Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor $ Factory overhead Beginning of Year $ 7,800 15,600 12,100 127,100 95,800 44,400 End of Year $ 11,100 10,800 7,300 QS 1-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $44,400 consists of Indirect labor of $21,800, Depreciation expense-Factory of $16,800, and Factory utilities of $5,800. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured.

Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor $ Factory overhead Beginning of Year $ 7,800 15,600 12,100 127,100 95,800 44,400 End of Year $ 11,100 10,800 7,300 QS 1-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $44,400 consists of Indirect labor of $21,800, Depreciation expense-Factory of $16,800, and Factory utilities of $5,800. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured.

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Description: pvn.1 Note: Assume all raw materials were used as direct materials.InventoriesRaw materials inventoryWork in process inventoryFinished goods inventoryActivity during current yearRaw materials purchasedDirect labor$Factory overheadBeginningof Year$ 7,

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PA: Selected information from Skylar Studios shows the following: Prepare journal entries to record the...

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Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
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).:
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Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
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Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Required A Required B Compute total manufacturing costs. QS 14-17 (Algo) Schedule of cost of goods manufactured LO P2 Factory overhead of $44100 consists of Indirect labor of $21,700, Depreciation expense-Factory of $16,700, and Factory utilities of $5,700. a. Compute total manufacturing costs. b. Prepare a schedule of cost of goods manufactured. Raw materials inventory Beginning of Year Direct materials used $ 7.700 15,400 11,900 $ 126,900 95,700 44,100 Complete this question by entering your answers in the tabs below. Total manufacturing costs End of Year $ $ 10,900 10,700 7,200
Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs HOBBIT COMPANY Cost of Goods Manufactured Schedule 165,180 22,660 24,790 39,270 77.660 $186,990 141,720 $213,960
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
Cullumber Company reported the following amounts for May: Raw materials purchased Beginning raw materials inventory Ending raw materials inventory Direct labor incurred Indirect materials requisitioned and used Actual manufacturing overhead costs Beginning work-in-process inventory Ending work-in-process inventory $257000 $257000. $256800. ◆ $259900. O $261100. 12300 8200 54000 4300 40000 15400 12300 How much is the cost of direct materials used in production?