Homework Answers
Interest is the cost which is excluded from the cost of inventory.
Raw materials, Insurance and normal spoilage will be a part of cost of inventory
Expenditures on Raw materials,direct labour , overhead are included in the inventory cost,
Cost to be included in the inventory are the costs that are necessary to prepare goods for sale.
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Nhich one of the following types of costs is excluded from the cost of inventory that...
The following cost and inventory data are taken from the accounting records of Mason Company for...
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: $ 81,000 Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipment A Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $ 9,100 11,400 24,350 $ 17,600 6,250 39,200 Required: 1....
Manufacturing companies typically have one or more of the following three types of inventory: direct materials,...
Manufacturing companies typically have one or more of the following three types of inventory: direct materials, work-in-process, and finished goods. The companies purchase materials and components and convert them into various finished goods. To be able to solve for the amounts required in this problem you need to understand the flow of inventory. Direct materials, direct labor and manufacturing overhead flow into work-in-process inventory as the units are being produced. When the units are completed the cost of the goods...
The following cost and inventory data are taken from the accounting records of Mason Company for...
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: $ 71,000 121,000 Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipment 30,500 6,100 91,000 910 51,000 24,500 4,700 3,600 21,500 Beginning of End of the Year the Year Inventories: Raw materials Work in process Finished goods $...
The following cost and inventory data are taken from the accounting records of Mason Company for...
The following cost and inventory data are taken from the
accounting records of Mason Company for the year just
completed:
Costs incurred:
Direct labor cost
$
80,000
Purchases of raw materials
$
137,000
Manufacturing overhead
$
204,000
Advertising expense
$
49,000
Sales salaries
$
104,000
Depreciation, office equipment
$
225,000
Beginning
of the Year
End of
the Year
Inventories:
Raw materials
$
8,200
$
10,300
Work in
process
$...
Question 5: Little Boy Blue Inc. uses process costing in costing out their WIP inventory. Here...
Question 5: Little Boy Blue Inc. uses process costing in costing out their WIP inventory. Here is some informatio cheir WIP account for the month of June: WIP Inventory, June 1: 5,000 units (100% DM, 80% Conversion) WIP Inventory, June 30: 8,000 units (100% DM, 50% Conversion) $ 20,450 $ 26,160 30,000 units Materials Costs for WIP June 1: Conversion Costs for WIP June 1: Units Started in June: Units completed and trans. Out: Materials Costs added: 24,000 units $...
he following cost and inventory data are taken from the accounting records of Mason Company for...
he following cost and inventory data are taken from the
accounting records of Mason Company for the year just
completed:
Costs incurred:
Direct labor cost
$
83,000
Purchases of raw materials
$
131,000
Manufacturing overhead
$
210,000
Advertising expense
$
46,000
Sales salaries
$
105,000
Depreciation, office equipment
$
228,000
Beginning
of the Year
End of
the Year
Inventories:
Raw materials
$
8,500
$
10,500
Work in
process
$...
Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim...
Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $260,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $650 of merchandise inventory set aside for shipment to a customer, which has not yet shipped. b. On December 31, the physical inventory excluded $2,600 of merchandise inventory out on consignment...
Which one of the following characteristics is excluded from the economics forces? Select one: O a....
Which one of the following characteristics is excluded from the economics forces? Select one: O a. Interest rates O b. Rate of exchange currency O c. Rate of unemployment d. Rate of pollution
1. Types of Costs, Cost of Goods Manufactured, Absorption-Costing Income Statement Palmer Manufacturing produces weather vanes....
