Homework Answers
1. False: In process costing purchase of raw materials is debited to the Raw Materials Inventory.
2. True: One of the difference is the timeliness of information reported as financial statements give historical data and management accounting gives current and future data.
3. b) $29,300
| Beginning Finished goods inventory | $ 14,600 |
| Cost of goods manufactured | $ 32,500 |
| Total available for sale | $ 47,100 |
| Less: Closing finished goods inventory | $ 17,800 |
| Cost of goods sold | $ 29,300 |
4. Products which are in the process of being manufactured but are not yet complete are called:
A) Work In process inventory.
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23) In a process costing system, the purchase of raw materials is credited to the Raw...
Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory,...
Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory, December 31 Total cost of goods sold $ 3,200 4,000 14,200 The cost of goods manufactured for the year is: $21,400. $11,000 O $15,000 $17,400 $10,200. --$7.000.000 2 pts A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold...
Question 28 2 pts Dallas Company uses a job order costing system. The company's executives estimated that direct...
Question 28 2 pts Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1.500,000 for the current period. At the end of the period, the records show that there had been 180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as base, what was the predetermined overhead rate? $6.00 per direct labor hour. $7.50 per...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
Question 22 2 pts A source document that production managers use to request materials for production...
Question 22 2 pts A source document that production managers use to request materials for production and that is used to assign materials costs to specific jobs or to overhead is a: Job cost sheet Production order Materials requisition. Materials purchase order. Receiving report Question 42 Kayak Company uses a job order costing system and locaties its own teatre labor costs. Kayak Company's production costs for the year wert.dredbe materials, $50,000, and factory overhead applied $6.000. The predetermined 5.0% 12.0%...
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...
In the Schedule of Cost of Goods Manufactured, Raw materials used in production = Beginning raw...
In the Schedule of Cost of Goods Manufactured, Raw materials used in production = Beginning raw materials Inventory +Purchases of raw materials - Ending raw materials inventory. True or False True False
$ 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...
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited....
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited. ) Cost of Goods Manufactured is debited and Direct Labor is credited. TUESS Inventory is credited. Cory is debited and Factory Overhead is credited. direct Labor are debited and Factory Wages Payable is credited. iventory and Factory Overhead are debited and Factory Wages Payable is 34) In a process costing system, the purch Inventory a process costing system, the purchase of raw materials is...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory, December 31 Total cost of goods sold $ 3,200 4,000 14,200 The cost of goods manufactured for the year is: $21,400. $11,000 O $15,000 $17,400 $10,200. --$7.000.000 2 pts A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold...
Question 28 2 pts Dallas Company uses a job order costing system. The company's executives estimated that direct labor would be $2,000,000 (200,000 hours at $10/hour) and that factory overhead would be $1.500,000 for the current period. At the end of the period, the records show that there had been 180,000 hours of direct labor and $1,200,000 of actual overhead costs. Using direct labor hours as base, what was the predetermined overhead rate? $6.00 per direct labor hour. $7.50 per...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
Question 22 2 pts A source document that production managers use to request materials for production and that is used to assign materials costs to specific jobs or to overhead is a: Job cost sheet Production order Materials requisition. Materials purchase order. Receiving report Question 42 Kayak Company uses a job order costing system and locaties its own teatre labor costs. Kayak Company's production costs for the year wert.dredbe materials, $50,000, and factory overhead applied $6.000. The predetermined 5.0% 12.0%...
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...
In the Schedule of Cost of Goods Manufactured, Raw materials used in production = Beginning raw materials Inventory +Purchases of raw materials - Ending raw materials inventory. True or False True False
$ 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...
U Labor and Indirect Labor are debited and D) Work in Process Inventory and Factory credited. ) Cost of Goods Manufactured is debited and Direct Labor is credited. TUESS Inventory is credited. Cory is debited and Factory Overhead is credited. direct Labor are debited and Factory Wages Payable is credited. iventory and Factory Overhead are debited and Factory Wages Payable is 34) In a process costing system, the purch Inventory a process costing system, the purchase of raw materials is...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
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