Raw Materials | Work in process | |||||||
RM - April 30 | $ 54,000 | $ 78,000 | Indirect materials | WIP - April 30 | $ 4,30,500 | $ 17,81,000 | Cost of goods transferred | |
RM Purchases | $ 2,70,000 | $ 1,75,500 | DM used | DM used | $ 1,75,500 | |||
DL used | $ 8,00,000 | |||||||
Overhead applied | $ 9,20,000 | |||||||
RM - May 31 | $ 70,500 | WIP - May 30 | $ 5,45,000 | |||||
Factory wages Payable | Finished Goods | |||||||
Cash | $ 15,62,000 | $ 7,62,000 | Indirect labor | FG - April 30 | $ 6,33,000 | $ 18,50,000 | Cost of Goods Sold | |
$ 8,00,000 | DL used | Cost of goods transferred | $ 17,81,000 | |||||
Balance | $ - | |||||||
Factory overhead | Finished goods - May 31 | $ 5,64,000 | ||||||
Indirect material | $ 78,000 | $ 9,20,000 | Overhead applied | |||||
Indirect labor | $ 7,62,000 | Income statement | ||||||
Other overhead cost | $ 80,000 | Sales | $ 55,00,000 | |||||
Less: Cost of goods sold | $ -18,50,000 | |||||||
Balance | $ - | Gross Profit | $ 36,50,000 | |||||
Cost of goods transferred | $ 17,81,000 | |||||||
Cost of goods sold | $ 18,50,000 |
CU VIRGILIUI [The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets...
Help Required information (The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory $ 54,000 430,500 633,000 Ending Inventory $ 70,500 545,000 564,000 The following additional information describes the company's production activities for May. 270,000 1,562,000 80,000 Raw...
The Tollowing Information applies to the questions displayed below. Sierra Company manufactures woven blankets and accounts for product costs using process costing. The company uses a single processing department. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Ending Inventory Inventory $ 55,000 $ 68,500 439,000 613,000 605,000 564,000 The following additional information describes the company's production activities for May. $ 280,000 1,582,000 5,000 $ Raw materials purchases (on...
Required information [The following information applies to the questions displayed below.] Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Beginning Inventory Ending Inventory Raw materials inventory $51,000 $55,500 Work in process inventory 441,000 593,000 Finished goods inventory 620,000 574,000 The following additional information describes the company's production activities for May. Raw materials purchases (on credit) $300,000 Factory...
PLEASE HELP......READ THE INFORMATION CAREFULLY!!!!!!!!!! Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory $ 60,000 435,000 633,000 Ending Inventory $ 92,500 515,000 605,000 The following additional information describes the company's production activities for May. $ 250,000 1,530,000 87,000 $ Raw materials purchases (on credit) Factory...
Required information [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Beginning Inventory 43,500 63,300 20,100 Ending Inventory 51,500 60,500 8,250 The following additional information describes the company's production activities for May. Direct materials Raw materials...
10096 Required information (The following information applies to the questions displayed below) Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct material production at the beginning of the Cutting process. The following information is available regarding its May inve Beginning Ending Inventory Inventory Work in process inventory-Cutting 223,500 150,500 Work in process inventory-Stitching 243,300 116,300 Finished goods inventory 56,100 44,250 Collapse The following additional information describes the company's production activities for May. Direct materials Raw...
Required information [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Beginning Ending Inventory Inventory 43,500 51,500 63,300 60,500 20,100 8,250 The following additional information describes the company's production activities for May. Direct materials Raw materials...
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $ 32,000 $ 58,000 Work in process 9,100 19,100 Finished goods 65,000 33,200 Activities and information for May Raw materials purchases (paid with cash) 196,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 18,000 Indirect labor 23,000 Other overhead costs...
Required information [The following information applies to the questions displayed below.) The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $43,000 9,100 54,000 37,000 18,400 34,800 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined...
Please show the computation to obtain the answers. 12. Required information [The following information applies to the questions displayed below.) Part 1 of 2 0.58 points Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Beginning Ending Inventory Inventory $ 76,000 $ 91,750 183,500 130,500 Raw materials inventory Work in process inventory- Cutting Work in process...