Keenan Company has a balance in inventory of $7,000 at the beginning of the year, The...
Keenan Company has a balance in inventory of $7,000 at the beginning of the year, The following costs are incurred in January: - $8,000 of salaries for warehouse employees - $10,000 of raw materials are purchased and used to build devices - $2,500 of printing costs for advertisements - $5,000 of salaries for janitors for the warehouse. What is the balance in the inventory account after just these transactions have been recorded?
Homework Answers
Balance in inventory account = Inventory at the beginning + Purchases of raw materials = 7000 + 10000= $17000
Add Answer to:
Keenan Company has a balance in inventory of $7,000 at the
beginning of the year, The...
) At the beginning of the current year, Mark Products had the following inventory amounts on...
) At the beginning of the current year, Mark Products had the following inventory amounts on its balance sheet: Raw materials $12,000 Work in process 20,000 Finished goods 35,000 Marks Products estimated that it would incur $60,000 in manufacturing overhead during the year, and that it would operate at a level of 15,000 direct labor hours. During the current year, the following transactions were completed: A. Purchased raw material on account, $8,000. B. Raw materials were issued to production, $16,000. 90% of these materials were direct, and...
At the beginning of the current year, Mark Products had the following inventory amounts on its...
At the beginning of the current year, Mark Products had the following inventory amounts on its balance sheet: Raw materials $12,000 Work in process 20,000 Finished goods 35,000 Mark Products estimated that it would incur $60,000 in manufacturing overhead during the year, and that it would operate at a level of 15,000 direct labor hours. During the current year, the following transactions were completed: A. Purchased raw material on account, $8,000. B. Raw materials were issued to production, $16,000. 90% of these materials were direct, and 10%...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
2. Inventory transactions of a company for October 2014 period are given below: 01.10.2019 beginning inventory...
2. Inventory transactions of a company for October 2014 period are given below: 01.10.2019 beginning inventory 2,000 units (unit cost 40.00 TL). V 03.10.2019 purchased 8,000 units, 50.00 TL per unit. V 05.10.2019 used 6,000 units for production. 12.10.2019 purchased 12,000 units, 52 TL per unit. 18.10.2019 used 4,000 units, for production. 22.10.2019 used 8,000 units for production. 26.10.2019 purchased 12,000 units, 55.00 TL per unit. Required: a) Record inventory transactions to Materials Requisition Card by using Weighted Average Method...
Mountain Manufacturing Company produces custom stamped metal parts for a variety of customers in Western Canada....
Mountain Manufacturing Company produces custom stamped metal parts for a variety of customers in Western Canada. During January, the company had two jobs in process. Job A was an order for 1,200 stamped parts and was started in December. Job A had $12,000 of manufacturing costs already accumulated on January 1. Job B was an order for 1,000 stamped parts and was started in January. The company used a job-order costing system. Total manufacturing overhead for the year was estimated...
Mountain Manufacturing Company produces custom stamped metal parts for a variety of customers in Western Canada. During...
Mountain Manufacturing Company produces custom stamped metal parts for a variety of customers in Western Canada. During January, the company had two jobs in process. Job A was an order for 1,200 stamped parts and was started in December. Job A had $12,000 of manufacturing costs already accumulated on January 1. Job B was an order for 1,000 stamped parts and was started in January. The company used a job-order costing system. Total manufacturing overhead for the year was estimated...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
Ravsten Company uses a job-order costing system. On January 1,
the beginning of the current year, the company’s inventory balances
were as follows:
Raw materials
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
Ravsten Company uses a job-order costing system. On January 1, the beginning of the current year,...
Ravsten Company uses a job-order costing system. On January 1,
the beginning of the current year, the company’s inventory balances
were as follows:
Raw materials
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018:...
Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $668,000; Raw Materials Inventory, $55,000; Work in Process Inventory, $19,000; Finished Goods Inventory, $57,000; Common Stock, $603,000; and Retained Earnings, $196,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. Paid $25,000 of research and development costs. Paid $63,000 for raw materials that will be used to make eBook readers....
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
12. Caspar Co. had the following balances in 2017: Account Balance Beginning Raw Materials Inventory $5,000 Ending Raw Materials Inventory $7,000 Purchases of Raw Materials $60,000 Beginning WIP Inventory $15,000 Ending WIP Inventory $18,000 Beginning FG Inventory $3,000 Ending FG Inventory $8,000 Direct Labor $45,000 Overhead (including $2,000 of Indirect Materials) $35,000 Calculate the following: a. Raw Materials Available for Use: b. Direct Materials Used: c. Total Manufacturing Costs: d. Cost of Goods Manufactured: e. Cost of Goods Sold:
2. Inventory transactions of a company for October 2014 period are given below: 01.10.2019 beginning inventory 2,000 units (unit cost 40.00 TL). V 03.10.2019 purchased 8,000 units, 50.00 TL per unit. V 05.10.2019 used 6,000 units for production. 12.10.2019 purchased 12,000 units, 52 TL per unit. 18.10.2019 used 4,000 units, for production. 22.10.2019 used 8,000 units for production. 26.10.2019 purchased 12,000 units, 55.00 TL per unit. Required: a) Record inventory transactions to Materials Requisition Card by using Weighted Average Method...
Ravsten Company uses a job-order costing system. On January 1,
the beginning of the current year, the company’s inventory balances
were as follows:
Raw materials
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
Ravsten Company uses a job-order costing system. On January 1,
the beginning of the current year, the company’s inventory balances
were as follows:
Raw materials
$
25,000
Work in process
$
13,600
Finished goods
$
31,800
The company applies overhead cost to jobs on the basis of
machine-hours. For the current year, the company estimated that it
would work 37,800 machine-hours and incur $166,320 in manufacturing
overhead cost. The following transactions were recorded for the
year:
Raw materials were...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
Most questions answered within 3 hours.
-
Having conducted the ethics audit, identify the formal and
informal systems that are in need of...
asked 42 minutes ago -
1)a. Using the Born Haber cycle, determine the enthalpy for
lattice formation of MgO.
Mg (s),...
asked 1 hour ago -
6. The Bill of Rights (first 10 Amendments to the US
Constitution) consists of several limitations...
asked 1 hour ago -
What are the ethical issue of using robotics in surgery ? List
the issues based on...
asked 1 hour ago -
URGENT
1. A person standing a certain distance from nine identical
loudspeakers is hearing a sound...
asked 1 hour ago -
If X1 ∼ χ21 and
X2 ∼ χ21 , then? show your
work.
(a) X1 + X2...
asked 1 hour ago -
a fair red die and a fair blue die are rolled. What is the
expected value...
asked 3 hours ago -
How many unpaired electrons would you expect for the complex ion
[FeF6]4-?
0
2
6
3...
asked 2 hours ago -
please briefly explain your idea about the following
paragraph.
Genetic engineering is a process of modifying...
asked 2 hours ago -
When a piece of wood is pressed against a spring and compresses
the spring by 2.00...
asked 2 hours ago -
Organizations that interact with medical patients are subject to
HIPAA compliance.
a. Briefly describe, in your...
asked 4 hours ago -
1. A sociologist examines the relationship between the poverty
rate and several socioeconomic factors. For the...
asked 5 hours ago