The following chart shows how costs flow through a business as a product Is manufactured. Some boxes In the flowchart show cost amounts. Compute the cost amounts for the Input boxes.
Homework Answers
(i) Raw material available for use in production = Beginning raw material inventory + Purchases of raw materials
= 150,000 + 550,000
= $700,000
(ii) Direct material used in production = Raw material available for use in production - Ending raw material inventory
= 700,000 - 184,000
= $516,000
(iii) Total work in process = Direct material used in production + Direct labor used in production + Factory overhead used in production + Beginning work in process
= 516,000 + 368,000 + 768,000 + 89,000
= $1,741,000
(iv) Finished goods manufactured = Total work in process - Ending work in process inventory
1,598,000 = 1,741,000 - Ending work in process inventory
Ending work in process inventory = $143,000
(v) Finished goods available for sale = Beginning finished goods inventory + Finished goods manufactured
1,742,500 = Beginning finished goods inventory + 1,598,000
Beginning finished goods inventory = $144,500
(vi) Finished goods sold = Finished goods available for sale – Ending finished goods inventory
= 1,742,500 - 140,400
= $1,602,100
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
Add Answer to:
The following chart shows how costs flow through a business as a product Is manufactured. Some boxes In the flowchart s...
The following chart shows how costs flow through a business as a product is manufactured. Some...
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts, Compute the cost amounts for the input boxes. Materials Activity Raw materials purchases $562,000 Beginning row materials inventory 5153,000 Raw materials available for use in production - Ending raw materials inventory $190,000 Direct materials used In production Production Activity Direct laborused in production $380.000 Factory overhead used in production $780,000 Beginning work in procese entory $92.000 Total...
Exercise 14-16 Cost flows in manufacturing LO C5
Exercise 14-16 Cost flows in manufacturing LO C5The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the input boxes.
styles Use the chart below to answer the following questions regarding flow chart symbols. DOWS 18)...
styles Use the chart below to answer the following questions regarding flow chart symbols. DOWS 18) Which symbol would be used in a flowchart to represent the symbol for a file? A) #9 B) #5 C) #6 D) #15 19) Which symbol would be used in a flowchart to represent manually prepared control totais? A) #9 B) #10 C) #4 D) #7 20) Which symbol would be used in a flowchart to represent a purchase order? A) #2 B) #1...
Costs and Balances At the end of February, after the second month of operations of Able...
Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he’s collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing...
costs of goods manufactured and cost of goods sold Business Course # Return to course Cost...
costs of goods manufactured and cost of goods sold
Business Course # Return to course Cost of Goods Manufactured and cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold: А в Selling expenses $500 $800 $600 Factory insurance 260 245 Ending finished goods inventory 810 750 Non-factory administrative expenses 250 450 Direct labor 2.560 2.760 2.120 Beginning materials inventory 520 670 Beginning work in process inventory...
Bramble Corporation incurred the following costs while manufacturing its product. Materials used in product $128,900 Advertising...
Bramble Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$128,900
Advertising expense
$55,800
Depreciation on plant
63,400
Property taxes on plant
23,100
Property taxes on store
8,280
Delivery expense
24,800
Labor costs of assembly-line workers
114,800
Sales commissions
43,600
Factory supplies used
32,100
Salaries paid to sales clerks
60,400
Work in process inventory was $14,200 at January 1 and $16,900 at
December 31. Finished goods inventory was $63,300 at January 1 and
$48,200 at December...
Gazin Inc. was in business for four years. The following table shows its purchases and sales...
Gazin Inc. was in business for four years. The following table shows its purchases and sales during that four-year period. Purchases Units Purchases Unit Costs Sales Units Sales Unit Costs Year 1 12,000 $10 9,000 $15 Year 2 11,000 $11 10,000 $17 Year 3 10,000 $12 11,000 $19 Year 4 9,000 $13 12,000 $21 TOTALS 42,000 42,000 Note: In order to calculate income you need to calculate cost of goods sold REQUIRED: Compute income for each of the four years...
