PLS HELP ASAP!!! NEED IT ASAP!!! Alex Company manufactures finger splints for kids who gets tendonitis from playing videogames. The firm had the following inventories at the beginning and end of the month ofJanuary 2021.January 1$ 125,000235,000134,000January 31$ 117,000251,000124,000Finished GoodsWIP....Raw Material..The following additional manufacturing data pertains to January operations.Raw Material purchasedDirect Labor..Annual Manufacturing O.H..$ 191,000300,000175,000Alex Company applies manufacturing overhead at the rate of 60 percent of direct-laborcost. Any over-applied or under applied manufacturing is accumulated until the end ofthe year.Required:4. Alex Company's cost of goods sold for January.5. Alex Company's balance in the manufacturing overhead account on January 31.Underapplied or overapplied? By how much?BOXYOURFINALANSWER!!! SHOWCOMPLETESOLUTIONS!!!

Solution 4: Alex Company Schedule of cost of goods manufactured Particulars Details Amount…

Alex Company manufactures finger splints for kids who gets tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January 2021. January 1 $ 125,000 235,000 134,000 January 31 $ 117,000 251,000 124,000 Finished Goods WIP. . Raw Material. . The following additional manufacturing data pertains to January operations. Raw Material purchased $ 191.000

Alex Company manufactures finger splints for kids who gets tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January 2021. January 1 $ 125,000 235,000 134,000 January 31 $ 117,000 251,000 124,000 Finished Goods WIP. . Raw Material. . The following additional manufacturing data pertains to January operations. Raw Material purchased $ 191.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A manufacturing firm provides the following data for the month of January 2020. Find the firm's cost of goods manufactured for January month. Direct material cost used in the production process=1,250,000 Direct Labor=1,700,500 Work in process inventory on January 1 =450,000 Work in process inventory on January 31 =365,000 Factory overheads in total=3,800,400
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet
Golden Ventures has the following inventories for the month of December 2020: December 1 December 31 Materials P 18,000 P 14,000 Work-in-process 32,000 24,800 Finished goods 72,000 60,000 During December, purchases of direct materials were P 36,000. Direct labor and factory overhead costs were P 40,000 and P56,000 respectively. The cost of goods manufactured in December was Group of answer choices P 155,200 P 143,200 P 148,000 P 136,000
The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 ? Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020…
The following information was reported by AS Company for the month of September 2019. The total cost of direct materials purchased and the cost of goods manufactured during September is? The total cost of direct materials purchased = Cost of goods manufactured = September 1 September 30 Direct materials 80000 100000 Work in process finished goods 50000 70000 Finished goods 120000 140000 Direct labor cost 240000 Factory overhead 216000 Cost of goods sold 766000 Total purchases of raw materials amounted to 350000. The ending inventory of raw materials is 20000 more than the beginning inventory. The raw materials used for the period is? Raw materials used =
Computer Company is a manufacturer of personal computers and tablets. During its first month of manufacturing, Peaton Computer Company incurred the following manufacturing costs: LOADING... (Click the icon to view account balances.) LOADING... (Click the icon to view other information.) Prepare a schedule of cost of goods manufactured for Peaton Computer Company for the month ended January 31, 2024. Data Table Balances: Beginning Ending Direct Materials $10,200 $8,700 Work-in-Process Inventory 0 19,000 Finished Goods Inventory 0 33,000 Data Table Other information: Direct materials purchases $13,000 Plant janitorial services 1,000 Sales salaries expense 7,000 Delivery expense 1,200 Net sales revenue 1,150,000 Utilities for plant 12,000 Rent on plant 7,000 Customer service…
An analysis of the accounts of Marin Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process Finished goods Beginning Ending $9,800 $14,380 7,550 9.000 (a) 5,300 9,800 Costs incurred: raw materials purchases $57,500, direct labor $49,300, manufacturing overhead $22,160. The specific overhead costs were: indirect labor $5,700, factory insurance $4,500, machinery depreciation $4,500, machinery repairs $2,090, factory utilities $3,780, and miscellaneous factory costs $1,590. (Assume that all raw materials used were direct materials.) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. MARIN COMPANY Cost of Goods Manufactured Schedule UIL JUI
Gore Company makes products for sporting events. The following data are for the year ended December 31, 2014: Materials inventory, January 1, 2014 $45,000Materials inventory, December 31, 2014 65,000Materials purchases 175,000Direct labor 225,000Work in process inventory, January 1, 2014 30,000Work in process inventory, December 31, 2014 40,000Manufacturing overhead 130,000Finished goods inventory, January 1, 2014 80,000Finished goods inventory, December 31, 2014 140,000Prepare a Cost of Goods Manufactured Statement and compute the cost of goods sold.
Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Requisitioned direct materials and used direct labour in manufacturing Direct Materials Direct Labour Job 551 Job 552 Job 553 Job 554 $70,200 97,500 105,300 117,000 $61,200 115,600 78,200 85,000 Issued indirect materials to production, $30,000 Charged indirect manufacturing wages to production, $60,000 Depreciation of production machinery, $85,000 Other manufacturing overhead…
Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. i) Purchased materials on account, $392,000 ii) Incurred manufacturing wages of $400,000 iii) Requisitioned direct materials and used direct labour in manufacturing Direct Materials Direct Labour Job 551 $70,200 $61,200 Job 552 97,500 115,000Job 553 105,300…
Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Direct Materials Direct Labour Job 551 Job 552 Job 553 Job 554 $70200 97,500 105,300 117,000 $61,200 115,600 78,200 85,000 Requisitioned direct materials and used direct labour in manufacturing Issued indirect materials to production, $30,000 Charged indirect manufacturing wages to production, $60,000 Depreciation of production…
Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. i) Purchased materials on account, $392,000 ii) Incurred manufacturing wages of $400,000 iii) Requisitioned direct materials and used direct labour in manufacturing Direct Materials Direct Labour Job 551 $70,200 $61,200 Job 552 97,500 115,600 Job 553 105,300 78,200 Job 554 117,000 85,000 iv) Issued indirect materials to production, $30,000 v) Charged indirect manufacturing wages to production, $60,000 vi) Depreciation of production machinery, $85,000 vii) Other manufacturing overhead…