Question

34) Wowo Company reported the following year-end Information, beginning work in process inventory, $180,000; cost of goods manufactured, 5866.000, beginning finished goods Inventory, $252,000; ending work in process inventory. $220,000, and ending finished goods inventory, $264,000. Wowo Company's cost of goods sold for the year is a $854,000. b. $878,000 c. $826,000 d. $602,000. 35) Sir Company reported the following year-end information: Beginning work in process inventory $2.000.000 Beginning raw materials inventory 1,300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 1,560,000 Direct labor 700.000 Manufacturing overhead 550,000 Siri Company's cost of goods manufactured for the year is a. $4,400,000 b. $4,810,000. c. $4,220,000. d. $4,760,000. 36) Wilson Inc.'s accounting records reflect the following inventories: Dec 31, 2019 Dec 31, 2020 Raw materials inventory $ 180,000 $ 164,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, Wilson purchased $2,050,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2020 for Wilson? a. $2,066,000 b. $2,466,000 C. $2,450,000 d. $2,434,000

Answer 1

34)	Cost of goods sold
	Beginning finished goods inventory				252,000
	cost of goods manufactured				866,000
	cost of goods available for sale				1,118,000
	Ending finished goods inventory				264,000
	cost of goods sold				854,000
	Answer)	option a
35)	cost of goods manufactured
	beginning Raw materials			1,300,000
	materials purchased			1,560,000
				2,860,000
	ending raw materials			480,000
	Direct materials used				2,380,000
	Direct labor				700,000
	manufacturing overhead				550,000
	manufacturing cost for the year				3,630,000
	Beginning work in process inventory				2,080,000
					5,710,000
	ending work in process inventory				900,000
	cost of goods manufactured				4,810,000
	Answer)	option b
36)	beginning Raw materials			180,000
	materials purchased			2,050,000
	cost of materials available			2,230,000
	ending raw materials			164,000
	Raw materials used				2,066,000
	Answer)	option a