During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory $ 48,500...
During the year, a manufacturing company had the following
operating results:
| Beginning work-in-process inventory | $ | 48,500 | |
| Beginning finished goods inventory | $ | 197,000 | |
| Direct materials used in production | $ | 322,000 | |
| Direct labor | $ | 510,000 | |
| Manufacturing overhead incurred | $ | 264,000 | |
| Ending work-in-process inventory | $ | 74,000 | |
| Ending finished goods inventory | $ | 92,500 | |
What is the cost of goods manufactured for the year?
Homework Answers
| SCHEDULE OF COST OF GOODS MANUFACTURED | |
| $ | |
| Direct materials | 322,000.00 |
| Direct labor | 510,000.00 |
| Manufacturing Overhead | 264,000.00 |
| Total manufacturing costs | 1,096,000.00 |
| Add: Beginning Work in process inventor | 48,500.00 |
| Total cost of work in process | 1,144,500.00 |
| Less: Ending Work in process inventory | (74,000.00) |
| Cost of goods manufactured | 1,070,500.00 |
Add Answer to:
During the year, a manufacturing company had the following
operating results:
Beginning work-in-process inventory
$
48,500...
During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory Beginning finished...
During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory Beginning finished goods inventory Direct materials used in production Direct labor Manufacturing overhead incurred Ending work-in-process inventory Ending finished goods inventory $ 50,000 $ 200,000 $ 328,000 $ 525,000 $ 270,000 $ 77,000 $ 94,000 What is the cost of goods manufactured for the year? $1,096,000 O $1,229,000 $1,123,000 $1,202,000
During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory $ 45,000...
During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory $ 45,000 Beginning finished goods inventory $ 190,000 Direct materials used in production $ 308,000 Direct labor $ 475,000 Manufacturing overhead incurred $ 250,000 Ending work-in-process inventory $ 67,000 Ending finished goods inventory $ 89,000 What is the cost of goods manufactured for the year? A. $1,112,000 B. $1,134,000 C. $1,033,000 D. $1,011,000
57. During the year, a manufacturing company had the following operating Beginning work-in-process inventory Beginning finished...
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34) Wowo Company reported the following year-end Information, beginning work in process inventory, $180,000; cost o...
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At the beginning of the year, Judge Manufacturing had the following account balances: Work-in - Process...
At the beginning of the year, Judge Manufacturing had the following account balances: Work-in - Process Inventory 20,000 Finished Goods Inventory 8,000 Manufacturing Overhead Cost of Goods Sold O A. debit of $570,900 O B. debit of $509,800 O C. debit of $8,000 O D. debit of $501,800 Sales Revenue The following additional details are provided for the year. Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed and...
Question 9 Coronado Industries reported the following year-end information: Beginning work in process inventory Beginning raw...
Question 9 Coronado Industries reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $1080000 300000 900000 480000 940000 840000 800000 Coronado Industries's cost of goods manufactured for the year is O $2760000. $2220000. $2580000. $2400000. Question 7 Swifty Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 $320000...
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Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of...
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Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials...
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During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory Beginning finished goods inventory Direct materials used in production Direct labor Manufacturing overhead incurred Ending work-in-process inventory Ending finished goods inventory $ 50,000 $ 200,000 $ 328,000 $ 525,000 $ 270,000 $ 77,000 $ 94,000 What is the cost of goods manufactured for the year? $1,096,000 O $1,229,000 $1,123,000 $1,202,000
57. During the year, a manufacturing company had the following operating Beginning work-in-process inventory Beginning finished goods inventory Direct materials used in production Direct labor Manufacturing overhead incurred Ending work-in-process inventory Ending finished goods inventory S 45,000 $190,000 $308,000 $475,000 $250,000 $ 67,000 $ 89,000 results: Xist o h oear? A. $1,011,000 B. $1,134,000 C. $1,033,000 D. $1,112,000 58. During April, the CJG Manufacturing Company had the following operating Sales revenue Gross margin Ending work-in-process inventory Beginning work-in-process inventory Ending...
34) Wowo Company reported the following year-end Information, beginning work in process inventory, $180,000; cost of goods manufactured, 5866.000, beginning finished goods Inventory, $252,000; ending work in process inventory. $220,000, and ending finished goods inventory, $264,000. Wowo Company's cost of goods sold for the year is a $854,000. b. $878,000 c. $826,000 d. $602,000. 35) Sir Company reported the following year-end information: Beginning work in process inventory $2.000.000 Beginning raw materials inventory 1,300,000 Ending work in process inventory 900,000 Ending...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
At the beginning of the year, Judge Manufacturing had the following account balances: Work-in - Process Inventory 20,000 Finished Goods Inventory 8,000 Manufacturing Overhead Cost of Goods Sold O A. debit of $570,900 O B. debit of $509,800 O C. debit of $8,000 O D. debit of $501,800 Sales Revenue The following additional details are provided for the year. Direct materials placed in production Direct labor incurred Manufacturing overhead incurred Manufacturing overhead allocated to production Cost of jobs completed and...
Question 9 Coronado Industries reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $1080000 300000 900000 480000 940000 840000 800000 Coronado Industries's cost of goods manufactured for the year is O $2760000. $2220000. $2580000. $2400000. Question 7 Swifty Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 $320000...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Best Shoe Company makes loafers. During the most recent year, Best incurred total manufacturing costs of $24,100,000. Of this amount, $1,900,000 was direct materials used and $17,800,000 was direct labor. Beginning balances for the year were Direct Materials, $800,000; Work-in-Process Inventory, $1,400,000; and Finished Goods Inventory, $1,200,000. At the end of the year, balances were Direct Materials, $900,000; Work-in-Process Inventory, $1,300,000; and Finished Goods Inventory, $1,210,000 Read the requirements. Requirement 1. Analyze the inventory accounts to determine the cost of...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials 33000 inventory Ending work in process inventory 54000 Ending raw materials inventory 17000 Raw materials purchased 850000 Direct labor 440000 Manufacturing overhead 100000 How much is Sheffield's cost of goods manufactured for the year? $866000 $1408000 $1404000 $1406000 O O Crane Company reported the following year-end information: Beginning work in process $32000 inventory Beginning raw materials inventory 14000 Ending work in process inventory 34000...
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