5) | Cost of Goods Manufactured | ||||
Ending Finished Goods | $ 43,000.00 | ||||
Add: | Cost of Goods sold | $ 2,80,500.00 | |||
Less: | Beginning Finished Goods | $ 1,14,000.00 | |||
$ 2,09,500.00 |
6) | Direct Material Used | ||||
Ending WIP | $ 21,000.00 | ||||
Add: | Cost of Goods Manufactured | $ 2,09,500.00 | |||
Less: | Direct Labor | $ 26,000.00 | |||
Less: | Manufacturing OH | $ 52,000.00 | |||
Less: | Beginning WIP | $ 45,600.00 | |||
$ 1,06,900.00 |
7) | Amount of purchases | ||||
Ending Raw Materials | $ 38,000.00 | ||||
Add: | Direct Material Used | $ 1,06,900.00 | |||
Less: | Beginning Raw Materials | $ 30,400.00 | |||
$ 1,14,500.00 |
8) | Direct Labor | $ 26,000.00 |
9) | Applied Overhead | $ 52,000.00 | ($ 26000 x 200%) |
Workings:
Beg. Bal. | End. Bal. | ||
Finished Goods | $ 1,14,000.00 | $ 43,000.00 | |
WIP | $ 45,600.00 | $ 21,000.00 | |
RM | $ 30,400.00 | $ 38,000.00 | |
Total | $ 1,90,000.00 | $ 1,02,000.00 |
"Of all the times this hard drive could crash, it had to be now." Linda cried....
"Of all the times this hard drive could crash, it had to be now." Linda cried. "How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work." News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Robert was the first to the rescue. "It might not be as bad as you think,...
"Of all the times this hard drive could crash, it had to be now." Linda cried. "How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work." News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Robert was the first to the rescue. "It might not be as bad as you think,...
“Of all the times this hard drive could crash, it had to be now,” Sarah cried. “How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work.” News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Jason was the first to the rescue. “It might not be as bad as you think,...
Current Attempt in Progress . "Of all the times this hard drive could crash, it had to be now.Donna cried. "How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work News of the disaster traveled quickly through the office and people began to stop by her cubicle to offer their help. Kenneth was the first to the rescue. "It might not be as...
Current Attempt in Progress "Of all the times this hard drive could crash, it had to be now,"Betty cried. "How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work.” News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Mark was the first to the rescue. “It might not be as bad...
Of all the times this hard drive could crash, it had to be now,” Sarah cried. “How can I finish the June financial reports without all the information? I knew I should have backed up the disk last night before I left work.” News of the disaster traveled quickly through the office, and people began to stop by her cubicle to offer their help. Jason was the first to the rescue. “It might not be as bad as you think,...
In the past year, Pembina Company had total revenue of $2,540,000, cost of goods sold of $1,016,000 (before adjustment for over- or underapplied overhead), administrative expenses of $590,000, and selling expenses of $360,000. During the year, overhead was applied using a predetermined rate of 62 percent of direct labor cost. Actual direct labor was $640,000. Actual overhead was $318,800. The ending balances in the inventory accounts (prior to adjustment for overapplied overhead) are: Raw Materials Inventory $33,000 Work in Process...
Sunland Sports has determined the following unit costs for each of its products: Pants Jerseys Jackets Direct materials $7.00 $10.00 $58.00 Direct labor 4.00 3.60 22.00 Manufacturing overhead 5.00 4.00 34.00 Total unit cost $16.00 $17.60 $114.00 Sales price per unit $21.00 $22.40 $179.00 On May 31, Sunland Sports’ Work in Process Inventory consisted of the following items: Job Units Accumulated Cost PA-1247—Pants 100 $1,150 JE-1397—Jerseys 200 2,800 JA 426—Jackets 50 4,350 $8,300 During June, a total of $267,900 in...
Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant: Direct materials inventory $60,200 Work-in-process inventory 36,700 Finished goods inventory 51,400 During June, direct labor cost was $131,000, direct materials purchases were $337,500, and the total overhead cost was $370,600. The inventories at the end of June were Direct materials inventory $60,800 Work-in-process inventory 40,300 Finished goods inventory 46,800 1. Prepare...
Hammer Inc., had the following activities during 20X3: Direct materials: Beginning inventory $ 20,000 Purchases 61,600 Ending inventory 10,400 Direct manufacturing labor incurred 16,000 Manufacturing overhead-allocated 12,000 Beginning work-in-process inventory 800 Ending work-in-process inventory 4,000 Beginning finished goods inventory 24,000 Ending finished goods inventory 16,000 Required: Please show your calculations! a. What is the cost of direct materials used during 20X3? b. What is cost of goods manufactured for 20X3? c. What is cost of goods sold for 20X3? d. What amount of conversion costs was added...