Homework Answers
24.
| Beginning raw material inventory | $ 40,000 |
| Add: Raw material purchases | $ 1,000,000 |
| Less: Ending raw material inventory | $ (20,000) |
| Raw materials used | $ 1,020,000 |
25.
| Raw materials used | $ 1,110,000 |
| Add: Direct labor | $ 500,000 |
| Add: Factory utilities applied | $ 150,000 |
| Add: Indirect labor applied | $ 50,000 |
| Add: Factory depreciation applied | $ 400,000 |
| Total manufacturing cost | $ 2,210,000 |
26.
| Total manufacturing cost | $ 2,200,000 |
| Add: beginning work in process inventory | $ 12,000 |
| Less: Ending work in process inventory | $ (18,000) |
| Cost of goods manufactured | $ 2,194,000 |
27.
| Sales revenue | $ 5,000,000 | |
| Less: Cost of goods sold | ||
| Cost of goods manufactured | $ 2,140,000 | |
| Add: Beginning finished goods inventory | $ 32,000 | |
| Less: Ending finished goods inventory | $ (40,000) | |
| Cost of goods sold | $ 2,132,000 | |
| Gross profit | $ 2,868,000 |
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Problem 2 - Product Cost Flow Indirect Method) #24 - 27 (12 points total, 3 points...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods...
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ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
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Please check my answers. Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...
Please check my
answers.
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Axteks Corporation has the following cost records for the year
ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
E2-9 (Algo) Calculating Cost of Jobs [LO 2-4, 2-6) Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $24,000 of indirect material) 25,900 37,300 112,100 277,100 24,200 41,150 122,400 306,000 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies...
Required information Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials purchases $ Raw materials inventory, December 31, 2018 984,000 165,000 1,149,000 $ 1,149,000 Raw materials available for use Less: Raw materials inventory, December 31, 2019 Direct materials used Finished goods, December 31, 2019 Factory overhead Depreciation expense---Factory equipment Factory supervision Factory supplies used Factory utilities Indirect labor Maintenance expense--Factory equipment Miscellaneous production costs Rent expense-Factory building ces 0 1,149,000 Total factory overhead...
Please check my
answers.
Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5) Carlton Manufacturing Company provided the following details about operations in February: $ Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment Advertising expenses Rent, factory building 169,000 40,900 35, 100 60,200 3,650 46,400 28,600 18,800 4,650 22,600 114,000 The company...
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