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A company reports ending work in process inventory of $770 and cost of goods sold of...
Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $390 of raw materials....
Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $390 of raw materials. Estimated conversion costs to produce 1,600 units in the next year are $672,000. During a recent quarter the company produced 740 mowers and sold 710 mowers. Each mower is sold for $1,140. Required 1. Compute the conversion cost rate per mower. 2. Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers...
Auto-Motion is a lean manufacturer of self-driving wheelchairs. The company budgets $735,000 of conversion costs and...
Auto-Motion is a lean manufacturer of self-driving wheelchairs. The company budgets $735,000 of conversion costs and 2.100 production hours for the next year. Each wheelchair requires 20 production hours and materials costs of $4,310. The company started and completed 76 wheelchairs during the year and sold 70. Each wheelchair is sold for $15,500. Actual conversion costs equal applied conversion costs. Required 1. Prepare journal entries to record (a) the purchase of raw materials on credit to produce 81 units, (b)...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor...
11. What is the cost of ending work in process inventory for conversion? (Round your intermediate...
11. What is the cost of ending work in process inventory for
conversion? (Round your intermediate calculations to 2
places.)
12. What is the cost of materials transferred to finished goods?
(Round your intermediate calculations to 2
places.)
13. What is the amount of conversion cost transferred to
finished goods? (Round your intermediate calculations to 2
places.)
14. Prepare the journal entry to record the transfer of costs
from Work in Process to Finished Goods. (If no entry is
required...
Check my Major League Bat Company manufactures baseball bats. In addition to its work in process...
Check my Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce...
What is the correct finished goods inventory and cost of goods sold when the jobs are...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $390 of raw materials. Estimated conversion costs to produce 1,600 units in the next year are $672,000. During a recent quarter the company produced 740 mowers and sold 710 mowers. Each mower is sold for $1,140. Required 1. Compute the conversion cost rate per mower. 2. Prepare journal entries to record (a) purchase of raw materials on credit, (b) applied conversion costs to production, (c) sale of mowers...
Auto-Motion is a lean manufacturer of self-driving wheelchairs. The company budgets $735,000 of conversion costs and 2.100 production hours for the next year. Each wheelchair requires 20 production hours and materials costs of $4,310. The company started and completed 76 wheelchairs during the year and sold 70. Each wheelchair is sold for $15,500. Actual conversion costs equal applied conversion costs. Required 1. Prepare journal entries to record (a) the purchase of raw materials on credit to produce 81 units, (b)...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Inventory $126,000 283,500 303,300 260,100 Ending Inventory $ 153,250 63,500 180,500 56,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching $ 145,000 27,750 0 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 27,600 110,400 197,800 Factory Overhead (Actual costs) Indirect materials used Indirect labor...
11. What is the cost of ending work in process inventory for
conversion? (Round your intermediate calculations to 2
places.)
12. What is the cost of materials transferred to finished goods?
(Round your intermediate calculations to 2
places.)
13. What is the amount of conversion cost transferred to
finished goods? (Round your intermediate calculations to 2
places.)
14. Prepare the journal entry to record the transfer of costs
from Work in Process to Finished Goods. (If no entry is
required...
Check my Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce...
What is the correct finished goods inventory and cost of goods
sold when the jobs are completed?
Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2017, the general ledger for Case Inc. contains the following data. Raw Materials Inventory 4,494 Manufacturing Overhead Applied $34,925 Work in Process Inventory $5,928 Manufacturing Overhead Incurred $33,866 Subsidiary data for Work in Process Inventory on...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
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