Homework Answers
Answer (1)
Option (c) is the correct answer.
Reason: In manufacturing industries raw material, work in progress and finished goods are included in inventories.
Answer (2)
Option (c) is the correct answer.
Reason: By purchase of utes two balance sheet accounts affected by this purchase are cash and fixed assets account.
Answer (3)
Calculation of Cost of Vault:
Cost of Vault =Cost + Delievery Charges + Repair
=$40,000+ $2,000+ $7,000
=$49,000
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Inventories for a manufacturing business may include: a. Raw Materials, Work in Progress and Accounts Payablew...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials...
1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials Inventory Work In Process Inventory Finished Goods Inventory Accounts or Wages Payable Factory Labor Manufacturing Overhead Cost of Goods Sold Sales Revenue Firenze Flooring uses a job order system and maintains perpetual inventory records. Instructions: Place the appropriate account in the columns indicating the appropriate account(s) to be debited and credited for the transactions listed below Transaction Account(s) Debited Account(s) Credited a) Raw materials...
April 30 May 31 Inventories Raw materials $ 29,000 $ 52,000 Work in process 9,200 18,000...
April 30 May 31 Inventories Raw materials $ 29,000 $ 52,000 Work in process 9,200 18,000 Finished goods 50,000 34,000 Activities and information for May Raw materials purchases (paid with cash) 177,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 9,000 Indirect labor 34,500 Other overhead costs 118,000 Sales (received in cash) 1,100,000 Predetermined overhead rate based on direct labor cost 55 % Compute the following amounts for the month of May using T-accounts. Cost of direct materials...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inve...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
Transaction No General Journal Debit Credit a. 1 Raw materials inventory 220,000 Accounts payable 220,000 b....
Transaction No General Journal Debit Credit a. 1 Raw materials inventory 220,000 Accounts payable 220,000 b. 2 Work in process inventory 131,700 Factory overhead 21,500 Raw materials inventory 153,200 c. 3 Factory overhead 15,500 Cash 15,500 d. 4 Work in process inventory 103,700 Factory overhead 25,000 Cash 128,700 e. 5 Work in process inventory 179,000 Factory overhead 179,000 f. 6 Finished goods inventory 359,700 Work in process inventory 359,700 g(1). 7 Accounts receivable 530,000 Sales 530,000 g(2). 8 Cost of...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $25,000; factory rent, $32,000; factory utilities, $21,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $675,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in...
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
1. A selected list of accounts used by Firenze Flooring follows: Cash Accounts Receivable Raw Materials Inventory Work In Process Inventory Finished Goods Inventory Accounts or Wages Payable Factory Labor Manufacturing Overhead Cost of Goods Sold Sales Revenue Firenze Flooring uses a job order system and maintains perpetual inventory records. Instructions: Place the appropriate account in the columns indicating the appropriate account(s) to be debited and credited for the transactions listed below Transaction Account(s) Debited Account(s) Credited a) Raw materials...
Question 2 (30 points, 5 points each) Show the debits and credits for the transactions listed below. The accounts to use to fil in the table are as follows: cash, accounts payable, raw materials inventory, work in progress, finished goods inventory, cost of goods sold, sales revenue, and accounts receivable. Indicate whether the accounts go up or down and how much do they change by following the example given below Example: Order and receive $2,000 of steel from a supplier...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
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