Homework Answers
1. Schedule of cost of goods manufactured.
| Direct material | ||
| RM inventory beginning | 13000 | |
| Add purchases of RM | 140,000 | |
| RM available for use | 153,000 | |
| Less RM inventory ending | (8000) | |
| RM used in production | 145000 | |
| DL | 85,000 | |
| MOH | ||
| Depreciation | 29000 | |
| Indirect labour | 13,500 | |
| Utilities | 11,000 | |
| Maintenance | 85,000 | |
| Supplies | 13000 | |
| Insurance | 5600 | |
| Total MOH | 157,100 | |
| Total cost of production | 387,100 | |
| Add opening WIP | 22000 | |
| Total WIP inventory | 409,100 | |
| Less closing WIP | (34000) | |
| Cost of goods manufactured | 375,100 | |
Add Answer to:
pter 2 Saved Help Save & Exit Check $ 13,000 140,000 153,000 8,000 Direct materials: Raw...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
Hi, Can I please have help with what I got wrong? Thank you! Various cost and...
Hi, Can I please have help with what I got wrong? Thank
you!
Various cost and sales data for Meriwell Company for the just completed year follow: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Direct labour Indirect labour Work-in-process inventory, beginning Work-in-process inventory, ending Sales Selling expenses $ 27,000 54,000 21,000 103,000 9,000 61,000 12,000...
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...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory...
Manufacturing overhead costs incurred: Indirect materials $15,000 Indirect labor 130,000 Property taxes, factory 8,000 Utilities, factory 70,000 Depreciation, factory 240,000 Insurance, factory 10,000 Total actual manufacturing overhead costs incurred $473,000 Other costs incurred: Purchases of raw materials (both direct and indirect) $400,000 Direct labor cost $60,000 Inventories: Raw materials, beginning $20,000 Raw materials, ending $30,000 Work in process, beginning $20,000 Work in process, ending $70,000 The company uses a predetermined overhead rate of $25 per machine-hour to apply overhead...
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units...
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows: Beginning raw materials inventory $ 8,000 Ending raw materials inventory 11,000 Raw material purchases 85,000 Beginning work in process inventory 20,000 Ending work in process inventory 30,000 Direct labor 110,000 Total factory overhead 85,000 Beginning finished goods inventory 60,000 Ending finished goods inventory 40,000 The company's cost of raw materials used, cost of goods manufactured...
Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...
Please check my answers.
Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...
List: Beginning raw materials inventory Beginning work in process inventory Cost of goods manufactured Direct labor...
List:
Beginning raw materials inventory
Beginning work in process inventory
Cost of goods manufactured
Direct labor
Ending raw materials inventory
Ending work in process inventory
Manufacturing overhead
Materials available for use
Purchases of direct materials
Total manufacturing costs incurred during the period
Total manufacturing costs to account for
Lawrence Industries is calculating its Cost of Goods Manufactured at year-end. Lawrence's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $11,000 and an ending balance...
Help Save & Exit Saved apter 26 The following data (in thousands of dollars) have been...
Help Save & Exit Saved apter 26 The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year Sales Raw materials inventory, beginning Raw materials inventory, ending Purchases of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $990 $40 $70 $120 $200 $230 $150 $140 $70 $50 $120 $160...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw...
Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $22,200 67,000 23,600 29,400 35,000 49,800 37,000 All raw materials used were traceable to specific units of product. Healey Company's Cost of Goods Manufactured for the year is: Multiple Choice $158,000. $152,400. Loo o C $149,600. $153,000 $146,800.
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
Hi, Can I please have help with what I got wrong? Thank
you!
Various cost and sales data for Meriwell Company for the just completed year follow: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Direct labour Indirect labour Work-in-process inventory, beginning Work-in-process inventory, ending Sales Selling expenses $ 27,000 54,000 21,000 103,000 9,000 61,000 12,000...
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...
Please check my answers.
Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...
List:
Beginning raw materials inventory
Beginning work in process inventory
Cost of goods manufactured
Direct labor
Ending raw materials inventory
Ending work in process inventory
Manufacturing overhead
Materials available for use
Purchases of direct materials
Total manufacturing costs incurred during the period
Total manufacturing costs to account for
Lawrence Industries is calculating its Cost of Goods Manufactured at year-end. Lawrence's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $11,000 and an ending balance...
Help Save & Exit Saved apter 26 The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year Sales Raw materials inventory, beginning Raw materials inventory, ending Purchases of raw materials Direct labour Manufacturing overhead Administrative expenses Selling expenses Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $990 $40 $70 $120 $200 $230 $150 $140 $70 $50 $120 $160...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $22,200 67,000 23,600 29,400 35,000 49,800 37,000 All raw materials used were traceable to specific units of product. Healey Company's Cost of Goods Manufactured for the year is: Multiple Choice $158,000. $152,400. Loo o C $149,600. $153,000 $146,800.
Most questions answered within 3 hours.
-
If a bond currently sold at $865 with a yield to maturity of 8%
and a...
asked 7 minutes ago -
Q20
You are an international MIS consultant and have been asked to
brief a potential client...
asked 7 minutes ago -
Why companies use the variable costing method when the
absorption costing is the method approved by...
asked 11 minutes ago -
lease solve all the
questions, don't need to explanations
Q1 - All animal
species have general...
asked 5 hours ago -
Business Phasing
1.Discuss the logical progression for growing a business, which
starts from the initial idea...
asked 5 hours ago -
Modify
When executing on the command line having only
this program name, the program will accept...
asked 6 hours ago -
Kenny Electric Company's noncallable bonds were issued several
years ago and now have 20 years to...
asked 6 hours ago -
find H(e^Jtheta) at theta= 0, pi/10, pi/20, pi/2 for
the following:
a) H(e^Jtheta)= 1+e^Jtheta
b) H(e^Jtheta)=...
asked 7 hours ago -
Home Corporation will open a new store on January 1. Based on
experience from its other...
asked 7 hours ago -
In a neoclassical model, use the IS-LM to analyze the effect of
a permanent money supply...
asked 7 hours ago -
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 8 hours ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 9 hours ago