Product Cost Flows Complete the following T-accounts: Materials Inventory 2,080 Answer Answer 18,120 250 Wages Payable...
Product Cost Flows
Complete the following T-accounts:
| Materials Inventory | |||
|---|---|---|---|
| 2,080 | |||
| Answer | Answer | ||
| 18,120 | |||
| 250 | |||
| Wages Payable | |||
|---|---|---|---|
| 9,000 | |||
| 1,950 | |||
| Finished Goods Inventory | |||
|---|---|---|---|
| 1,500 | Answer | ||
| Answer | |||
| 1,200 | |||
| Manufactured Overhead | |||
|---|---|---|---|
| 325 | Answer | ||
| Answer | |||
| 18,000 | |||
| 4,500 | |||
| 0 | |||
| Work in Process Inventory | |||
|---|---|---|---|
| 6,500 | Answer | ||
| Answer | |||
| 9,000 | |||
| Answer | |||
| 500 | |||
| Cost of Goods Sold | |||
|---|---|---|---|
| Answer | |||
Homework Answers
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Product Cost Flows
Complete the following T-accounts:
Materials Inventory
2,080
Answer
Answer
18,120
250
Wages Payable...
Product Cost Flows Complete the following T-accounts: Materials inventory Wages Payable Finished Goods Inventory Manufactured Overhead...
Product Cost Flows Complete the following T-accounts: Materials inventory Wages Payable Finished Goods Inventory Manufactured Overhead 325 1,950 Work in Process Inventory Cest of Goods Sold 24775
Product Cost Flows Complete the following T-accounts: Hint: The first debit entry in the Manufacturing Overhead...
Product Cost Flows Complete the following T-accounts: Hint: The first debit entry in the Manufacturing Overhead T-account relates to indirect materials. Materials Inventory Wages Payable Work in Process 90,000 Inventory 120,000 12,000 119,400 1,800 192,000 30,000 Cost of Goods Sold Finished Goods Inventory 30,000 Manufactured Overhead 1,800 395,400 18,000 162,000 23,400 0
At December 31, 2019, the end of its fiscal year, Lederman Manufactu Materials inventory, January 1...
At December 31, 2019, the end of its fiscal year, Lederman Manufactu Materials inventory, January 1 Materials inventory, December 31 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Net delivered cost of materials purchased Direct labor Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Selling expenses (total) Non-factory administrative expenses (total) $25,000 15,000 30,000 41,000 51,000 36,000 150,000 148,000 12,000 37,000...
PRODUCT COST FLOWS. Use the following information to answer all parts of the question. Materials Inventory...
PRODUCT COST FLOWS. Use the following information to answer all parts of the question. Materials Inventory 15* ? 25 10** Work-in Process Inventory 10* ? 35 28 14 42** Finished Goods Inventory 30* 55 ? 10** Wages Payable 50 28 Manufacturing Overhead 12 14 2** * Beginning Balance ** Ending Balance Required a. Cost of goods completed and transferred ? b. Total manufacturing costs ? c. Cost of goods manufactured ? d. Cost of goods sold ? e. Direct labor...
7-26 (st i Data Table alyze the fo Click the Raw Materials Inventory Work-in-Process Inventory Finished...
7-26 (st i Data Table alyze the fo Click the Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory 27,000 (a) (b) 33,000 Raw M 6,500 12,150 Bal. 5,650 27 Bal. 3,500 Bal. 3,000 Accumulated Depreciation Accounts Payable Wages Payable 9,000 27,000 Accumu Manufacturing Overhead Cost of Goods Sold er any num Print Done parts shov 0a Dl FS 1N F6 9,000 3 Manufacturing Overhead Cost of Goods Sold 3,500 1,600 ( 9,000 12,150 cumu 1,950 Bal. Bal 31,950 any num...
The following partially completed T-accounts are for Stanford Corporation: 24,000 Bal (1) Raw Materials 7,000 (2)...
The following partially completed T-accounts are for Stanford Corporation: 24,000 Bal (1) Raw Materials 7,000 (2) 19,000 Work In Process 11,000 (7) 15,000 18,000 31,000 Finished Goods 18,000 62,000 15,000 Manufacturing Overhead 9,000 (6) 16,000 8,000 5,000 31,000 (5) || Accumulated Depreciation --Factory 82,000 16,000 Sales Salaries Expense 11,000 Accounts Payable 19,000 5,000 Salaries and wages Payable 7,000 37,000 The cost of goods manufactured Is:
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100...
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed...
