For a manufacturer, the three inventory accounts on the balance sheet are a.Materials, Finished Goods, and...
For a manufacturer, the three inventory accounts on the balance sheet are
a.Materials, Finished Goods, and Cost of Goods Sold.
b.Materials, Overhead, and Cost of Goods Sold.
c.Materials, Direct Labor, and Overhead.
d.Materials, Work-in-Process, and Finished Goods.
Homework Answers
The three inventory Accounts for a manufacturer are :
1) Raw materials
2) Work in process
3) Finished goods
So correct answer is d) Materials, Work in process and finished goods.
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For a manufacturer, the three inventory accounts on the balance
sheet are
a.Materials, Finished Goods, and...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700...
What was the Work-in-Process beginning inventory balance? f. What was the Work-in-Process ending inventory balance?
Account TitlesDebitCreditWork-in-Process Inventory (Direct Labor)10,000Wages Payable10,000Direct Material Inventory14,200Accounts Payable14,200Finished Goods Inventory36,200Work-in-Process Inventory36,200Cost of Goods Solda44,100Finished Goods Inventory44,100 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June. The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $6,970 less...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
Finished Goods and Cost of Goods Sold Before the completed production for August is recorded, the...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
What is the correct finished goods inventory and cost of goods sold when the jobs are...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Match the term with the correct definition. Finished goods inventory Direct costs Work in process inventory...
Match the term with the correct definition. Finished goods inventory Direct costs Work in process inventory Product costs Statement of Cost of Goods Manufactured Period Cost A operating costs that are shown on the income statement in the period in which they are incurred B. Costs that are an integral part of the finished product and a significant portion of the total cost of the product C. Direct materials, direct labor and factory overhead D. Reports cost of goods manufactured...
Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory on October 1. It transferred in $852,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $173,200 The entry to account for the cost of goods manufactured during October is Ο Debit Cost of Goods Sold $852,000; credit Finished Goods Inventory $852,000. Ο Debit Cost of Goods Sold $854,300, credit Work in Process Inventory $854,300. Ο Debit...
Morrow Corporation had only one job in process during May-Job X322—and had no finished goods inventory...
Morrow Corporation had only one job in process during May-Job X322—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below: Job x32Z 5,100 $ $ Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May eu 8,200 2,100 4,100 100 0 45 In May, overhead was...
Morrow Corporation had only one job in process during May-Job X322—and had no finished goods inventory...
Morrow Corporation had only one job in process during May-Job X322—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below: Job X32Z 6.000 $ $ Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May 9.000 3.000 5.000 200 80 In May, overhead was overapplied by...
The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
Finished Goods and Cost of Goods Sold
Before the completed production for August is recorded, the work
in process inventory account for Bayfield Company appears as
follows:
Work in Process
Inventory
Balance August 1
$15,000
Direct material
33,000
Direct labor
20,000
Manufacturing overhead applied
20,000
Assume that completed production for August includes Jobs 317,
318, and 319 with total costs of $31,000, $18,000, and $22,000,
respectively.
QUESTION 10 Partially correct Mark 12.00 out of 19.00P Flag question Finished Goods and...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Match the term with the correct definition. Finished goods inventory Direct costs Work in process inventory Product costs Statement of Cost of Goods Manufactured Period Cost A operating costs that are shown on the income statement in the period in which they are incurred B. Costs that are an integral part of the finished product and a significant portion of the total cost of the product C. Direct materials, direct labor and factory overhead D. Reports cost of goods manufactured...
Luker Corporation uses a process costing system. The company had $175,500 of beginning Finished Goods Inventory on October 1. It transferred in $852,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $173,200 The entry to account for the cost of goods manufactured during October is Ο Debit Cost of Goods Sold $852,000; credit Finished Goods Inventory $852,000. Ο Debit Cost of Goods Sold $854,300, credit Work in Process Inventory $854,300. Ο Debit...
Morrow Corporation had only one job in process during May-Job X322—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below: Job x32Z 5,100 $ $ Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May eu 8,200 2,100 4,100 100 0 45 In May, overhead was...
Morrow Corporation had only one job in process during May-Job X322—and had no finished goods inventory on May 1. Job X32Z was started in April and finished during May. Data concerning that job appear below: Job X32Z 6.000 $ $ Beginning balance Charged to the job during May Direct materials Direct labor Manufacturing overhead applied Units completed Units in process at the end of May Units sold during May 9.000 3.000 5.000 200 80 In May, overhead was overapplied by...
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