ZuoTi.Pro
Question

Smith corp purchased $40,000 of RM during the current accounting period. Smith incurred $60,000 of DL...

Smith corp purchased $40,000 of RM during the current accounting period. Smith incurred $60,000 of DL and $38,000 of MFG overhead. Assume combined inventory for RM, WIP and FG increased by $3,800. What is COGS?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer:

Calculation of Cost of goods sold:

Direct materials purchased $40,000
Direct labor $60,000
Manufacturing overhead $38,000
(Less): Combined Increase in RM,WIP and FG ($3,800)
Cost of goods sold $134,200
0 0
Add a comment
Know the answer?
Add Answer to:
Smith corp purchased $40,000 of RM during the current accounting period. Smith incurred $60,000 of DL...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • not sure what im missing to get the answer? 10 Shu Mullen, Ine's accounting records reflect...

    not sure what im missing to get the answer? 10 Shu Mullen, Ine's accounting records reflect the following inventories: _Jan 1. 2015 (BI) Dec 31, 2015 (EI) Raw materials inventory (RM) $120,000 $ 96,000 Work in process inventory (WIP) 156,000 174,000 Finished goods inventory (FG) 150,000 138,000 During 2015, Lao Shu Mullen, Inc purchased $940,000 of raw materials, incurred direct labor (DL) costs of $150,000, and incurred manufacturing overhead (OH) totaling $192,000. How much is total manufacturing costs (TMC) incurred...

  • 6. Poor Professor Mullen (PPM), Inc. has $20,000 of ending finished goods (EI, FG) inventory as...

    6. Poor Professor Mullen (PPM), Inc. has $20,000 of ending finished goods (EI, FG) inventory as of December 31, 2015. If beginning finished goods (BI, FG) inventory was $10,000 and cost of goods sold (CGS) was $40,000, how much would Poor Professor Mullen, Inc report for cost of goods manufactured (CGM) ? A) $45,000 B) $10,000 C) $50,000 D) $30,000 7. Lao Shu Mullen, Inc's accounting records reflect the following inventories: Jan 1, 2015 (BI) $120,000 156,000 150,000 Dec.31, 2015...

  • 6. Poor Professor Mullen (PPM) Ine hae $20.000 of ending finished goods (EI, FG) inventory as...

    6. Poor Professor Mullen (PPM) Ine hae $20.000 of ending finished goods (EI, FG) inventory as of December 31, 2015. If beginning finished coods (BIFG) inventory was $10,000 and cost of goods sold (CGS) was $40.000, how much would Poor Professor Mullen, Inc report for cost of goods manufactured (CGM)? A) $45,000 B) $10,000 C) $50,000 D) $30,000 7. Lao Shu Mullen, Ine's accounting records reflect the following inventories: -_Jan 1. 2015 (BI) Dec.31. 2015 (ET) Raw materials inventory (RM)...

  • Roprin Corp. accounting records reflect the following inventories: Raw material inventory for Dec 31, 2007 $260,000...

    Roprin Corp. accounting records reflect the following inventories: Raw material inventory for Dec 31, 2007 $260,000 Raw material inventory for Dec 31, 2008 $310,000 WIP Inventory for Dec 31, 2007 $160,000 WIP Inventory for Dec 31, 2008 $300,000 Finished Goods inventory for Dec 31, 2007 $150,000 Finished Goods inventory for Dec 31, 2008 $190,000 During 2008, $500,000 of raw materials were purchased, direct labor costs amounted to $600,000, and manufacturing overhead incurred was $480,000. The total raw materials available for...

  • StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...

    StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March Beginning Inventory Ending Inventory Raw materials Work in process Finished goods $33,000 25,000 60,000 $22,000 44,000 58,000 Additional information for the month of March follows Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Actual manufacturing overhead costs Seliling, general, and administrative expenses Sales revenue $84,000 10,000 55,000 85,000 86,000 58,000 450,000 1. Calculate the DM used during...

  • I Need All Work with steps in Word form, Not on page Thanks The Owen Corporation...

    I Need All Work with steps in Word form, Not on page Thanks The Owen Corporation provided the following information for the month of September. Beginning inventories were as follows: $40,000 Raw materials Work in process Job #101 $50,000 Finished goods Job #99 $100,000 1. Raw material purchased on account, $98,000 2. Utility charges for the factory incurred on account amounted to $3,000. 3. Materials requisitioned from stores during the month. Job #101 $32,000 Job #102 35,000 Job #103 18,000...

  • Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business...

    Eva received $60,000 in compensation payments from JAZZ Corp. during 2019. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,200. Based on these facts answer the following questions: Use 2019 Tax Rate Schedule for reference. Assume that Eva is considered to be a self-employed contractor. What is her self-employment tax liability and additional Medicare tax...

  • Nez Company provided services for $7,500 cash during the 2012 accounting period. Nez incurred $6,000 expenses...

    Nez Company provided services for $7,500 cash during the 2012 accounting period. Nez incurred $6,000 expenses on account during 2012, and by the end of the year, $3,000 of that amount had been paid with cash. Nez paid dividends of $900 to stockholders during the year. Assume that these are the only accounting events that affected Nez during the 2012 accounting period. What is the cash flow from operation for 2012?

  • 4.. Dina Corp. uses a job order cost accounting system. Four jobs were started during the...

    4.. Dina Corp. uses a job order cost accounting system. Four jobs were started during the current year. The following is a record of the costs incurred: Job # 1010 1011 1012 1013 Material Direct Labor Direct Labor Used Used Hours Used $45,000 $72,000 8,000 59,000 77,000 7,000 35,000 30,000 3,000 26,000 40,000 5,000 Actual overhead costs were $55,800. The predetermined overhead allocation rate is $2.40 per direct labor hour. During the year, Jobs 1010, 1012, and 1013 were completed....

  • Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $5,000 in business...

    Eva received $60,000 in compensation payments from JAZZ Corp. during 2018. Eva incurred $5,000 in business expenses relating to her work for JAZZ Corp. JAZZ did not reimburse Eva for any of these expenses. Eva is single and she deducts a standard deduction of $12,000. Based on these facts answer the following questions: Use Tax Rate Schedule for reference. a. Assume that Eva is considered to be an employee. What amount of FICA taxes is she required to pay for...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT