3. XYZ Ltd incurred $500 000 of manufacturing overhead costs during the financial year 2021. However, only $400 000 of overhead was applied to production. At the end of the financial year, the following amounts of the applied overhead remained in the various manufacturing accounts: Work in process inventory Finished goods inventory Cost of goods sold $80,000 100,000 220,000
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- Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
- During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…
- The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plzThe following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end. The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company’s plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year’s accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year’s finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR160,000 manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMRS Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These bala are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a OMR129.000 Ob. OMR195.700 Oc None of the answers given
- The following data summarizes in part the results of operations for 2021 of Place Company. Of the total cost of goods manufactured for 2021, 38% was for materials used, 30% for direct labor, and 32% for manufacturing overhead. During 2021, the company paid 90% of the materials purchased, leaving P293,000 of unpaid invoices for materials at year end. The company commenced 2021 operations with materials inventory of P421,000. All materials were purchased FOB company's plant. The company disbursed P2,101,500 for direct labor during 2021. As of December 31, 2021, the accrued liability for direct labor amounted to P144,000, which was twice as much as last year's accrual. The inventory of finished goods on December 31, 2021, was 10% of the cost of the units finished during the year, and goods in process on that date were one-half the finished goods inventory. This year's finished goods inventory was 150% of last year. There are no in process last year. The manufacturing overhead, except for…XYZ Ltd incurred $500 000 of manufacturing overhead costs during the financial year 2021. However, only $400 000 of overhead was applied to production. At the end of the financial year, thefollowing amounts of the applied overhead remained in the various manufacturing accounts: a). Overapplied/(undeapplied) = Applied overhead- actual overhead So = $400000 - $500 000 = (100 000) . So underapplied overhead was of $100 000. Required: Show your calculation to prorate the amount calculated in (a) above, to the three manufacturing accounts. ############correct answer from experts please.A manufacturing company has the following balances at the end of its first year's operations Sales OMR350,000; actual manufacturing overhead OMR200,000; manufacturing overhead applied OMR114,000; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. Ending Work in process inventory includes overhead applied of OMR34, 700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a. OMR89,000 O b. OMR131,800 OC OMR136,30o0 O d. None of the answers given O e OMR213,700