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Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work in Process Inventory 31,000 Beg. Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 Finished Goods 22,000 Cash 32,000 Beg. Beg. During the year, the following events...
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Drew Corp. designs and manufactures mascot uniforms for high
school, college, and professional sports teams. Since each team’s
uniform is unique in color and design, Drew uses a job order
costing system. On January 1, the T-accounts for some of Drew’s
primary balance sheet accounts were as follows:
Raw Materials Inventory
Work in Process Inventory
Beg.
15,000
Beg.
31,000
Accounts Receivable
Accounts Payable
Beg.
56,000
Beg.
42,000
Finished Goods
Cash
Beg.
22,000
Beg.
32,000
During the year, the following events...
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Drew Corp. Designs and manufactures mascot uniforms for high
school, college, and professional sports teams. Since each team's
uniform is unique in color and design, Drew uses a job order
costing system. On January 1, the T-accounts for some of Drew's
primary balance sheet accounts were as follows:
Raw materials inventory- 59400
Finished Goods Inventory-34600
Accounts receivable-47300
Work in process Inventory-25500
Cash-38200
accounts payable- credit 41900
During the year, the following events occurred:
1. Drew purchased raw materials costing 114000...
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LIULIU LUDUCUllulelee need some help FLOW OF COSTS PRACTICE PROBLEM Drew Corp. designs and manufacturers mascot uniforms for high school, college, and professional sports teams. During the year, the following events occurred: a. Drew purchased raw materials costing $86,000 on account. b. Drew used $93,000 of raw materials in production. Of these, 70% were classified as direct materials and 30% as indirect materials. c. Drew used 31,200 hours of direct labor. The company's average direct labor rate was $7.50 per...
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Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $173,000 320,000 160,000 During 20x2, products costing $122,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $226,000 14,000 30,000 Required:...
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Problem 2-1A (Video) Latt Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Jab 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,600, direct labar $12,360, and manufacturing overhead $16,480. As of January 1, Job 49 had been carnpleted at a cost of $92,700 and was part of finished goods inventory. There...
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Her System Announcements CALCULATOR PRINTER VERSION Exercise 4-17 The following events occurred over the course of a year at Crane Corp., which uses a job order costing system: 1. Direct materials purchases totaled $400,000. Crane Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $230,000 of indirect materials were used in production. Crane uses a separate Supplies Inventory account for indirect materials. 3. $413,000 of direct materials were used in production. 4. The...
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Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 322,000 170,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 226,000 16,000 28,000 Required: 1. Prepare T-accounts to show the flow of costs...
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Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 319,000 180,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 225,000 16,000...
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Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams uses a job-order costing system. Adams has provided you with the following January 1, 2021 account balances. Cash 29,000 Accounts Receivable 53,000 Raw Materials 10,000 Work in Process 135,000 Finished Goods 58,000 Accounts Payable 16,000 During 2021, the following transactions occurred: 1. 2. 3. 4. 5. Adams purchased raw materials for $160,000 on account. Adams used $150,000 of raw materials in production. Eighty percent...
Drew Corp. designs and manufactures mascot uniforms for high school, college, and professional sports teams. Since each team's uniform is unique in color and design, Drew uses a job order costing system. On January 1, the T-accounts for some of Drew's primary balance sheet accounts were as follows: Raw Materials Inventory 15,000 Work in Process Inventory 31,000 Beg. Beg. Accounts Receivable 56,000 Accounts Payable Beg. Beg. 42,000 Finished Goods 22,000 Cash 32,000 Beg. Beg. During the year, the following events...
LIULIU LUDUCUllulelee need some help FLOW OF COSTS PRACTICE PROBLEM Drew Corp. designs and manufacturers mascot uniforms for high school, college, and professional sports teams. During the year, the following events occurred: a. Drew purchased raw materials costing $86,000 on account. b. Drew used $93,000 of raw materials in production. Of these, 70% were classified as direct materials and 30% as indirect materials. c. Drew used 31,200 hours of direct labor. The company's average direct labor rate was $7.50 per...
Required information The following information applies to the questions displayed below Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $173,000 320,000 160,000 During 20x2, products costing $122,000 were finished, and products costing $132,000 were sold on account for $197,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $226,000 14,000 30,000 Required:...
Problem 2-1A (Video) Latt Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Jab 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $20,600, direct labar $12,360, and manufacturing overhead $16,480. As of January 1, Job 49 had been carnpleted at a cost of $92,700 and was part of finished goods inventory. There...
Her System Announcements CALCULATOR PRINTER VERSION Exercise 4-17 The following events occurred over the course of a year at Crane Corp., which uses a job order costing system: 1. Direct materials purchases totaled $400,000. Crane Corp tracks its direct materials separately from its indirect materials. Purchases were made on account. 2. $230,000 of indirect materials were used in production. Crane uses a separate Supplies Inventory account for indirect materials. 3. $413,000 of direct materials were used in production. 4. The...
Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 322,000 170,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 226,000 16,000 28,000 Required: 1. Prepare T-accounts to show the flow of costs...
Required information (The following information applies to the questions displayed below.] Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 319,000 180,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 225,000 16,000...
Adams Corporation manufactures stained glass windows. Since each job is unique in color and design, Adams uses a job-order costing system. Adams has provided you with the following January 1, 2021 account balances. Cash 29,000 Accounts Receivable 53,000 Raw Materials 10,000 Work in Process 135,000 Finished Goods 58,000 Accounts Payable 16,000 During 2021, the following transactions occurred: 1. 2. 3. 4. 5. Adams purchased raw materials for $160,000 on account. Adams used $150,000 of raw materials in production. Eighty percent...