1. Types of Costs, Cost of Goods Manufactured, Absorption-Costing Income Statement Palmer Manufacturing produces weather vanes. For the year just ended, Palmer produced 10,000 weather vanes with the following total costs: Direct materials $20,000 Direct labor 35,000 Overhead 10,000 Selling expenses 6,250 Administrative expenses 14,400 During the year, Palmer sold 9,800 units for $12 each. Beginning finished goods inventory con- sisted of 630 units with a total cost of $4,095. There were no beginning or ending inventories of work in...
costs of goods manufactured and cost of goods sold Business Course # Return to course Cost...
costs of goods manufactured and cost of goods sold
Business Course # Return to course Cost of Goods Manufactured and cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold: А в Selling expenses $500 $800 $600 Factory insurance 260 245 Ending finished goods inventory 810 750 Non-factory administrative expenses 250 450 Direct labor 2.560 2.760 2.120 Beginning materials inventory 520 670 Beginning work in process inventory...
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: $ 81,000 Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipment A Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $ 9,100 11,400 24,350 $ 17,600 6,250 39,200 Required: 1....
The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: $ 71,000 121,000 Costs incurred: Direct labour cost Purchases of raw materials Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales salaries Rent, factory facilities Supplies Depreciation, office equipment Depreciation, factory equipment 30,500 6,100 91,000 910 51,000 24,500 4,700 3,600 21,500 Beginning of End of the Year the Year Inventories: Raw materials Work in process Finished goods $...
The following cost and inventory data are taken from the
accounting records of Mason Company for the year just
completed:
Costs incurred:
Direct labor cost
$
80,000
Purchases of raw materials
$
137,000
Manufacturing overhead
$
204,000
Advertising expense
$
49,000
Sales salaries
$
104,000
Depreciation, office equipment
$
225,000
Beginning
of the Year
End of
the Year
Inventories:
Raw materials
$
8,200
$
10,300
Work in
process
$...
Question 5: Little Boy Blue Inc. uses process costing in costing out their WIP inventory. Here is some informatio cheir WIP account for the month of June: WIP Inventory, June 1: 5,000 units (100% DM, 80% Conversion) WIP Inventory, June 30: 8,000 units (100% DM, 50% Conversion) $ 20,450 $ 26,160 30,000 units Materials Costs for WIP June 1: Conversion Costs for WIP June 1: Units Started in June: Units completed and trans. Out: Materials Costs added: 24,000 units $...
he following cost and inventory data are taken from the
accounting records of Mason Company for the year just
completed:
Costs incurred:
Direct labor cost
$
83,000
Purchases of raw materials
$
131,000
Manufacturing overhead
$
210,000
Advertising expense
$
46,000
Sales salaries
$
105,000
Depreciation, office equipment
$
228,000
Beginning
of the Year
End of
the Year
Inventories:
Raw materials
$
8,500
$
10,500
Work in
process
$...
Determining Merchandise to be included or Excluded from Ending Inventory The unadjusted inventory balance of Ultim Corp. is $260,000 on December 31, 2020, based on a physical inventory count. The following items must be considered before the inventory valuation is finalized. a. On December 31, the physical inventory excluded $650 of merchandise inventory set aside for shipment to a customer, which has not yet shipped. b. On December 31, the physical inventory excluded $2,600 of merchandise inventory out on consignment...
Which one of the following characteristics is excluded from the economics forces? Select one: O a. Interest rates O b. Rate of exchange currency O c. Rate of unemployment d. Rate of pollution
1. Types of Costs, Cost of Goods Manufactured, Absorption-Costing Income Statement Palmer Manufacturing produces weather vanes. For the year just ended, Palmer produced 10,000 weather vanes with the following total costs: Direct materials $20,000 Direct labor 35,000 Overhead 10,000 Selling expenses 6,250 Administrative expenses 14,400 During the year, Palmer sold 9,800 units for $12 each. Beginning finished goods inventory con- sisted of 630 units with a total cost of $4,095. There were no beginning or ending inventories of work in...
costs of goods manufactured and cost of goods sold
Business Course # Return to course Cost of Goods Manufactured and cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold: А в Selling expenses $500 $800 $600 Factory insurance 260 245 Ending finished goods inventory 810 750 Non-factory administrative expenses 250 450 Direct labor 2.560 2.760 2.120 Beginning materials inventory 520 670 Beginning work in process inventory...
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