Dollar value of Ending balance
The $0 is the dollar amount in Beginning inventory. And $0 in the beginning inventory represents $0 as the beginning dollar balance of Work-in-process inventory account. Does $1,500,000 represent the ending dollar balance of the Work-in-process inventory?
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Ending Inventory (Ending balance of account called Inventory) *0 number of vehicles (units) at the beginning balance of Work-in-Process Inventory.P$0 is the Beginning Inventory and/or dollar value for the 0 number of vehicles at the beginning balance of Work-in-Process Inventory.*210,000 units of budgeted (planned) production of vehicles*150,000 units of sold vehicles*$22 is the Variable (Manufacturing cost per unit produced). = WIP inventory + Production - Sales = 0 units + 210,000 units of budgeted production of vehicles – 150,000 units of sold vehicles =...
What was the Work-in-Process beginning inventory balance? f. What was the Work-in-Process ending inventory balance?
Account TitlesDebitCreditWork-in-Process Inventory (Direct Labor)10,000Wages Payable10,000Direct Material Inventory14,200Accounts Payable14,200Finished Goods Inventory36,200Work-in-Process Inventory36,200Cost of Goods Solda44,100Finished Goods Inventory44,100 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June. The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $6,970 less...
Payton Corporation provided the following information for the year. Beginning Balance-Work-in-Process Inventory Ending Balance-Work-in-Process Inventory Beginning...
Payton Corporation provided the following information for the year. Beginning Balance-Work-in-Process Inventory Ending Balance-Work-in-Process Inventory Beginning Balance-Direct Materials Ending Balance—Direct Materials Purchases-Direct Materials Direct Labor Indirect Labor Depreciation on Factory Plant and Equipment Plant Utilities and Insurance $28,000 55,000 84,000 60,000 356,000 470,000 20,000 24,000 269,000 What was the amount of the cost of goods manufactured for the year? O A. $1,366,000 OB. $1,136,000 OC. $1,190,000 OD $1,163,000
Garrett Corporation provided the following information for the year: Beginning Balance Work-in-Process Inventory — $25,000 Ending...
Garrett Corporation provided the following information for the year: Beginning Balance Work-in-Process Inventory — $25,000 Ending Balance Work-in-Process Inventory — 58,000 Beginning Balance Direct Materials — 87,000 Ending Balance Direct Materials — 61,000 Purchases Direct Materials — 357,000 Direct Labor 468,000 Indirect Labor 20,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 270,000 What was the amount of direct materials used in production during the year? A. $825,000 B. $67,000 C. $357,000 D. $383,000
Q.4 Malibu Corporation provided the following information for the year: Beginning Balance -Work-in-Process Inventory Ending Balance...
Q.4 Malibu Corporation provided the following information for the year: Beginning Balance -Work-in-Process Inventory Ending Balance - Work-in-Process Inventory Beginning Balance - Raw Materials Inventory Ending Balance - Raw Materials Inventory Purchases - Raw Materials Direct Labor Indirect Labor Depreciation on Factory Plant and Equipment Plant Utilities and Insurance $26,000 55,000 81,000 59,000 360,000 471,000 19,000 24,000 268,000
Please complete fully, thanks Luxury Beans produces jelly beans in three sequential processing departments: Centers, Shells,...
Please complete fully, thanks
Luxury Beans produces jelly beans in three sequential processing departments: Centers, Shells, and Packaging. Assume that the Shells processing department began June with $18,700 of unfinished jelly bean centers. During June, the Shells process used $42,800 of direct materials, used $12,000 of direct labor, and was allocated $17,500 of manufacturing overhead. In addition, $126,300 was transferred out of the Centers processing department during the month and $196,500 was transferred out of the Shells processing department during...
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 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Shown below in T-account format are the beginning and ending balances ($ in millions) of both...
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
Payton Corporation provided the following information for the year. Beginning Balance-Work-in-Process Inventory Ending Balance-Work-in-Process Inventory Beginning Balance-Direct Materials Ending Balance—Direct Materials Purchases-Direct Materials Direct Labor Indirect Labor Depreciation on Factory Plant and Equipment Plant Utilities and Insurance $28,000 55,000 84,000 60,000 356,000 470,000 20,000 24,000 269,000 What was the amount of the cost of goods manufactured for the year? O A. $1,366,000 OB. $1,136,000 OC. $1,190,000 OD $1,163,000
Q.4 Malibu Corporation provided the following information for the year: Beginning Balance -Work-in-Process Inventory Ending Balance - Work-in-Process Inventory Beginning Balance - Raw Materials Inventory Ending Balance - Raw Materials Inventory Purchases - Raw Materials Direct Labor Indirect Labor Depreciation on Factory Plant and Equipment Plant Utilities and Insurance $26,000 55,000 81,000 59,000 360,000 471,000 19,000 24,000 268,000
Please complete fully, thanks
Luxury Beans produces jelly beans in three sequential processing departments: Centers, Shells, and Packaging. Assume that the Shells processing department began June with $18,700 of unfinished jelly bean centers. During June, the Shells process used $42,800 of direct materials, used $12,000 of direct labor, and was allocated $17,500 of manufacturing overhead. In addition, $126,300 was transferred out of the Centers processing department during the month and $196,500 was transferred out of the Shells processing department during...
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 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
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