Homework Answers
17. Ans.(c)- supplies used by accounting personal is a period cost.
18. Ans(b)- Jet engines is direct material for airplane factory because it is main component of airplane.
19. Ans(c)- Finished goods inventory, all unsold goods cost transfee to finished goods inventory.
20.Ans (d)- work in process inventory, when goods are transfer for manufacturing all cost related to manufacturing transferred to work in process inventory account
21. Ans(a)- Begning balance+ transfer in- Ending balance= Tranfer out
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TAM BE AB A LE A Bos 17. Which of the following is a period cost?...
1 33. Which of the following is not a reason that managers allocate overhead costs to...
1
33. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. 34. Using a process costing system, the journal entry to record the cost of completed goods when sold includes: a. a...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
2. Information from The Crossroad Company is given below in $000s for this period: Sales Selling...
2. Information from The Crossroad Company is given below in $000s for this period: Sales Selling and administrative costs Purchases of raw materials Direct labor Manufacturing overhead Raw materials used (all direct cost) Cost of goods manufactured Beginning raw materials inventory Beginning work-in-process inventory Beginning finished goods inventory Ending finished goods inventory $350 26 9 11 105 11 68 30 103 90 75 Required: Determine the following amounts in dollars: Ending Raw Materials assuming all Raw Materials costs are classified...
23. A product cost is expensed in the period in which it is manufactured shown with...
23. A product cost is expensed in the period in which it is manufactured shown with current liabilities on the balance sheet shown with operating expenses on the income statement d expensed in the period the product is sold Conversion costs are a direct materials and direct labor b. direct materials and factory overhead e factory overhead and direct labor d. direct materials and indirect labor 25. Given the following data: Beginning raw materials inventory Materials purchased Ending raw materials...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
An analysis of the accounts of KAZ Manufacturing Pty Ltd reveals the following manufacturing cost data...
An analysis of the accounts of KAZ Manufacturing Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2019. Beginning Ending $ 14000 10000 16 000 $22 200 18000 12 000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labour Manufacturing overhead Specific overhead costs: Indirect labour Factory insurance Machinery depreciation Machinery repairs Factory utilities Miscellaneous factory costs 128 000 100 000 60 000 31 200 8 000 8 000...
Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...
Please check my answers.
Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...
Please find these numbers and explain the reasons. Thank you. T2-2 Processing costing: Cost flows (LO...
Please find these numbers and explain the
reasons.
Thank you.
T2-2 Processing costing: Cost flows (LO 2) Fill in the missing data (ignore indirect materials). Beginning balance Materials purchased Direct materials used Conversion costs incurred Transfers of completed units Cost of goods sold Ending balance Raw Materials Inventory WIP-Department 1 WIP-Department 1 WIP–Department 2 WIP- Finished Goods Inventory $150,000 $ 60,000 $ 51,000 $250,000 805,000 $800,000 630,000 516,000 180,000 $1,100,000 d. c. gra $ 31,000 $150,000
A. The cost of the raw materials used in production during the year: B. The cost...
A. The cost of the raw materials used in production during the year: B. The cost of goods manufactured for the year: C. The cost of goods sold for the year: D. The net income for the year: Finished goods inventory, beginning $240 Finished goods inventory, ending 320 Raw materials inventory, beginning 80 Raw materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Administrative expenses 300 Direct labor 400 Manufacturing overhead applied 460...
1
33. Which of the following is not a reason that managers allocate overhead costs to products? a. To provide information for decision making. b. To apply direct labor and direct materials to products. c. To promote efficient use of resources. d. To comply with U.S. Generally Accepted Accounting Principles (GAAP). e. None of the answer choices is correct. 34. Using a process costing system, the journal entry to record the cost of completed goods when sold includes: a. a...
Mgr. Acct 2123 - Chapter 3 HW (Summer 2020) 1) In a job-order costing system, which of the following events would trigger recording data on a job cost sheet? A) the purchase of direct materials B) the payment of fire insurance on the factory building C) the payment for product advertising D) none of the choices 2) Refer to the T-account below. Manufacturing Overhead 9,000 (2) 167,000 15,000 80,000 30,000 25,000 159,000 167,000 Bal. 8,000 The ending balance of $8,000...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
2. Information from The Crossroad Company is given below in $000s for this period: Sales Selling and administrative costs Purchases of raw materials Direct labor Manufacturing overhead Raw materials used (all direct cost) Cost of goods manufactured Beginning raw materials inventory Beginning work-in-process inventory Beginning finished goods inventory Ending finished goods inventory $350 26 9 11 105 11 68 30 103 90 75 Required: Determine the following amounts in dollars: Ending Raw Materials assuming all Raw Materials costs are classified...
23. A product cost is expensed in the period in which it is manufactured shown with current liabilities on the balance sheet shown with operating expenses on the income statement d expensed in the period the product is sold Conversion costs are a direct materials and direct labor b. direct materials and factory overhead e factory overhead and direct labor d. direct materials and indirect labor 25. Given the following data: Beginning raw materials inventory Materials purchased Ending raw materials...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
An analysis of the accounts of KAZ Manufacturing Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2019. Beginning Ending $ 14000 10000 16 000 $22 200 18000 12 000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labour Manufacturing overhead Specific overhead costs: Indirect labour Factory insurance Machinery depreciation Machinery repairs Factory utilities Miscellaneous factory costs 128 000 100 000 60 000 31 200 8 000 8 000...
Please check my answers.
Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...
Please find these numbers and explain the
reasons.
Thank you.
T2-2 Processing costing: Cost flows (LO 2) Fill in the missing data (ignore indirect materials). Beginning balance Materials purchased Direct materials used Conversion costs incurred Transfers of completed units Cost of goods sold Ending balance Raw Materials Inventory WIP-Department 1 WIP-Department 1 WIP–Department 2 WIP- Finished Goods Inventory $150,000 $ 60,000 $ 51,000 $250,000 805,000 $800,000 630,000 516,000 180,000 $1,100,000 d. c. gra $ 31,000 $150,000
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