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Exercise 2 FINISHED GOOD NVENTORY Raw Material MANUFACTURING MANUFACTURING PROCESS 2 "X PROCESS Raw Material As...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $652,000 $ 82,000 $137,000 $102,000 $ 49,000 $208,000 $227,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,900 $10,300 $5,300 $20,600 $ 74,000 $25,500 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 82,000 $ 136,000 $ 104,000 $ 45,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,600 $ 20,300 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare...
Need help with 3-5 Schedule of cost of goods manufactured Beginning raw material $ 155,000.00 Raw...
Need help with 3-5
Schedule of cost of goods manufactured Beginning raw material $ 155,000.00 Raw material purchase $ 45,000.00 Total raw material available $ 200,000.00 Less: Ending raw material $ 70,000.00 Raw material used in production $ $ 130,000.00 167,000.00 Direct labor Factory Overhead: Indirect Material $ 15,000.00 Indirect Labor $ 120,000.00 Depreciation - Plant and Equipment $ 24,000.00 Plant Utilities $ 58,000.00 Plant Insurance $ 12,000.00 Plant property tax $ 5,800.00 Total Factory Overhead $ 234,800.00 Total manufacturing...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655, eee $ 86, eee $ 140, eee $ 102, eee $ 44, eee $ 207, eee $ 226, eee Inventories Raw materials Work in process Finished goods Beginning $ 8,eee $ 5,400 $ 73,eee Ending $ 11, eee $ 20,800 $ 25, 120 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw...
Which of the following is the correct flow of manufacturing costs? Oa. raw materials, finished goods,...
Which of the following is the correct flow of manufacturing costs? Oa. raw materials, finished goods, cost of goods sold, work in process Ob. work in process, finished goods, raw materials, cost of goods sold Oc. raw materials, work in process, finished goods, cost of goods sold Od cost of goods sold, raw materials, work in process, finished goods here to search 9 E E R. Y F G Н K K DV B. N M M
use any 15,000 as used raw material Problem Information: Morrison Company began the year with the...
use
any 15,000 as used raw material
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . . . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $18,000 of indirect material) 24,700 36,100 110,900 275,900 23,000 40,550 121,200 304,800 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.81 (81%) of...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $652,000 $ 82,000 $137,000 $102,000 $ 49,000 $208,000 $227,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,900 $10,300 $5,300 $20,600 $ 74,000 $25,500 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 82,000 $ 136,000 $ 104,000 $ 45,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,600 $ 20,300 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare...
Need help with 3-5
Schedule of cost of goods manufactured Beginning raw material $ 155,000.00 Raw material purchase $ 45,000.00 Total raw material available $ 200,000.00 Less: Ending raw material $ 70,000.00 Raw material used in production $ $ 130,000.00 167,000.00 Direct labor Factory Overhead: Indirect Material $ 15,000.00 Indirect Labor $ 120,000.00 Depreciation - Plant and Equipment $ 24,000.00 Plant Utilities $ 58,000.00 Plant Insurance $ 12,000.00 Plant property tax $ 5,800.00 Total Factory Overhead $ 234,800.00 Total manufacturing...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655, eee $ 86, eee $ 140, eee $ 102, eee $ 44, eee $ 207, eee $ 226, eee Inventories Raw materials Work in process Finished goods Beginning $ 8,eee $ 5,400 $ 73,eee Ending $ 11, eee $ 20,800 $ 25, 120 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw...
Which of the following is the correct flow of manufacturing costs? Oa. raw materials, finished goods, cost of goods sold, work in process Ob. work in process, finished goods, raw materials, cost of goods sold Oc. raw materials, work in process, finished goods, cost of goods sold Od cost of goods sold, raw materials, work in process, finished goods here to search 9 E E R. Y F G Н K K DV B. N M M
use
any 15,000 as used raw material
Problem Information: Morrison Company began the year with the following balances in its inventory accounts: Raw Materials $ 125,000 Work-in-Process $ 320,000 Finished Goods $ 400,000 . . . Morrison applies overhead to production using direct labor cost. As of the beginning of the year, Morrison estimated total manufacturing overhead for the year to be $300,000 and total direct labor cost to be $600,000. The following transactions occurred during the year: 1. Purchased...
$ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,892,000 37,000 54,300 64,100 151,800 248,000 20,900 49,000 5,250 52,000 90,000 134,000 46,300 45,100 69,280 Prepare its schedule of cost of goods manufactured for the current year...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $18,000 of indirect material) 24,700 36,100 110,900 275,900 23,000 40,550 121,200 304,800 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.81 (81%) of...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
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