Homework Answers
a) Direct material used = 17600+83200-15600 = 85200
Prime cost = 85200+60700 = 145900
b) Total conversion cost = 60700+79800 = 140500
c) Total manufacturing cost = 145900+79800 = 225700
d) Cost of goods manufactured = 9000+225700-5600 = 229100
e) Cost of goods sold = 53300+229100-72000 = 210400
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The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory,...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory,...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory, May 1 $ 17,200 Direct materials inventory, May 31 15,100 Work-in-process inventory, May 1 8,300 Work-in-process inventory, May 31 6,600 Finished goods inventory, May 1 53,300 Finished goods inventory, May 31 71,600 Direct materials purchased during May 83,800 Direct labor costs, May 59,800 Manufacturing overhead, May 79,100 Required: a. Compute the total prime costs for the month of May. b. Compute the total conversion...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory,...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Direct materials purchased during May Direct labor costs, May Manufacturing overhead, May $ 18,500 15,800 8,600 6, 200 53,200 72,500 83,400 60,500 79,700 Required: a. Compute the total prime costs for the month of May. b. Compute the total...
The following information comes from the accounting records for Chelsea, Inc., for May: Direct materials inventory,...
The following information comes from the accounting records for Chelsea, Inc., for May: Direct materials inventory, May 1 $ 18,200 Direct materials inventory, May 31 14,900 Work-in-process inventory, May 1 8,900 Work-in-process inventory, May 31 6,900 Finished goods inventory, May 1 54,500 Finished goods inventory, May 31 72,900 Direct materials purchased during May 84,300 Direct labor costs, May 60,600 Manufacturing overhead, May 80,900 Required: a. Compute the total prime costs for the month of May. b. Compute the total conversion...
The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process...
The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process inventory Finished goods inventory $ 22,400 32,200 5,209 December 31 (Endint) $ 24,889 29,200 6,600 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Required:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials:...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,200 107,500 42,000 December 31 (Ending) $ 110,500 107,800 43,200 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,855,000 Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning finished goods inventory Manufacturing...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,600 32,200 5,000 December 31 (Ending) $ 24,600 28,800 7,500 Direct materials used during the year amount to $46,500 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs: Direct materials: Materials available Direct...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Direct materials purchased during May Direct labor costs, May Manufacturing overhead, May $ 18,500 15,800 8,600 6, 200 53,200 72,500 83,400 60,500 79,700 Required: a. Compute the total prime costs for the month of May. b. Compute the total...
The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process inventory Finished goods inventory $ 22,400 32,200 5,209 December 31 (Endint) $ 24,889 29,200 6,600 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Required:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials:...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,200 107,500 42,000 December 31 (Ending) $ 110,500 107,800 43,200 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,855,000 Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning finished goods inventory Manufacturing...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,600 32,200 5,000 December 31 (Ending) $ 24,600 28,800 7,500 Direct materials used during the year amount to $46,500 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Manufacturing costs: Direct materials: Materials available Direct...
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