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 costs for the month of May. c. Compute the total manufacturing costs for the month of May. d. Compute the cost of goods manufactured for the month of May. e. Compute the cost of goods sold for the month of May.
Homework Answers
Solution a:
total prime costs for the month of May = Direct materials + Direct labor
= ($17,200 + $83,800 - $15,100) + $59,800
= $145,700
Solution b:
Conversion costs for the month of May = Direct labor + Manufacturing overhead
= $59,800 + $79,100 = $138,900
Solution c:
Total manufacturing costs for the month of May = Direct materials + Direct labor + Manufacturing overhead
($17,200 + $83,800 - $15,100) + $59,800 + $79,100 = $224,800
Solution d:
cost of goods manufactured for the month of May = Total manufacturing costs + Beginning WIP - Ending WIP
= $224,800 + $8,300 - $6,600 = $226,500
Solution e:
Cost of goods sold for the month of May = Beginning finished goods inventory + cost of goods manufactured - Ending finished goods inventory
= $53,300 + $226,500 - $71,600 = $208,200
Add Answer to:
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,...
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 $ 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 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...
McGown Corp. has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory...
McGown Corp. has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning Ending Inventory Inventory (1/1) (12/31) $ 23,900 $ 38,700 $ 15,100 $ 27,000 $ 37,000 $ 28,900 Additional information for the year is as follows: Raw materials purchases $ 101,900 Direct labor $ 83,800 Manufacturing overhead applied $ 88,500 Indirect materials $ 0 Compute the direct materials used in production.
The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process...
The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process inventory Finished goods inventory $ 22,400 32,200 5,209 December 31 (Endint) $ 24,889 29,200 6,600 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Required:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials:...
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 balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 3 $8,700 76,500 53,00e 5 During the month of January, all of the following occurred 1. Direct labor costs were $49,000 for 1,800 hours worked. 2. Direct materials costing $30,000 and indirect materials costing $4,300 were purchased. 3. Sales commissions of $18,000 were earned by the sales force. 4. $24,000 worth of direct materials were...
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...
McGown Corp. has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Beginning Ending Inventory Inventory (1/1) (12/31) $ 23,900 $ 38,700 $ 15,100 $ 27,000 $ 37,000 $ 28,900 Additional information for the year is as follows: Raw materials purchases $ 101,900 Direct labor $ 83,800 Manufacturing overhead applied $ 88,500 Indirect materials $ 0 Compute the direct materials used in production.
The following balances are from the accounts of Tappan Parts January 1 Direct materials inventory Work-in-process inventory Finished goods inventory $ 22,400 32,200 5,209 December 31 (Endint) $ 24,889 29,200 6,600 Direct materials used during the year amount to $45,700 and the cost of goods sold for the year was $52,600. Required: Prepare a cost of goods sold statement. Manufacturing costs Direct materials Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Required:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials:...
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 balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory Work in Process Inventory Finished Goods Inventory Manufacturing Overhead 3 $8,700 76,500 53,00e 5 During the month of January, all of the following occurred 1. Direct labor costs were $49,000 for 1,800 hours worked. 2. Direct materials costing $30,000 and indirect materials costing $4,300 were purchased. 3. Sales commissions of $18,000 were earned by the sales force. 4. $24,000 worth of direct materials were...
Most questions answered within 3 hours.
-
Industry: Telecommunications in India
Here, you need to discuss the sources of the growth pattern
and...
asked 1 hour ago -
Hydrobromic acid
dissolves solid iron according to the followiaung reaction:
Fe(s)+2HBr(aq)→
FeBr2(aq)+ H2(g)
Part A. What...
asked 2 hours ago -
Verify the following vector identity in SPHERICAL
COORDINATES.
div(curl(A)) = 0
asked 4 hours ago -
The work function (Φ) for a metal is 7.50×10-19 J.
What is the longest wavelength (nm)...
asked 5 hours ago -
1. Would the following procedural changes cause the
calculated mass percent Ni2+ ion in Ni(NH3)nCl2 to...
asked 6 hours ago -
1. Why does the voltage of the capacitor vary with frequency?
where does this missing voltage...
asked 7 hours ago -
p p please write each step out clearly
3. A manager of a company is considering...
asked 6 hours ago -
On October 1, Ebony Ernst organized Ernst Consulting; on October
3, the owner contributed $83,540 in...
asked 8 hours ago -
A.)As an electron moves through a region of space, its speed
decreases from 9.60 × 106...
asked 8 hours ago -
In java with the netbeans program do:
Through object programming
Create a class "ContadorP", which is...
asked 8 hours ago -
Pattern Corporation acquired all of Science
Company's outstanding stock on January 1, 2016 for $600,000 cash....
asked 8 hours ago -
Here are all accounts Tyler Co. maintains.
Tax expenses $4,750
Common stocks $48,840
SG&A expenses $2,500...
asked 8 hours ago