Journal Entries, T-Accounts, Cost of Goods Manufactured and Sold During May, the following transactions were completed and reported by Jerico Company: Materials purchased on account, $60,100. Materials issued to production to fill job-order requisitions: direct materials, $50,000; indirect materials, $8,800. Payroll for the month: direct labor, $75,000; indirect labor, $36,000; administrative, $28,000; sales, $19,000. Depreciation on factory plant and equipment, $10,400. Property taxes on the factory accrued during the month, $1,450. Insurance on the factory expired with a credit to...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor urs. At the beginning of the year, the company estimated that total manufacturing ove d costs would be $300,000 and that 20,000 direct labor hours would be w vear-end, Anthony, the company's founder and CEO give hy s founder and CEO, gives you...
Requirement 1. For a manufacturing company, identify the following as bither a product cost or a...
Requirement 1. For a manufacturing company, identify the following as bither a product cost or a period cost a. Depreciation on plant equipment b. Depreciation on salespersons' automobiles C. Insurance on plant building d. Marketing manager's salary e. Direct materials used 1. Manufacturing overhead 9. Electricity bill for human resources office h. Production employee wages Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $20,000: direct labor $10,000, manufacturing overhead, $22,000; beginning...
Product Cost Flows Complete the following T-accounts: Materials inventory Wages Payable Finished Goods Inventory Manufactured Overhead 325 1,950 Work in Process Inventory Cest of Goods Sold 24775
Product Cost Flows Complete the following T-accounts: Hint: The first debit entry in the Manufacturing Overhead T-account relates to indirect materials. Materials Inventory Wages Payable Work in Process 90,000 Inventory 120,000 12,000 119,400 1,800 192,000 30,000 Cost of Goods Sold Finished Goods Inventory 30,000 Manufactured Overhead 1,800 395,400 18,000 162,000 23,400 0
At December 31, 2019, the end of its fiscal year, Lederman Manufactu Materials inventory, January 1 Materials inventory, December 31 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Net delivered cost of materials purchased Direct labor Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Selling expenses (total) Non-factory administrative expenses (total) $25,000 15,000 30,000 41,000 51,000 36,000 150,000 148,000 12,000 37,000...
7-26 (st i Data Table alyze the fo Click the Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory 27,000 (a) (b) 33,000 Raw M 6,500 12,150 Bal. 5,650 27 Bal. 3,500 Bal. 3,000 Accumulated Depreciation Accounts Payable Wages Payable 9,000 27,000 Accumu Manufacturing Overhead Cost of Goods Sold er any num Print Done parts shov 0a Dl FS 1N F6 9,000 3 Manufacturing Overhead Cost of Goods Sold 3,500 1,600 ( 9,000 12,150 cumu 1,950 Bal. Bal 31,950 any num...
The following partially completed T-accounts are for Stanford Corporation: 24,000 Bal (1) Raw Materials 7,000 (2) 19,000 Work In Process 11,000 (7) 15,000 18,000 31,000 Finished Goods 18,000 62,000 15,000 Manufacturing Overhead 9,000 (6) 16,000 8,000 5,000 31,000 (5) || Accumulated Depreciation --Factory 82,000 16,000 Sales Salaries Expense 11,000 Accounts Payable 19,000 5,000 Salaries and wages Payable 7,000 37,000 The cost of goods manufactured Is:
The following T-accounts represent November activity. Materials Inventory EB (11/30) 55,500 Work-In-Process Inventory BB (11/1) 32,100 Dir. Materials 86,500 Cost of Goods Sold Finished Goods Inventory EB (11/30) 103,000 Manufacturing Overhead Control Applied Manufacturing Overhead 267,000 Sales Revenue 771,400 Wages Payable Additional Data • Materials of $115,000 were purchased during the month, and the balance in the Materials Inventory account increased by $11,600. • Overhead is applied at the rate of 150 percent of direct labor cost. • Sales are...
4-24 Product cost flows, journal entries, T-accounts (LO 3, 4) Oberti Guitar Company makes high-quality customized guitars. Oberti uses a job order costing system. Because the guitars are handmade, the company applies overhead based on direct labor urs. At the beginning of the year, the company estimated that total manufacturing ove d costs would be $300,000 and that 20,000 direct labor hours would be w vear-end, Anthony, the company's founder and CEO give hy s founder and CEO, gives you...
Requirement 1. For a manufacturing company, identify the following as bither a product cost or a period cost a. Depreciation on plant equipment b. Depreciation on salespersons' automobiles C. Insurance on plant building d. Marketing manager's salary e. Direct materials used 1. Manufacturing overhead 9. Electricity bill for human resources office h. Production employee wages Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $20,000: direct labor $10,000, manufacturing overhead, $22,000; beginning...
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