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Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts...
Intrusions: • Compares and contrasts the accounting used in both methods and includes such comparison as...
Intrusions: • Compares and contrasts the accounting used in both methods and includes such comparison as part of the solution provided. • Explain in which senses they are related to the cost-benefit analysis and cost-per-volume analysis. The accounting records indicate certain balances in the inventory accounts for the 20xx: Other data (applies to the period from 1/1 / xx to 31/12 / xx) • The primary costs were $ 393,000. • Materials were purchased 10 times the amount of material...
Accounting records indicate certain balances in inventory accounts. By 1/1/12: Materials inventory, $ 12,000; Inventory of...
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...
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 $ 17,600 15,600 9,000 5,600 53,300 72,000 83,200 60, 700 79,800 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 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...
GRA the previous controller left the company with little notice and left the accounting records in...
GRA the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first quarter numbers. For the previous month (March 2011) Ron was able to piece together the following information: Direct materials purchased Work-in-process inventory, 3/1/2011 Direct materials inventory, 3/1/2011 Finished goods inventory, 3/1/2011 Conversion Costs Total manufacturing costs added during the period $840,000 Cost of goods manufactured Gross margin as a percentage of revenues Revenues (Q3)...
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 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 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...
Exercise 14-9 An incomplete cost of goods manufactured schedule is presented below. Complete the cost of...
Exercise 14-9 An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule Work in process (1/1) Direct materials $216,370 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 159,650 30,800 Direct materials used Direct labor Manufacturing overhead $182,910 Indirect labor Factory depreciation Factory utilities Total overhead 24,950 40,680 75,370 141,000 Total manufacturing costs...
E1-9 L04 LO5 Determining materials, labor, and cost of goods sold The following inventory data relate...
E1-9 L04 LO5 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending Beginning Finished goods.. $75,000 $110,000 Work in process 80,000 70,000 Direct materials...... 95,000 90,000 Revenues and Costs for the Period: Sales $900,000 Cost of goods available for sale 775,000 Total manufacturing costs 675,000 Factory overhead 175,000 Direct materials used 205,000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods...
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 $ 17,600 15,600 9,000 5,600 53,300 72,000 83,200 60, 700 79,800 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, 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...
GRA the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first quarter numbers. For the previous month (March 2011) Ron was able to piece together the following information: Direct materials purchased Work-in-process inventory, 3/1/2011 Direct materials inventory, 3/1/2011 Finished goods inventory, 3/1/2011 Conversion Costs Total manufacturing costs added during the period $840,000 Cost of goods manufactured Gross margin as a percentage of revenues Revenues (Q3)...
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...
Exercise 14-9 An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule Work in process (1/1) Direct materials $216,370 Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 159,650 30,800 Direct materials used Direct labor Manufacturing overhead $182,910 Indirect labor Factory depreciation Factory utilities Total overhead 24,950 40,680 75,370 141,000 Total manufacturing costs...
E1-9 L04 LO5 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending Beginning Finished goods.. $75,000 $110,000 Work in process 80,000 70,000 Direct materials...... 95,000 90,000 Revenues and Costs for the Period: Sales $900,000 Cost of goods available for sale 775,000 Total manufacturing costs 675,000 Factory overhead 175,000 Direct materials used 205,000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods...
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