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...
Compute cost of goods manufactured. Glavine Corporation incurred the following costs while manufacturing its product. Materials...
Compute cost of goods manufactured.
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...
16. The cost of a manufactured product generally consists of which of the following costs? a...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts, Compute the cost amounts for the input boxes. Materials Activity Raw materials purchases $562,000 Beginning row materials inventory 5153,000 Raw materials available for use in production - Ending raw materials inventory $190,000 Direct materials used In production Production Activity Direct laborused in production $380.000 Factory overhead used in production $780,000 Beginning work in procese entory $92.000 Total...
Exercise 14-16 Cost flows in manufacturing LO C5The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the input boxes.
styles Use the chart below to answer the following questions regarding flow chart symbols. DOWS 18) Which symbol would be used in a flowchart to represent the symbol for a file? A) #9 B) #5 C) #6 D) #15 19) Which symbol would be used in a flowchart to represent manually prepared control totais? A) #9 B) #10 C) #4 D) #7 20) Which symbol would be used in a flowchart to represent a purchase order? A) #2 B) #1...
costs of goods manufactured and cost of goods sold
Business Course # Return to course Cost of Goods Manufactured and cost of Goods Sold For each of the following unrelated companies, compute the cost of goods manufactured and the cost of goods sold: А в Selling expenses $500 $800 $600 Factory insurance 260 245 Ending finished goods inventory 810 750 Non-factory administrative expenses 250 450 Direct labor 2.560 2.760 2.120 Beginning materials inventory 520 670 Beginning work in process inventory...
Bramble Corporation incurred the following costs while
manufacturing its product.
Materials used in product
$128,900
Advertising expense
$55,800
Depreciation on plant
63,400
Property taxes on plant
23,100
Property taxes on store
8,280
Delivery expense
24,800
Labor costs of assembly-line workers
114,800
Sales commissions
43,600
Factory supplies used
32,100
Salaries paid to sales clerks
60,400
Work in process inventory was $14,200 at January 1 and $16,900 at
December 31. Finished goods inventory was $63,300 at January 1 and
$48,200 at December...
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...
Compute cost of goods manufactured.
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...
16. The cost of a manufactured product generally consists of which of the following costs? a direct materials cost and factory overhead cost only b. direct labor cost and factory overhead cost only c. direct labor cost, direct materials cost, and factory overhead cost d. direct materials cost and direct labor cost only 17. Materials must have which two qualities in order to be classified as direct materials? a. They must be classified as both prime costs and conversion costs. b....
Most questions answered within 3 hours.
-
Write a program to solve the Josephus problem, with the following
modification:
Sample Input:
./a.out n...
asked 14 minutes ago -
At the start of a CD it is spinning at a rate of 525 rpm
(revolutions...
asked 50 minutes ago -
4. Without doing any calculations, predict whether the observed
∆T would increase, decrease or remain the...
asked 2 hours ago -
Based on the range, which of the following sets of scores has
the greatest variability? 3,...
asked 3 hours ago -
Ripples in a pond travel at a velocity of 3 m/s with one peak
passing a...
asked 3 hours ago -
A man stands on the roof of a building of height 13.0 mm and
throws a...
asked 3 hours ago -
The extent to which assets are financed by borrowed funds and
other liabilities is indicated by:...
asked 4 hours ago -
Explain in detail
Germany is the fifth largest economy
explain what goods and services Germany specializes...
asked 4 hours ago -
The density of platinum is 21.45 g/mL. If a cube of platinum
with a mass of...
asked 4 hours ago -
Accounts Receivable
Sales
A/R Posting
Extended Sales Invoice
Packing Slip
Compare invoice to packing slip 2...
asked 4 hours ago -
Michaella, age 23, is a full-time law student and is claimed by
her parents as a...
asked 4 hours ago -
Why are polymers not typically casted into products?
asked 4 hours ago