Question

Accounting records indicate certain balances in inventory accounts. By 1/1/12: Materials inventory, $ 12,000; Inventory of products in process, $ 38,000 and Inventory of finished products, $ 5,000. By 12/31/12: Inventory of materials, $ 25,000; Inventory of products in process, $ 23,000 and Inventory of finished products, $ 8,000. In addition, the conversion costs were $ 484,000 and purchases of raw material $ 120,000 for the year 2012. Taking these data into consideration, the cost of manufactured goods (costs of goods manufactured) for 2012 was:

Response Options Group

$ 591,000

$ 609,000

$ 606,000

$ 603,000

Accounting records indicate certain balances in inventory accounts. By 1/1/12: Materials inventory, $ 12,000; Inventory of products in process, $ 38,000 and Inventory of finished products, $ 5,000. By 12/31/12: Inventory of materials, $ 25,000; Inventory of products in process, $ 23,000 and Inventory of finished products, $ 8,000. In addition, the conversion costs were $ 484,000 and purchases of raw material $ 120,000 for the year 2012. Taking these data into consideration, the cost of goods sold (costs of goods sold) for 2012 was:

Response Options Group

$ 606,000

$ 591,000

$ 603,000

$ 609,000

ABC Corp. adds the materials at the beginning of its production process, the materials and the conversion costs add them evenly. At the beginning of the period, the inventory in process had 60% completion; At the end of the period it had 50% completion. Other important data are: initial inventory of goods in process, 1,600 units; units started during the period, 2,000 and units completed during the period, 3,200. Initial inventory costs are distributed among: materials, $ 150,000, conversion costs, $ 80,000. The costs incurred during the period are distributed among: materials, $ 200,000, conversion costs, $ 260,000. Based on this information, we can say that the cost per unit equivalent in conversion costs for the period is

Response Options Group

$ 81.40

$ 77.80

$ 90

$ 87.50

(for question 3, those are the options given, it would be then try to take it to the nearest amount)

Answer 1

As per HOMEWORKLIB POLICY, we are required to answer the first one question if multiple independent questions are given. So we have answered the first two. Kindly post other question separately again. Hope you understand as we are to follow the policy.

	Direct Materials :
	Beginning raw materials inventory	$           12,000
Add:	Raw material purchases	$         120,000
	Raw Materials available for use	$         132,000
Less:	Ending raw materials inventory	$           25,000
	Raw Materials used in production		$      107,000
	Conversion Costs		$      484,000
	Total manufacuring costs		$      591,000
Add:	Beginning inventory of Work in Process		$        38,000
	Total Factory cost incurred		$      629,000
Less:	Ending inventory of Work in Process		$        23,000
	Cost of Goods manufactured		$          606,000

	So, $606000 is answer.

	Finished Goods Inventory , 1/1/12		5,000
Add:	Cost of Goods manufactured		606,000
	Goods available for sale		611,000
Less:	Finished Goods Inventory , 12/31/12		8,000
	Cost of Goods sold		603,000
	So, $603000 is answer.

Feel free to ask any clarification, if required. Kindly provide feedback by thumbs up, if satisfied. It will be highly appreciated.
Thank you.