Homework Answers
The answer is
The amount of cash the company expected to collect from the same of an inventory item
It is equal to the sales value - expected costs of selling
Add Answer to:
Inventory reported on the balance sheet of a manufacturing company consists of: raw materials and the...
Lando Company reported the following amounts for 2019: Raw materials purchased Beginning raw materials inventory $85,000...
Lando Company reported the following amounts for 2019: Raw materials purchased Beginning raw materials inventory $85,000 5,200 4,500 7,600 8,000 Ending raw materials inventory Beginning finished goods inventory Ending finished goods inventory Direct labor used Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory 20,000 30,000 6,100 6,300 (a) Calculate the cost of materials used in production. Cost of materials used in production t (b) Calculate total manufacturing costs. Total manufacturing costs
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Raw materials inventory, beginning of year $21,000 Raw materials inventory, end of year
Raw materials inventory, beginning of year $21,000 Raw materials inventory, end of year 23,000 Work in process inventory, beginning of year 55,000 Work in process inventory, end of year 52,000 Finished goods inventory, beginning of year 42,000 Finished goods inventory, end of year 48,000 Raw materials purchased 110,000 Indirect Materials used 6,000 Indirect Labor used 33,000 Direct Labor used 210,000 Depreciation on Factory Machines 22,000 Amount spent on other manufacturing overhead 90,000 Direct labor hours used 15,000 Predetermined overhead rate ...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials 33000 inventory Ending work in process inventory 54000 Ending raw materials inventory 17000 Raw materials purchased 850000 Direct labor 440000 Manufacturing overhead 100000 How much is Sheffield's cost of goods manufactured for the year? $866000 $1408000 $1404000 $1406000 O O Crane Company reported the following year-end information: Beginning work in process $32000 inventory Beginning raw materials inventory 14000 Ending work in process inventory 34000...
4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials...
4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead S 35,000 18,000 38,000 15,000 560,000 210,000 120,000 How much is Wasson's total cost of work in process for the year? A) $890,000 B) $928,000 C) $893,000 D) $925,000 Cost of goods manufactured equals $85,000 for 2019. Finished goods inventory is $2,000 at the beginning of the...
Q-3) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance...
Q-3) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July; • Direct labor of TL257,000 and raw materials of TL350,300 was used. TL360,000 worth of raw materials was purchased. Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs. At the end of July, sales totalled TL1,247,000 and gross profit was 40% of the sales....
Selected accounts of Kosar Manufacturing Company at year end appear below: RAW MATERIALS INVENTORY (a) 40,000...
Selected accounts of Kosar Manufacturing Company at year end appear below: RAW MATERIALS INVENTORY (a) 40,000 (d) 25,000 FINISHED GOODS INVENTORY (g) 140,000 (h) 120,000 FACTORY LABOR (b) 110,000 (e) 110,000 WORK IN PROCESS INVENTORY (d) 25,000 (g) 140,000 (e) 80,000 (f) 100,000 COST OF GOODS SOLD (h) 120,000 MANUFACTURING OVERHEAD (c) 75,000 (f) 100,000 (e) 30,000 Explain the probable transaction that took place for each of the items identified by letters in the accounts. For example: (a) Raw materials...
a) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance...
a) For June 30th of 2017, Company X reported raw materials balance of TL20,000, WIP balance of TL25,000 and finished goods balance of TL40,000 in its balance sheet. During July; • Direct labor of TL254,000 and raw materials of TL350,800 was used. • TL360,000 worth of raw materials was purchased. • Manufacturing overhead used (exclusive of indirect materials) was equal to 60% of direct labor costs. At the end of July, sales totalled TL1,247,000 and gross profit was 40% of...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Lando Company reported the following amounts for 2019: Raw materials purchased Beginning raw materials inventory $85,000 5,200 4,500 7,600 8,000 Ending raw materials inventory Beginning finished goods inventory Ending finished goods inventory Direct labor used Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory 20,000 30,000 6,100 6,300 (a) Calculate the cost of materials used in production. Cost of materials used in production t (b) Calculate total manufacturing costs. Total manufacturing costs
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials 33000 inventory Ending work in process inventory 54000 Ending raw materials inventory 17000 Raw materials purchased 850000 Direct labor 440000 Manufacturing overhead 100000 How much is Sheffield's cost of goods manufactured for the year? $866000 $1408000 $1404000 $1406000 O O Crane Company reported the following year-end information: Beginning work in process $32000 inventory Beginning raw materials inventory 14000 Ending work in process inventory 34000...
4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead S 35,000 18,000 38,000 15,000 560,000 210,000 120,000 How much is Wasson's total cost of work in process for the year? A) $890,000 B) $928,000 C) $893,000 D) $925,000 Cost of goods manufactured equals $85,000 for 2019. Finished goods inventory is $2,000 at the beginning of the...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Most questions answered within 3 hours.
-
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 49 minutes ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 1 hour ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 1 hour ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 1 hour ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 1 hour ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 1 hour ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 1 hour ago -
What are the main components of the fermentation process and
give an explanation of each? Include...
asked 2 hours ago -
Explain which types of cells in the body (belonging to which
organs, etc.) are sensitive to...
asked 2 hours ago -
A single cable supports an 703-kg elevator car. What is the
tension in the cable when...
asked 2 hours ago -
among the three different ways to link CSS specifications to an
HTML document (inline CSS, document...
asked 2 hours ago -
(1) Write the net ionic equation for the reaction that occurs
when equal volumes of 0.191...
asked 3 hours ago