Direct materials:Beginning inventoryPurchasesEnding inventoryDirect manufacturing laborManufacturing overheadBeginning work-in-process inventoryEnding work-in-process inventoryBeginning finished goods inventoryEnding finished goods inventoryP 40,000123,20020,80032,00024,0008,0001,60048,00032,000Required:A. What is the cost of direct materials used during 2022?B. What is cost of goods manufactured for 2022?C. What is cost of goods sold for 2022?D. What amount of prime costs was added to production during 2022?E. What amount of conversion costs was added to production during 2022?

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Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? 48,000 32,000

Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? 48,000 32,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving document
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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?
Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200
Accounting Question
Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~
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