Homework Answers
|
Particulars |
Amount |
|
Opening stock of direct materials May 1 |
$65,000 |
|
Add: Direct material purchased |
$100,00 |
|
Less: closing stock of direct material May 31 |
$35,000 |
|
Direct material consumed(A) |
$130,000 |
|
Direct labour(B) |
$110,000 |
|
Manufacturing overhead: |
|
|
Factory depreciation |
$10,000 |
|
Indirect labour |
$24,000 |
|
Factory utilities |
$10,000 |
|
Total Manufacturing overhead ( C) |
$44,000 |
|
Total Manufacturing cost(A+B+C) |
$284,000 |
|
Add: Work in process inventory May 1 |
$30,000 |
|
Less: Work in process inventory May 31 |
$24,000 |
|
Cost of goods manufactured |
$290,000 |
Note: Finished goods is not treated in calculation of
Manufacturing cost.
Finished goods inventory is considered in calculation of Cost of
Goods Sold:
COGS=Manufacturing cost+opening finished good inventory-closing
finished goods inventory.
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Question 20 Drydon Corporation has the following information for the month of May: $100,000 Cost of...
For the month of August 2020. Best Corporation reported the following amounts: 1 Beginning direct materials...
For the month of August 2020. Best Corporation reported the following amounts: 1 Beginning direct materials inventory $ 47,000 Indirect labour 24,000 Ending direct materials inventory 35,000 Salaries of sales people 73,000 Ending finished goods 24,000 Factory supervisor's salary 25,000 Beginning finished goods inventory 18,000 Maintenance on factory equipment 10,000 Ending work in process 13,000 Sales 650,000 Depreciation 100,000 Utilities in sales facility 18,000 Utilities in factory 24,000 Direct material purchases 185,000 Beginning work-in-process inventory 8,000 Direct labour 200,000 1....
. For the month of August 2020, Best Corporation reported the following amounts: •Beginning direct 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...
The Zoe Corporation has the following information for the month of March: Cost of direct materials...
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. $15,570 28,702 37,461 20,845 18,705 24,906 22,758 b. Determine the cost of goods sold.
The Zoe Corporation has the following information for the month of March: $19,711 Cost of direct...
The Zoe Corporation has the following information for the month of March: $19,711 Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods mar ufactured 26,536 37,729 19,074 21,393 20,999 28,611 b. Determine the cost of goods sold.
The Zoe Corporation has the following information for the month of March: Cost of direct materials...
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $19,870 Direct labor 24,145 Factory overhead 33,856 Work in process inventory, March 1 19,908 Work in process inventory, March 31 21,857 Finished goods inventory, March 1 21,977 Finished goods inventory, March 31 26,166 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold.
The Zoe Corporation has the following information for the month March. Determine the (a) cost of...
The Zoe Corporation has the following information for the month March. Determine the (a) cost of goods manufactured, and (b) cost of goods sold. Cost of materials placed in production $69,000 Direct labor 27,000 Factory overhead 34,000 Work in process, March 1 15,000 Work in process, March 31 19,500 Finished goods inventory, March 1 25,000 Finished goods inventory, March 31 23,000
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information...
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost $495,900 Purchases of direct materials 378,890 Freight-in on materials 7,500 Factory supplies used 18,500 Factory utilities 54,000 Commissions paid 78,983 Factory supervision and indirect labor 165,000 Advertising 145,600 Materials handling 16,900 Work-in-process inventory, January 1 201,000 Work-in-process inventory, December 31 117,400 Direct materials inventory, January 1 37,200 Direct materials inventory, December 31...
Instructions (A) Prepare a cost of goods manufactured schedule (below) using the data ABOVE. (B) ...
Instructions
(A) Prepare
a cost of goods manufactured schedule (below) using the data
ABOVE.
(B)
(Assume all raw materials used were direct
materials.)
P15-4B This data is from the records of Moxie Co. for the year ended December 31, 2017. Raw Materials Inventory 1/1/17 47,000 Factory Insurance 7,400 Raw Materials Inventory 12/31/17 44,200 Factory Mach. Deprec. 7,700 Finished Goods Inventory 1/1/17 85,000 Factory Utilities 12,900 Finished Goods Inventory 12/31/17 57,800 Office Utilities Expense 8,600 Work in Process Inventory...
Zoe Corporation has the following information for the month of March: Cost of direct materials used...
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $18,483 Direct labor Factory overhead 25,454 39,016 24,748 Work in process inventory, March 1 20,460 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. 22,555 23,359 b. Determine the cost of goods sold.
For the month of August 2020. Best Corporation reported the following amounts: 1 Beginning direct materials inventory $ 47,000 Indirect labour 24,000 Ending direct materials inventory 35,000 Salaries of sales people 73,000 Ending finished goods 24,000 Factory supervisor's salary 25,000 Beginning finished goods inventory 18,000 Maintenance on factory equipment 10,000 Ending work in process 13,000 Sales 650,000 Depreciation 100,000 Utilities in sales facility 18,000 Utilities in factory 24,000 Direct material purchases 185,000 Beginning work-in-process inventory 8,000 Direct labour 200,000 1....
. For the month of August 2020, Best Corporation reported the following amounts: •Beginning direct materials inventory_ Indirect labour •Ending direct materials inventory Salaries of sales people *Ending finished goods -Factory supervisor's salary •Beginning finished goods inventory_ Maintenance on factory equipment •Ending work in process Sales Depreciation Utilities in sales facility Utilities in factory Direct material purchases •Beginning work-in-process inventory Direct labour $ 47,000 24,000 35,000 73,000 24,000 25,000 18,000 10,000 13,000 650,000 100,000 18,000 24,000 185,000 8,000 200,000 1....
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...
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. $15,570 28,702 37,461 20,845 18,705 24,906 22,758 b. Determine the cost of goods sold.
The Zoe Corporation has the following information for the month of March: $19,711 Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods mar ufactured 26,536 37,729 19,074 21,393 20,999 28,611 b. Determine the cost of goods sold.
The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $19,870 Direct labor 24,145 Factory overhead 33,856 Work in process inventory, March 1 19,908 Work in process inventory, March 31 21,857 Finished goods inventory, March 1 21,977 Finished goods inventory, March 31 26,166 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold.
Instructions
(A) Prepare
a cost of goods manufactured schedule (below) using the data
ABOVE.
(B)
(Assume all raw materials used were direct
materials.)
P15-4B This data is from the records of Moxie Co. for the year ended December 31, 2017. Raw Materials Inventory 1/1/17 47,000 Factory Insurance 7,400 Raw Materials Inventory 12/31/17 44,200 Factory Mach. Deprec. 7,700 Finished Goods Inventory 1/1/17 85,000 Factory Utilities 12,900 Finished Goods Inventory 12/31/17 57,800 Office Utilities Expense 8,600 Work in Process Inventory...
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $18,483 Direct labor Factory overhead 25,454 39,016 24,748 Work in process inventory, March 1 20,460 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. 22,555 23,359 b. Determine the cost of goods sold.
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