Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 275,000 Direct...
Crunchem Cereal Company incurred the following actual costs during 20x1.
| Direct material used | $ | 275,000 | |
| Direct labor | 130,000 | ||
| Manufacturing overhead | 273,000 | ||
The firm’s predetermined overhead rate is 210 percent of
direct-labor cost. The January 1 inventory balances were as
follows:
| Raw material | $ | 32,000 | |
| Work in process | 40,000 | ||
| Finished goods | 41,000 | ||
Each of these inventory balances was 10 percent higher at the end
of the year.
2. What was the cost of goods sold for the year?
Homework Answers
Total Manufacturing cost = 275000+130000+273000 = 678000
Cost of goods manufactured = 40000+678000-44000 = 713600
Cost of goods sold = 41000+713600-45100 = 709500
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Crunchem Cereal Company incurred the following actual costs
during 20x1.
Direct material used
$
275,000
Direct...
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Required information [The following information applies to the questions displayed below.] Crunchem Cereal Company incurred the following actual costs during 20x1. Direct material used $ 285,000 Direct labor 130,000 Manufacturing overhead 273,000 The firm’s predetermined overhead rate is 210 percent of direct-labor cost. The January 1 inventory balances were as follows: Raw material $ 30,000 Work in process 40,000 Finished goods 43,000 Each of these inventory balances was 10 percent higher at the end of the year. 2. What was...
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Reimel Furniture Company, Inc. incurred the following costs
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Direct labor
320,000
Manufacturing overhead
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During 20x2, products costing $120,000 were finished, and products
costing $132,000 were sold on account for $193,000. There were no
purchases of raw material during the year. The beginning balances
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Raw material
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Work in process
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Finished goods
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Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer...
Required information
[The following information applies to the questions
displayed below.]
Alexandria Aluminum Company, a manufacturer of recyclable soda
cans, had the following inventory balances at the beginning and end
of 20x1.
Inventory Classification
January 1, 20x1
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Raw material
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120,000
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Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, dir...
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Reimel Furniture Company, Inc. incurred the following costs
during 20x2.
Direct material used
$
172,000
Direct labor
320,000
Manufacturing overhead
160,000
During 20x2, products costing $120,000 were finished, and products
costing $132,000 were sold on account for $193,000. There were no
purchases of raw material during the year. The beginning balances
in the firm’s inventory accounts are as follows:
Raw material
$
226,000
Work in process
14,000
Finished goods
30,000
Exercise 3-31 Part 1
Required:
1. Prepare T-accounts to show...
Reimel Furniture Company, Inc. incurred the following costs during 20x2. Direct material used Direct labor Manufacturing overhead $ 173,000 322,000 170,000 During 20x2, products costing $121,000 were finished, and products costing $132,000 were sold on account for $193,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods $ 226,000 16,000 28,000 Required: 1. Prepare T-accounts to show the flow of costs...
During the year, a company purchased raw materials of $77,322, and incurred direct labor costs of $126,100. Overhead is applied at the rate of 70% of the direct labor cost. The are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,428 Work in process inventory 241,438 234,425 Finished goods Inventory 312.842 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in productions Cost of...
Required information
[The following information applies to the questions
displayed below.]
Alexandria Aluminum Company, a manufacturer of recyclable soda
cans, had the following inventory balances at the beginning and end
of 20x1.
Inventory Classification
January 1, 20x1
December 31, 20x1
Raw material
$
60,000
$
70,000
Work in process
120,000
115,000
Finished goods
170,000
165,000
During 20x1, the company purchased $250,000 of raw material and
spent $400,000 on direct labor. Manufacturing overhead costs were
as follows:
Indirect material
$
8,000...
Explanation not necessary Under absorption costing, a unit of product includes which costs? A. direct material, direct labor, and fixed manufacturing overhead B. direct material, direct labor, and variable manufacturing overhead C. direct material, direct labor, and all variable manufacturing overhead D. direct material, direct labor, and manufacturing overhead During production, how are the costs in process costing accumulated? A to cost of goods sold B. to each individual department C. to each individual product D. to manufacturing overhead In...
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