Homework Answers
Cost of raw material purchased = $29,350
Working
| Calculation of Raw material Purchased | |
| Raw material used in production | $ 28,650.00 |
| Add: Raw material Ending Inventory | $ 10,500.00 |
| Total Raw material needed | $ 39,150.00 |
| Less: Raw material Beginning Inventory | $ 9,800.00 |
| Raw material Purchased | $ 29,350.00 |
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Problem 2.45A a-c (Part Level Submission) Nova Chemicals Corp. incurred the following manufacturing costs for the...
Exercise 19-14 a-c (Part Level Submission) The following information is available for Sunland Company. January 1,...
Exercise 19-14 a-c (Part Level Submission)
The following information is available for Sunland
Company.
January 1, 2020
2020
December 31, 2020
Raw materials inventory
$22,250
$32,860
Work in process inventory
15,470
18,560
Finished goods inventory
30,780
21,290
Materials purchased
$154,500
Direct labor
225,290
Manufacturing overhead
183,120
Sales revenue
902,310
Compute cost of goods manufactured.
Sunland Company Cost of Goods Manufactured Schedule HA
Exercise 14-14 a-c The following information is available for Aikman Company January 1, 2020 2020 Raw...
Exercise 14-14 a-c The following information is available for Aikman Company January 1, 2020 2020 Raw materials inventory $26,010 Work in process inventory 18,560 Finished goods inventory 28,900 Materials purchased $155,770 Direct labor 224,700 Manufacturing overhead 182,460 Sales revenue 905,040 December 31, 2020 $34,130 19,620 24,050 Your answer is partially correct. Try again. Compute cost of goods manufactured. Alkman Company Cost of Goods Manufactured Schedule 18560 work-in -Process Inventory, 1/2 "Direct Materials Raw Materials Inventory, 1/1 Materials Purchased Materials Available...
Exercise 10-8 (Part Level Submission) Lopez Corporation incurred the following costs while manufacturing its product. Materials...
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Question 20 Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product...
Question 20 Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $125,000 60,000 7,500 110,000 23,000 45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December...
*Exercise 10-8 (Part Level Submission) Lopez Corporation incurred the following costs while manufacturing its product. Materials...
*Exercise 10-8 (Part Level Submission) Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 23,000 Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Ra maials Work in process Finished goods $17,000 $19,000 9,000 14,000 11,000 8,000 $37,000 $41,000 In addition, the following transactions occurred in 2017: . Raw materials purchased on account, $75,000 2. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation...
Question 2: Following are a number of costs that are incurred in a variety of organizations....
Question 2: Following are a number of costs that are incurred in a variety of organizations. Cost Item Cost Behaviour The costs of advertising a U2 rock concert in Vancouver. Depreciation on the Hard Rock Café building in Ottawa. The electrical costs of running a roller coaster at West Edmonton Mall. Property taxes on your local cinema. The costs of synthetic materials used to make Reebok running shoes. The costs of shipping Apple iPods to retail stores. The cost of...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,900. Prepare a condensed cost of goods manufactured...
Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials...
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In January 2020, Sayers Manufacturing incurred the following costs in manufacturing Detecto, its only product: Direct...
In January 2020, Sayers Manufacturing incurred the following costs in manufacturing Detecto, its only product: Direct materials purchased $900,000 Direct labour incurred 710,000 Benefits 75,000 Overtime premium 50,000 Supervisory salaries 125,000 Utility expenses 92,500 Depreciation (equipment) 2,800 Supplies (factory) 10,000 Factory rent 31,300 An analysis of the accounting records showed the following balances in the inventory accounts at the beginning and end of January: Direct materials Work in process Finished goods January 1 January 31 $80,000 $90,000 110,000 74,600 95,000...
Exercise 19-14 a-c (Part Level Submission)
The following information is available for Sunland
Company.
January 1, 2020
2020
December 31, 2020
Raw materials inventory
$22,250
$32,860
Work in process inventory
15,470
18,560
Finished goods inventory
30,780
21,290
Materials purchased
$154,500
Direct labor
225,290
Manufacturing overhead
183,120
Sales revenue
902,310
Compute cost of goods manufactured.
Sunland Company Cost of Goods Manufactured Schedule HA
Exercise 14-14 a-c The following information is available for Aikman Company January 1, 2020 2020 Raw materials inventory $26,010 Work in process inventory 18,560 Finished goods inventory 28,900 Materials purchased $155,770 Direct labor 224,700 Manufacturing overhead 182,460 Sales revenue 905,040 December 31, 2020 $34,130 19,620 24,050 Your answer is partially correct. Try again. Compute cost of goods manufactured. Alkman Company Cost of Goods Manufactured Schedule 18560 work-in -Process Inventory, 1/2 "Direct Materials Raw Materials Inventory, 1/1 Materials Purchased Materials Available...
Exercise 10-8 (Part Level Submission) Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 23,000 Salaries paid to sales clerks $45,000 14.000 21,000 35,000 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January...
Question 20 Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $125,000 60,000 7,500 110,000 23,000 45,000 19,000 21,000 35,000 50,000 Work-in-process inventory was $27,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December...
*Exercise 10-8 (Part Level Submission) Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $120,000 Advertising expense 60,000 Property taxes on plant 7,500 Delivery expense 110,000 Sales commissions 23,000 Salaries paid to sales clerks $45,000 14,000 21,000 35,000 50,000 Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished goods inventory was $60,000 at January...
Exercise 175 (Part Level Submission) The following inventory information is available for Ricci Manufacturing Corporation for the year ended December 31, 2017: Beginning Ending Inventories: Ra maials Work in process Finished goods $17,000 $19,000 9,000 14,000 11,000 8,000 $37,000 $41,000 In addition, the following transactions occurred in 2017: . Raw materials purchased on account, $75,000 2. Incurred factory labor, $80,000, all is direct labor. (Credit Factory Wages Payable) 3. Incurred the following overhead costs during the year: Utilities $6,800, Depreciation...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,900. Prepare a condensed cost of goods manufactured...
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...
In January 2020, Sayers Manufacturing incurred the following costs in manufacturing Detecto, its only product: Direct materials purchased $900,000 Direct labour incurred 710,000 Benefits 75,000 Overtime premium 50,000 Supervisory salaries 125,000 Utility expenses 92,500 Depreciation (equipment) 2,800 Supplies (factory) 10,000 Factory rent 31,300 An analysis of the accounting records showed the following balances in the inventory accounts at the beginning and end of January: Direct materials Work in process Finished goods January 1 January 31 $80,000 $90,000 110,000 74,600 95,000...
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