Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricanti produces.
Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricanti produces.
Gallons Beginning inventory 0
Started in January 160,000
Ending work-in-process inventory (70% complete) 15,000
Costs incurred in January follow.
Materials $ 167, 125
Labor 28,000
Manufacturing overhead 77,000
All production at Luke's is sold as it is produced there are no finished goods inventories).
Required:
a. Compute cost of goods sold for January.
b. What is the value of work in process inventory on January 31?
Homework Answers
=>160,000-15,000=14,500
=>15,000*70%=10,500
=>14,500+10,500=155,500
=>167,125+28,000+77,000=272,125
=>272,125/155,500=1.75
=>14,500*1.75=253,750=>answer for part A
=>10,500*1.75=18,375=>answer for part B
Unit transferred out = 160000-15000 = 145000
Equivalent unit =145000+(15000*70%) = 155500
Cost per equivalent unit = 272125/155500 = 1.75
a) Cost of goods sold = 145000*1.75 = 253750
b) Work in process inventory on January 31 = 10500*1.75 = 18375
Add Answer to:
Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricanti produces.
Luke’s Lubricants starts business on January 1. The following operations data are available for January for...
Luke’s Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces: Gallons Beginning inventory 0 Started in January 159,000 Ending work-in-process inventory (70% complete) 11,000 Costs incurred in January follow: Materials $ 161,475 Labor 30,000 Manufacturing overhead 81,000 All production at Luke’s is sold as it is produced (there are no finished goods inventories). Required: a. Compute cost of goods sold for January. (Do not round intermediate calculations.)...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 107,000 gallons of paint in July and completes 89,000 gallons. The costs of the resources used by Sanchez in July consist of the following Materials Conversion costs (labor and overhead) S 271,660 270,700 Required The production supervisor estimates that the ending work-in-process is 85 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 107,000 gallons of paint in July and completes 82,000 gallons. The costs of the resources used by Sanchez in July consist of the following: Materials Conversion costs 192,775 287,800 (labor and overhead) Required: The production supervisor estimates that the ending work-in-process is 81 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as of...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 111,000 gallons of paint in July and completes 86,000 gallons. The costs of the resources used by Sanchez in July consist of the following: Materials $ 293,650 Conversion costs (labor and overhead) 280,100 Required: The production supervisor estimates that the ending work-in-process is 81 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 111,000 gallons of paint in July and completes 88,000 gallons. The costs of the resources used by Sanchez in July consist of the following: Materials $ 209,398 Conversion costs (labor and overhead) 281,100 Required: The production supervisor estimates that the ending work-in-process is 81 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory...
The following information is available for Bandera Manufacturing Company for the month ending January 31:
The following information is available for Bandera Manufacturing Company for the month ending January 31: The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $48,300 of materials b. Used $37,200 of direct materials production. c. Incurred $55,500 of direct labor wages. d. Incurred $78,200 of factory overhead. process to finished goods. e. Transferred $129,900 of work f. Sold goods for $232,300. g. Sold goods with a cost of $103,400. h. Incurred...
1. Boursaw Corporation has provided the following data concerning last month’s operations. 2. Boursaw Corporation has...
1. Boursaw Corporation has provided the following data
concerning last month’s operations.
2. Boursaw Corporation has provided the following data
concerning last month’s operations.
3. Boursaw Corporation has provided the following data
concerning last month’s operations.
4. Boursaw Corporation has provided the following data
concerning last month’s operations.
$33,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Underapplied overhead $ 4,000 $58,000 $78,000 $ 5,000 Beginning Ending Raw...
Exercise 1 Benton Printing Corp. began operations on January 1. The following information is available for...
Exercise 1 Benton Printing Corp. began operations on January 1. The following information is available for the operations related to the first quarter's production 1. Raw materials purchased on account were $192,000. 2. Factory wages incurred were $87,300. 3. Materials requisitioned and factory labor used by job: Job Factory Number Materials Labor A20 $35,240 $18,000 A21 42,920 22,000 A22 36,100 15,000 A23 39,270 25,000 Indirect 4,470 7,300 Totals $ 158,000 $87,300 4. Other factory overhead costs included $49,500 incurred on...
Sara's Sodas produces a popular soft drink. Operating data for January follow Materials Labor Manufacturing overhead...
