Homework Answers
| Average raw materials inventory = (3000+4000)/2=$3500 |
| Days' sales in raw materials inventory = 365/Materials used*Average inventory |
| Days' sales in raw materials inventory = 365/48000*3500= 26.61 days |
| Option B is correct |
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3. Ow I Stuffed Animals wants to measure the efficiency of its raw materials inventory management....
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
QS 14-15 Raw materials inventory management LO A1 3M Co. reports beginning raw materials inventory of...
QS 14-15 Raw materials inventory management LO A1 3M Co. reports beginning raw materials inventory of $855 million and ending raw materials inventory of $717 million. Assume 3M purchased $3,646 million of raw materials and used $3,784 million of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Inventory turnover Raw Materials Inventory...
QS 14-17 Raw materials inventory management LO A1 Nestlé reports beginning raw materials inventory of 3,815...
QS 14-17 Raw materials inventory management LO A1 Nestlé reports beginning raw materials inventory of 3,815 and ending raw materials inventory of 3,499 (both numbers in millions of Swiss francs). Assume Nestlé purchased 13,860 and used 14176 (both amounts in millions of Swiss francs) in raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales...
a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials)....
a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials). $275,000. . Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling and administrative activities). . Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $ 108,000 $200,000 2. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. ). Depreciation was recorded for...
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estim
Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw materials purchased). Its predetermined overhead rate was based on a cost formula that estimated $800,000 of manufacturing overhead for an estimated allocation base of $500,000 direct material dollars to be used in production. The company has provided the following data for the just completed year: Purchase of raw materials$510,000Direct labor cost$90,000Manufacturing overhead costs:Indirect labor$170,000Property taxes$48,000Depreciation of...
Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 66,000 35,000...
Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 66,000 35,000 6,800 11.600 119,400 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 142,000 (106,000) 36,000 155,400 Total Assets Liabilities 5,000 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 110,000 40,400 150,400 Total Liabilities and Stockholders' Equity $ 155,400 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483, 600 94,100 443,520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783,820 $1,533,220 To prepare a...
Question 4 (13 marks) Coral Artworks Ltd has supplied the following information to its new management...
Question 4 (13 marks) Coral Artworks Ltd has supplied the following information to its new management accountant for the month of March: Account Beginning Balances Ending Balances Raw Materials $21,000 $36,000 WIP $25,000 $53,600 Finished Goods $30,000 $64,000 1. Overhead is applied on the basis of $6 per direct labour hour (16,000 DL hours incurred). 2. Jobs sold during the period were sold for $500,000. The cost of goods sold during the month was $300,000. 3. Indirect materials worth $6,500...
please help with required 8! The management of Zigby Manufacturing prepared the following estimated balance sheet...
please help with required 8!
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 48,000 438,750 87,900 383, 760...
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of...
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total...
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory depreciation expense 5,000; direct labor 3,000; indirect labor 5,000; direct materials used 2,500; admin expenses 1,500. a. 5,500 & 13,000 b. 10,000 & 15,000 c. 8,000 & 12,000 d. 9,000 & 14,000 2. Calculate the overhead costs for Owl Mouse Traps based on the following cost summary: advertising expense 1,500; factory supervisor salaries 2,500; sales salaries 1,500; direct materials used 1,000; 300 indirect materials...
QS 14-15 Raw materials inventory management LO A1 3M Co. reports beginning raw materials inventory of $855 million and ending raw materials inventory of $717 million. Assume 3M purchased $3,646 million of raw materials and used $3,784 million of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Inventory turnover Raw Materials Inventory...
QS 14-17 Raw materials inventory management LO A1 Nestlé reports beginning raw materials inventory of 3,815 and ending raw materials inventory of 3,499 (both numbers in millions of Swiss francs). Assume Nestlé purchased 13,860 and used 14176 (both amounts in millions of Swiss francs) in raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales...
a. Raw materials purchased on account, $290,000. . Raw materials used in production (all direct materials). $275,000. . Utility bills incurred on account, $77,000 (90% related to factory operations, and the remainder related to selling and administrative activities). . Accrued salary and wage costs: Direct labor (970 hours) Indirect labor Selling and administrative salaries $320,000 $ 108,000 $200,000 2. Maintenance costs incurred on account in the factory, $72,000 f. Advertising costs incurred on account, $154,000. ). Depreciation was recorded for...
Balance Sheet December 31, 2018 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory 66,000 35,000 6,800 11.600 119,400 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 142,000 (106,000) 36,000 155,400 Total Assets Liabilities 5,000 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 110,000 40,400 150,400 Total Liabilities and Stockholders' Equity $ 155,400 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483, 600 94,100 443,520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783,820 $1,533,220 To prepare a...
Question 4 (13 marks) Coral Artworks Ltd has supplied the following information to its new management accountant for the month of March: Account Beginning Balances Ending Balances Raw Materials $21,000 $36,000 WIP $25,000 $53,600 Finished Goods $30,000 $64,000 1. Overhead is applied on the basis of $6 per direct labour hour (16,000 DL hours incurred). 2. Jobs sold during the period were sold for $500,000. The cost of goods sold during the month was $300,000. 3. Indirect materials worth $6,500...
please help with required 8!
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 48,000 438,750 87,900 383, 760...
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total...
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