880 565,000 1,5ee, 00e Overhead rates as a percent of direct labor Weaving Sewing Sales (on credit) Bex 16ex…
PoF bussiness stats bool.pdf cost accounting book.pdf E Chapter 1.pdf x + PRE PDF O File | C:/Users/RASAB/Downloads/Chapter%201%20.pdf P1-8 Job order cost; journal entries; ending work in process; inventory analysis Hidalgo Company manufactures goods to special order and uses a joh order cost system. During its first month of operations, the following selected transactions took place: LO7 a. Materials purchased on account $37,000 b. Materials issued to the factory: Job 101 $ 2,200 Job 102 5,700 Job 103 7,100 Job 104 1,700 For general use in the factory 1,350 c. Factory wages and salaries earned: Job 101 $ 2,700 Job 102 6,800 Job 103 9,200 Job 104 ..... 2,100 For general work in the factory 2,250 d. Miscellaneous factory overhead costs on account ... $ 2,400 e. Depreciation of $2,000 on the factory machinery recorded. f. Factory overhead allocated as follows: Job 101 $ 1,200 Job 102 2,000 Job 103 3,800 Job 104 ... 1,000 g. Jobs 101, 102, and 103 completed. h. Jobs 101 and 102 shipped to…
ning services - SQU Libraries - SQU Portal Attendand XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000 ; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. OMR145,000 O c. OMR120,000 Q d. None of the answers given e. OMR580.000 YZCompany uses normal costing. Following are
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Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer
22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
services SQU Libraries SQU Portal Attendance English (en O b. OMR605 O c. OMR545 O d. OMR635 O e. OMR575 XYZ Company provided the following information regarding Product XY: Direct material costs OMR3 per unit of product; Direct labor costs OMR5 per direct labor hour; Predetermined overhead rate OMR10 per direct labor hour. The cost of a job for 550 units of product XY, which uses a total of 100 direct labor hours, is: Select one: Oa. OMR5,400 Ob. OMR3,300 Oc. OMR3,150 Od. None of the answers given e. OMR9,900 Total manutacturing costs assioned inclucted 10 units heom ofs tota mana
Required: Supply the missing information on the following schedule of cost of goods manufactured VIVAUVIT Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Raw materials Beginning inventory Plus: Purchases Raw materials available for 119,900 $ 148,400 use Minus: Ending raw materials inventory Cost of direct raw materials $ 122,300 used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory 22,500 308,000 47,400 Cost of goods manufactured 306,900
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ne - CengageNOWv2 | Online teache X CengageNOWv2 | Online teachin x Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Print Item Cost of Direc Materlals Used in Production for a Manufacturing Company Walker Manufacturing Company reported the following materials data for the month ending June 30. Materials purchased $845,700 Materials inventory, June 1 238 500 Materials inventery, June 30 190.400 Determine the cost of direct maternals used d producton ay Walkerduring the month ended June 30.