4 5 9 11 12 3 10 78 2 3 AS 6 4 5 AB Costs incurred: Marketing expense Depreciation, manufacturing equipment Depreciation, office equipment Direct labour cost Indirect labour Question 3 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold Fazloen Limited provided the following information for the year ended December 31: Raw material purchases Rent, manufacturing building Repairs, manufacturing equipment Sales commissions Supplies, manufacturing Utilities, manufacturing D Inventories: Raw materials Work in process Finished goods $ 600,000 144,000 48,000 540,000 $337,800 792,000 480,000 240,000 $ 210,000 4,200 54,000 B Beginning of Year $ 48,000 $ 30,000 $420,000 End of Year $ 60,000 $120,000 $150,000

4 5 9 11 12 3 10 78 2 3 AS 6 4 5 AB Costs incurred: Marketing expense Depreciation, manufacturing equipment Depreciation, office equipment Direct labour cost Indirect labour Question 3 Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold Fazloen Limited provided the following information for the year ended December 31: Raw material purchases Rent, manufacturing building Repairs, manufacturing equipment Sales commissions Supplies, manufacturing Utilities, manufacturing D Inventories: Raw materials Work in process Finished goods $ 600,000 144,000 48,000 540,000 $337,800 792,000 480,000 240,000 $ 210,000 4,200 54,000 B Beginning of Year $ 48,000 $ 30,000 $420,000 End of Year $ 60,000 $120,000 $150,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...

See similar textbooks

Similar questions

Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Inventories: As of January 1: Direct materials Work-in-process Finished goods As of December 31: Direct materials Work-in-process Finished goods Other amounts (for the year): Administrative costs Direct labor Direct material purchases Indirect plant labor Indirect plant supplies Machine depreciation Marketing costs Plant depreciation Plant supervision Plant utilities Property taxes on plant and equipment Sales revenue Required: a. Prepare a cost of goods sold statement. (seee) $ 247 256 824 $ 254 249 843 3,540 5,546 6,674 3,558 852 5,951 1,184 1,435 1,156 833 481 40,234
Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company Required: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.
A company reports the following information: Direct Labor Direct Materials Used Raw Materials Purchased Cost of Goods Manufactured Ending Work-in-Process Inventory Corporate Headquarters' Property taxes Manufacturing Overhead Incurred Calculate the beginning balance of Work-in-Process Inventory O $4,500 O $5,000 O $21.000 59.400 $6,000 3.000 9,000 13,000 1.400 900 400
Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production
Direct materials used during the month? Work in process inventory, 08/31/x2? Finished goods inventory, 08/31/x2? Cost of goods placed in process during the period? Prime cost during the period?
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Receiving Report Number 25 31 Received Quantity 200 140 Unit Price $7 9 Materials Requisition Number 108 121 Issued Quantity 330 190 Amount b. Determine the materials inventory balance at the end of May. $ c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
Prepare a schedule of cost of goods manufactured based on the following information: Direct materials purchased $ 12,000 18,000 3,000 2,000 14,000 13,500 27,000 4,000 2,000 5,500 2,000 1,000 6,000 4,000 Direct labor Direct materials inventory, beginning Direct materials inventory, ending Work-in-process, beginning Work-in-process, ending Factory depreciation Indirect materials Factory utilities Indirect factory labor Factory maintenance Factory insurance Finished goods inventory, beginning Finished goods inventory, ending