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Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting...
TB MC Qu. 3-47 Stephenson Company's computer system recently cras... Stephenson Company's computer system recently crashed,...
TB MC Qu. 3-47 Stephenson Company's computer system recently cras... Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the CFO's back-up computer data. Cost of Goods Sold $ 387,000 Work-in-Process Inventory, Beginning 31,750 Work-in-Process Inventory, Ending 42,100 Selling and Administrative Expense 53,150 Finished Goods Inventory, Ending 16,050 Finished Goods Inventory, Beginning ? Direct Materials Purchased 178,700 Factory Overhead Applied 122,500 Operating Income 25,850 Direct Materials Inventory,...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. 30 $66,500 Cost of Goods Sold 11,100 9,300 15,750 Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Selling and Administrative Expense Finished Goods Inventory, Ending Finished Goods Inventory, Beginning Direct Materials Used Skipped 15,825 Factory Overhead Applied Operating Income Direct Materials Inventory, Beginning Direct Materials Inventory, Ending 12,300 14,165 11,135 6,105 61,410 Cost of Goods Manufactured Direct labor cost incurred...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 69,500 Work-in-Process Inventory, Beginning 12,300 Work-in-Process Inventory, Ending 9,900 Selling and Administrative Expense 17,250 Finished Goods Inventory, Ending 17,475 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,900 Operating Income 14,495 Direct Materials Inventory, Beginning 11,405 Direct Materials Inventory, Ending 6,315 Cost of Goods Manufactured 64,230 Direct labor cost...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 69,000 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 159,000 79,000 Factory Overhead 157,000 Finished Goods Inventory 59,000 284,000 54,000 Beginning FG 289,000 Ending FG Multiple Choice O $158,500 0 $55,500. 0 $289,000 $284,000. $299,000
Superior Company provided the following data for the year ended December 31 (all raw materials are...
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 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 216,000 $ 264,000 ? $ 158,000 $ 378,000 $ 360,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 ? $ 37,000...
Use the following data to calculate the cost of goods sold for the period: Beginning Raw...
Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured for the period $ 30,000 70,000 40,000 46,000 72,000 68,000 246,000 Multiple Choice $250,000 $290,000. $242,000. $258,000. O $246.000.
The following data has been taken from the accounting records of Chase Corporation for the year...
The following data has been taken from the accounting records of Chase Corporation for the year ended 2019: Sales $930,000 Raw materials inventory, beginning $70,000 Raw materials inventory, ending $40,000 Raw materials, purchases $190,000 Direct labor $150,000 Manufacturing overhead $210,000 Administrative expenses $95,000 Selling expenses $120,000 Work in process inventory, beginning $80,000 Work in process inventory, ending $75,000 Finished goods inventory, beginning $90,000 Finished goods inventory, ending $140,000 Use the data to answer...
I. Felder Co. incurred the following costs for June 2018: Beginning direct materials inventory $27,000 Beginning...
I. Felder Co. incurred the following costs for June 2018: Beginning direct materials inventory $27,000 Beginning finished goods inventory 26,000 Beginning work in process inventory 8,000 Depreciation on factory building 22,000 Direct labor 211,000 Direct material purchases 193,000 Ending direct materials inventory 16,000 Ending finished goods 35,000 Ending work in process 15,000 Factory supervisor's salary 46,000 Repairs of factory building 7,000 Sales 750,000 Selling and administrative expenses 130,000 Utilities in factory 14,000 Assume an income tax rate of 40 percent....
The following data (in thousands of dollars) have been taken from the accounting records of Karling...
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. 2 Sales Raw materials inventory, beginning Raw materials inventory, ending Purchases of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $990 $40 $70 $120 $200 $230 $150 $140 $70 $50 $120 $160 The cost of goods sold for...
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. 30 $66,500 Cost of Goods Sold 11,100 9,300 15,750 Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Selling and Administrative Expense Finished Goods Inventory, Ending Finished Goods Inventory, Beginning Direct Materials Used Skipped 15,825 Factory Overhead Applied Operating Income Direct Materials Inventory, Beginning Direct Materials Inventory, Ending 12,300 14,165 11,135 6,105 61,410 Cost of Goods Manufactured Direct labor cost incurred...
A company's overhead rate is 200% of direct labor cost. Using the following incomplete accounts, determine the cost of direct materials used. Work in Process Inventory 69,000 Beginning WIP Direct Materials Direct Labor Applied Overhead To Finished Goods Ending WIP 159,000 79,000 Factory Overhead 157,000 Finished Goods Inventory 59,000 284,000 54,000 Beginning FG 289,000 Ending FG Multiple Choice O $158,500 0 $55,500. 0 $289,000 $284,000. $299,000
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 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 216,000 $ 264,000 ? $ 158,000 $ 378,000 $ 360,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 ? $ 37,000...
Use the following data to calculate the cost of goods sold for the period: Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured for the period $ 30,000 70,000 40,000 46,000 72,000 68,000 246,000 Multiple Choice $250,000 $290,000. $242,000. $258,000. O $246.000.
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. 2 Sales Raw materials inventory, beginning Raw materials inventory, ending Purchases of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $990 $40 $70 $120 $200 $230 $150 $140 $70 $50 $120 $160 The cost of goods sold for...
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