Homework Answers
Answer:
a.
The total prime costs for the month of may is calculated below:
Prime cost = Direct materials used + Direct labor
= ($18,500 + $83,400 - $15,800) + $60,500
= $146,600
b.
The total conversion costs for the month of may is calculated below:
Conversion costs = Direct labor + Manufacturing overheads
= $60,500 + $79,700
= $140,200
c.
The total manufacturing costs for the month of may is calculated below:
Manufacturing cost = (Direct materials used + Direct labor + Manufacturing overheads)
= ($18,500 + $83,400 - $15,800) + $60,500 + $79,700
= $226,300
d.
The cost of goods manufactured for the month of may is calculated below:
Cost of goods manufactured = (Work-in-process, beginning + Manufacturing cost for May - Work-in-process, ending)
= $8,600 + $226,300 - $6,200
= $228,700
e.
The cost of goods sold for the month of may is calculated below:
Cost of goods sold = (Finished goods, beginning + Cost of goods manufactured for May - Finished goods, ending)
= $53,200 + $228,700 - $72,500
= $209,400
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The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory,...
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory,...
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The following information comes from the accounting records for Chelsea, Inc., for May: Direct materials inventory,...
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The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory, May 1 $ 17,200 Direct materials inventory, May 31 15,100 Work-in-process inventory, May 1 8,300 Work-in-process inventory, May 31 6,600 Finished goods inventory, May 1 53,300 Finished goods inventory, May 31 71,600 Direct materials purchased during May 83,800 Direct labor costs, May 59,800 Manufacturing overhead, May 79,100 Required: a. Compute the total prime costs for the month of May. b. Compute the total conversion...
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The controller at Lawrence Components asks for your help in sorting out some cost information. She is called to a meeting, but hands you the following information for April Prime costs, April Total manufacturing costs, April Cost of goods manufactured, April Cost of goods sold, April Direct materials inventory, April 30 Work-in-process inventory, April 1 Finished goods inventory, April 30 Direct materials purchased, April Direct labor costs, April $ 150,000 275,000 267,000 219,000 15,400 9,700 79,000 78,000 51,000 Required: a....
The following information comes from the accounting records for Chelsea, Inc., for May. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory, May 31 Direct materials purchased during May Direct labor costs, May Manufacturing overhead, May $ 17,600 15,600 9,000 5,600 53,300 72,000 83,200 60, 700 79,800 Required: a. Compute the total prime costs for the month of May. b. Compute the total...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
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