Sara's Sodas produces a popular soft drink. Operating data for January follow Materials Labor Manufacturing overhead $ 640,000 100,000 2,900,000 Sara's Sodas produced 14 million liters of the beverage in January Required: Compute the cost per liter of beverage produced in January (Round your answer to 2 decimal places.) Cost per liter Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 98,000 gallons of paint in July and completes 79,000 gallons. The...
The following events took place for Digital Vibe Manufacturing Company during January, the first month of...
The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $51,800 of materials Used $39,900 of direct materials in production. Incurred $59,600 of direct labor wages. Incurred $83,900 of factory overhead. Transferred $139,300 of work in process to finished goods. Sold goods for $249,200. Sold goods with a cost of $110,900. Incurred $63,700 of selling expenses. Incurred $28,000 of administrative expense. Using the information...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 107,000 gallons of paint in July and completes 89,000 gallons. The costs of the resources used by Sanchez in July consist of the following Materials Conversion costs (labor and overhead) S 271,660 270,700 Required The production supervisor estimates that the ending work-in-process is 85 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as...
Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 107,000 gallons of paint in July and completes 82,000 gallons. The costs of the resources used by Sanchez in July consist of the following: Materials Conversion costs 192,775 287,800 (labor and overhead) Required: The production supervisor estimates that the ending work-in-process is 81 percent complete. Compute the cost of paint transferred to finished goods and the amount in work-in-process ending inventory as of...
The following information is available for Bandera Manufacturing Company for the month ending January 31: The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $48,300 of materials b. Used $37,200 of direct materials production. c. Incurred $55,500 of direct labor wages. d. Incurred $78,200 of factory overhead. process to finished goods. e. Transferred $129,900 of work f. Sold goods for $232,300. g. Sold goods with a cost of $103,400. h. Incurred...
1. Boursaw Corporation has provided the following data
concerning last month’s operations.
2. Boursaw Corporation has provided the following data
concerning last month’s operations.
3. Boursaw Corporation has provided the following data
concerning last month’s operations.
4. Boursaw Corporation has provided the following data
concerning last month’s operations.
$33,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process Underapplied overhead $ 4,000 $58,000 $78,000 $ 5,000 Beginning Ending Raw...
Exercise 1 Benton Printing Corp. began operations on January 1. The following information is available for the operations related to the first quarter's production 1. Raw materials purchased on account were $192,000. 2. Factory wages incurred were $87,300. 3. Materials requisitioned and factory labor used by job: Job Factory Number Materials Labor A20 $35,240 $18,000 A21 42,920 22,000 A22 36,100 15,000 A23 39,270 25,000 Indirect 4,470 7,300 Totals $ 158,000 $87,300 4. Other factory overhead costs included $49,500 incurred on...
Sara's Sodas produces a popular soft drink. Operating data for January follow Materials Labor Manufacturing overhead $ 640,000 100,000 2,900,000 Sara's Sodas produced 14 million liters of the beverage in January Required: Compute the cost per liter of beverage produced in January (Round your answer to 2 decimal places.) Cost per liter Sanchez & Company produces paints. On July 1, it had no work-in-process inventory. It starts production of 98,000 gallons of paint in July and completes 79,000 gallons. The...
Most questions answered within 3 hours.
-
please don't use the p value method instead use the "5 steps of
hypothesis testing." Or...
asked 5 minutes ago -
It is said that Galileo discovered a basic principle of the
pendulum—that the period is independent...
asked 11 minutes ago -
The Cost of Equity and
Flotation Costs
Messman Manufacturing
will issue common stock to the public...
asked 18 minutes ago -
a) summarize the challenges facing New Britain today
b) identify some of its strengths
c) suggest...
asked 20 minutes ago -
**86 at 40 not 88. please show how got Tr in calculations thank
you
2) The...
asked 20 minutes ago -
McGlaun Company pays its employees every two weeks. The firm
last paid its employees on September...
asked 34 minutes ago -
You have been gifted a Mogwai as a pet and decide to do a little
online...
asked 39 minutes ago -
given the standard of 200 mg/dl and the absorbance of that
standard is 0.640. What is...
asked 41 minutes ago -
Exercise 8-51 Algo
An accounting professor is notorious for being stingy in giving
out good letter...
asked 49 minutes ago -
month
total distribution cost
level of activity (unit produced)
july
230.000
3500
august
250.000
3750
september...
asked 51 minutes ago -
A smoke detector system uses two devices, A and B. If smoke is
present, the probability...
asked 1 hour ago -
Your division head has assigned another important project to you
and your team. This project is...
asked 1 hour ago