What was the Work-in-Process beginning inventory balance? f. What was the Work-in-Process ending inventory balance?
| Account Titles | Debit | Credit | |
| Work-in-Process Inventory (Direct Labor) | 10,000 | ||
| Wages Payable | 10,000 | ||
| Direct Material Inventory | 14,200 | ||
| Accounts Payable | 14,200 | ||
| Finished Goods Inventory | 36,200 | ||
| Work-in-Process Inventory | 36,200 | ||
| Cost of Goods Solda | 44,100 | ||
| Finished Goods Inventory | 44,100 | ||
aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For June, the amount written off was 5 percent of overhead applied for June.
The Work-in-Process ending account balance on June 30 was twice the beginning balance. The Direct Material Ending Inventory balance on June 30 was $6,970 less than the beginning balance. The Finished Goods ending balance on June 30 was $3,070.
The June income statement shows Cost of Goods Sold of $44,500.
Required:
a. What was the Finished Goods beginning inventory on June 1?
b. How much manufacturing overhead was applied for June?
c. Overhead is applied on the basis of direct labor costs. What was the manufacturing overhead rate for June?
d. How much manufacturing overhead was incurred for June?
e. What was the Work-in-Process beginning inventory balance?
f. What was the Work-in-Process ending inventory balance?
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What was the Work-in-Process beginning inventory balance? f. What was the Work-in-Process ending inventory balance?
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing system. The system applies manufacturing overhead on the basis of direct labor cost. For managerial purposes, over- or underapplied overhead is written off to Cost of Goods Sold monthly. IYF hires interns to work in its Plant Accounting department and, as a part of its interview process, asks candidates to take a short quiz. You are given the following journal entries for June. (Assume...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing...
IYF Corporation manufactures miscellaneous parts for building construction and maintenance. IYF uses a normal job costing system. The system applies manufacturing overhead on the basis of direct labor cost. For managerial purposes, over- or underapplied overhead is written off to Cost of Goods Sold monthly. IYF hires interns to work in its Plant Accounting department and, as a part of its interview process, asks candidates to take a short quiz. You are given the following journal entries for June. (Assume...
Santos Inc had the following information for the preceding year: Beginning Ending Inventory Inventory 43,200 30,800...
Santos Inc had the following information for the preceding year: Beginning Ending Inventory Inventory 43,200 30,800 31,500 ?? (12/31) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $40,300 $ ?? Additional information for the year is as follows: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $203,900 $157,700 167,500 $533,200 $551,800 What was the ending Work in Process Inventory balance on 12/31? O $54,800 O $36,200 O $58,900 O $14,500
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
9. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Doll...
PLEASE HELP WITH #9
HERE ARE THE ANSWERS TO PREVIOUS QUESTIONS 1-8
9. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f Income from Operations g) Net Income Manufacturing Process Information Mr. Frank, the CEO of Frank's Frames, Inc. has begun a small manufacturing process that will manufacture picture frames and then...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
$100,000 Purchases 308,000 Ending inventory Direct manufacturing labour Manufacturing overhead Ending work in process inventory 52,000...
$100,000 Purchases 308,000 Ending inventory Direct manufacturing labour Manufacturing overhead Ending work in process inventory 52,000 80,000 60,000 20,000 Beginning work in process inventory 4,000 80,000 Ending finished goods inventory Beginning finished goods inventory 120,000 Use the information in the table attached to answer the following question(s). Jupiter Inc. had the following activities in the year What is Jupiter's cost of direct materials used during the year? What is Jupiter's cost of goods sold? What is Jupiter's cost of goods...
Direct Materials Work-in-process inventory Finished goods inventory Beginning Inventory 200 192 324 Ending Inventory 168 174...
Direct Materials Work-in-process inventory Finished goods inventory Beginning Inventory 200 192 324 Ending Inventory 168 174 390 Direct materials purchased Direct labor Manufacturing overhead 22000 7080 29758 What is the total direct materials used in production? What is the cost of goods manufactured?
Santos Inc had the following information for the preceding year: Beginning Ending Inventory Inventory 43,200 30,800 31,500 ?? (12/31) Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $40,300 $ ?? Additional information for the year is as follows: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $203,900 $157,700 167,500 $533,200 $551,800 What was the ending Work in Process Inventory balance on 12/31? O $54,800 O $36,200 O $58,900 O $14,500
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
PLEASE HELP WITH #9
HERE ARE THE ANSWERS TO PREVIOUS QUESTIONS 1-8
9. Determine the amounts for the following. a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Gross Margin f Income from Operations g) Net Income Manufacturing Process Information Mr. Frank, the CEO of Frank's Frames, Inc. has begun a small manufacturing process that will manufacture picture frames and then...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
Raw materials inventory Work in process inventory-Weaving Work in process inventory-Sewing Finished goods inventory Beginning Inventory $ 148,000 300,000 635,000 1,456,000 Ending Inventory $ 189,000 355,000 790,000 1,476,000 The following additional information describes the company's manufacturing activities for June: S 620,000 3, 465,000 178,000 $ 280,000 129,000 160,000 Raw materials purchases (on credit) Factory payroll coat (paid in cash) Other factory overhead coat (Other Accounts credited) Materials used Direct-Weaving Direct-Sewing Indirect Labor used Direct-Weaving Direct-Sewing Indirect Overhead rates as a...
$100,000 Purchases 308,000 Ending inventory Direct manufacturing labour Manufacturing overhead Ending work in process inventory 52,000 80,000 60,000 20,000 Beginning work in process inventory 4,000 80,000 Ending finished goods inventory Beginning finished goods inventory 120,000 Use the information in the table attached to answer the following question(s). Jupiter Inc. had the following activities in the year What is Jupiter's cost of direct materials used during the year? What is Jupiter's cost of goods sold? What is Jupiter's cost of goods...
Direct Materials Work-in-process inventory Finished goods inventory Beginning Inventory 200 192 324 Ending Inventory 168 174 390 Direct materials purchased Direct labor Manufacturing overhead 22000 7080 29758 What is the total direct materials used in production? What is the cost of goods manufactured?
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