Homework Answers
Part 1)
The correct answer is $ 1408000
Calculation
Cost of goods manufactured
= opening wip + direct material + direct labour + manufacturing overheads- ending wip
= 56000 + (33000+850000-17000)+ 440000 + 100000 - 54000
=$ 1408000
Part 2)
The correct answer is $ 924000
Formula
Total cost of work in process = beginning wip + total manufacturing costs
= 32000 + ( 14000+ 560000 - 12000) + 210000 + 120000
= $ 924000
Part 3)
The correct answer is $ 1580000
Direct material used = opening raw material inventory + purchase - ending inventory
= 10000 + 1600000 - 30000
= $ 1580000
Part 4)
The correct answer is $ 3260000
Total manufacturing cost
= direct material used + direct labour +factory utilities + indirect labour ++ factory depreciation
= 1900000+ 760000 + 150000+ 50000+400000
= $ 3260000
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Sheffield Corp. reported the following year-end information: Beginning work in process $56000 inventory Beginning raw materials...
Question 9 Coronado Industries reported the following year-end information: Beginning work in process inventory Beginning raw...
Question 9 Coronado Industries reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $1080000 300000 900000 480000 940000 840000 800000 Coronado Industries's cost of goods manufactured for the year is O $2760000. $2220000. $2580000. $2400000. Question 7 Swifty Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 $320000...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods manufactured using the foloving information. Raw materials inventory, January 1 $20000 Raw materials inventory, December 31 40000 Work in process. January 1 Work in process. December 31 Finished goods, January 1 Finished goods, December 31 18000 12000 40000 1680000 760000 150000 Direct labor Factory ubilities Indirect labor Factory depreciation 420000
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...
$ 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...
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...
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 $13,000 16,880 10,600 34,750 21,000 20.600 22,900 7.620 9,150 13,600 28,500 2,200 5.900 44,500 60,...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net $12,30i0 19,000 11,800 33,500 $ 17,050 19, 500 13,800 22,600 21,800 17,150 41,400 15,000 22, 300 17,000 6,800 11,850 10,000 8,000...
Sheffield Corp.reported the following year-end information: $1080000 300000 Beginning work in process inventory Beginning raw materials...
Sheffield Corp.reported the following year-end information: $1080000 300000 Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead 900000 480000 970000 910000 730000 Sheffield Corp.'s cost of goods manufactured for the year is $2790000 $2610000 $2430000 $2250000 Save for Later Attempts: 0 of
4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials...
4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead S 35,000 18,000 38,000 15,000 560,000 210,000 120,000 How much is Wasson's total cost of work in process for the year? A) $890,000 B) $928,000 C) $893,000 D) $925,000 Cost of goods manufactured equals $85,000 for 2019. Finished goods inventory is $2,000 at the beginning of the...
Sunland Company reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials...
Sunland Company reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials inventory 300000 Ending work in process inventory 900000 Ending raw materials inventory 480000 Raw materials purchased 980000 Direct labor 920000 Manufacturing overhead 740000 Sunland Company's cost of goods manufactured for the year is $2280000. $2820000. $2460000. $2640000.
Question 9 Coronado Industries reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead $1080000 300000 900000 480000 940000 840000 800000 Coronado Industries's cost of goods manufactured for the year is O $2760000. $2220000. $2580000. $2400000. Question 7 Swifty Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2020 $320000...
Multiple Choice Question 118 Using $3020000 as the total manufacturing costs, compute the cost of goods manufactured using the foloving information. Raw materials inventory, January 1 $20000 Raw materials inventory, December 31 40000 Work in process. January 1 Work in process. December 31 Finished goods, January 1 Finished goods, December 31 18000 12000 40000 1680000 760000 150000 Direct labor Factory ubilities Indirect labor Factory depreciation 420000
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...
$ 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...
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...
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 $13,000 16,880 10,600 34,750 21,000 20.600 22,900 7.620 9,150 13,600 28,500 2,200 5.900 44,500 60,...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory 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 General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net $12,30i0 19,000 11,800 33,500 $ 17,050 19, 500 13,800 22,600 21,800 17,150 41,400 15,000 22, 300 17,000 6,800 11,850 10,000 8,000...
Sheffield Corp.reported the following year-end information: $1080000 300000 Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead 900000 480000 970000 910000 730000 Sheffield Corp.'s cost of goods manufactured for the year is $2790000 $2610000 $2430000 $2250000 Save for Later Attempts: 0 of
4. Wasson Company reported the following year-end information: Beginning work in process inventory Beginning raw materials inventory Ending work in process inventory Ending raw materials inventory Raw materials purchased Direct labor Manufacturing overhead S 35,000 18,000 38,000 15,000 560,000 210,000 120,000 How much is Wasson's total cost of work in process for the year? A) $890,000 B) $928,000 C) $893,000 D) $925,000 Cost of goods manufactured equals $85,000 for 2019. Finished goods inventory is $2,000 at the beginning of the...
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