On January 1, Frederic Manufacturing had a beginning balance in
Workminus−inminus−Process
Inventory of
$ 163 comma 000$163,000
and a beginning balance in Finished Goods Inventory of
$ 20 comma 000$20,000.
During the year, Frederic incurred manufacturing costs of
$ 202 comma 000$202,000.
During the year, the following transactions occurred:
Job
Cminus−62
was completed for a total cost of
$ 140 comma 000$140,000
and was sold for
$ 155 comma 000$155,000.
Job
Cminus−63
was completed for a total cost of
$ 183 comma 000$183,000
and was sold for
$ 212 comma 000$212,000.
Job
Cminus−64
was completed for a total cost
$ 83 comma 000$83,000
but was not sold as of
yearminus−end.
The Manufacturing Overhead account had an unadjusted credit balance of
$ 24 comma 000$24,000
and was adjusted to zero at
yearminus−end.
What was the final balance in the Cost of Goods Sold account?
A.
$ 347 comma 000$347,000
debit balance
B.
$ 347 comma 000$347,000
credit balance
C.
$ 299 comma 000$299,000
debit balance
D.
$ 299 comma 000$299,000
credit balance
C.299,000 debit balance
:cost of job 62 | 140,000 |
cost of job 63 | 183,000 |
manufacturing overhead overallocated to production | (24,000) |
cost of goods sold | 299,000 |
On January 1, Frederic Manufacturing had a beginning balance in Workminus−inminus−Process Inventory of $ 163 comma...
On January 1, Frederic Manufacturing had a beginning balance in Work in Process inventory of $164.000 and a beginning balance in Finished Goods Inventory of $25.000 During the year Frederic incurred manufacturing costs of 5201,000 During the year the following transactions occurred Job was completed for a stal cost of $140 000 and was sold for 5158000 Job was completed for a total cost of $184000 and was sold for 5211 000 Job was compared for a cout 101.000 was...
12. On January 1 Primary Manufacturing had a beginning balance in Work - in - Process Inventory of $81,900 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Primary incurred manufacturing costs of $350,000 In addition, the following transactions occurred during the year: Job A-12 was completed for a total cost of $129,000 and was sold for $128,000. Job A-13 was completed for a total cost of $202,000 and was sold for $212,000. Job A-15 was...
On January 1 Primary Manufacturing had a beginning balance in Work-in - Process Inventory of $81,600 and a beginning balance in Finished Goods Inventory of $22,000. During the year, Primary incurred manufacturing costs of $350,000. In addition, the following transactions occurred during the year: Job A-12 was completed for a total cost of $128,000 and was sold for $125,000. Job A-13 was completed for a total cost of $201,000 and was sold for $211,000. Job A-15 was completed for a...
What was the balance in Finished Goods Inventory at the end of the year? On January 1, Feldstein Manufacturing had a beginning balance in Work-in - Process Inventory of $83,200 and a beginning balance in Finished Goods Inventory of $21,100. During the year, Feldstein incurred manufacturing costs of $350,300. During the year, the following transactions occurred: Job A-12 was completed for a total cost of $120,200 and was sold for $125,300. Job A-13 was completed for a total cost of...
At the beginning of the year, Springfield Manufacturing had the following account balances: Work-in - Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead Cost of Goods Sold O A. credit of $452,200 O B. debit of S442,200 O C. debit of $452,200 O D. debit of $432,200 The following additional details are provided for the year. Direct materials placed in production $83,000 Direct labor incurred 194.000 Manufacturing overhead incurred 303,000 Manufacturing overhead allocated to production 293.000 Cost of jobs...
Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $839,000. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice Debit Finished Goods Inventory $839,000; credit Work in Process Inventory $839,000. Debit Finished Goods Inventory $160,200; credit Cost of Goods Sold $160,200. Debit Cost...
Wavy Company had a beginning work in process inventory balance of $ 32 comma 800$32,800. During the year, $ 55 comma 300$55,300 of direct materials was placed into production. Direct labor was $ 64 comma 200$64,200 , and indirect labor was $ 20 comma 400$20,400. Manufacturing overhead is allocated at 120120 % of direct labor costs. Actual manufacturing overhead was $ 86 comma 600$ 86,600, and jobs costing $ 225 comma 400$225,400 were completed during the year. What is the...
m2 rum On January 1. Alistair Manufacturing had begiving balance in Worces invertory of $100,000 and abgebenen Pred Goods Invertory of $2.000 Dungey Allstar incurred manufacturing costs of $200.000 During the year, the following actions occurred Job -62 was completed for a total cost of $1.000 and was sold for 150.000 Job 0-63 was completed for a total cost of $180.000 and was sold for 10.000 Job C-6 was completed for a total cost $2.000 but was not so sofywand...
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...
Manufacturing overhead has an underallocated balance of $ 12 comma 400$12,400 ; raw materials inventory balance is $ 145 comma 600$145,600 ; work in process inventory is $ 122 comma 300$122,300 ; finished goods inventory is $ 140 comma 800$140,800 ; and cost of goods sold is $ 170 comma 300$170,300. After adjusting for the underallocated manufacturing overhead, what is cost of goods sold?