Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) (d) (e) (1) Rainier Company $100,000 5,998,500 400,000 382,000 950,000 938,500 (a) 2,860,000 (b) 1,330,000 1,800,000 446,000 615,000 596,500 9,220,000 1,000,000 (c) (d) Yakima Company 48,200 50,000 710,000 (e) (1) $ 2,484,200 2,660,600 176,400 2,491,500 190,000 4,550,000 2,470,000 1,500,000

Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) (d) (e) (1) Rainier Company $100,000 5,998,500 400,000 382,000 950,000 938,500 (a) 2,860,000 (b) 1,330,000 1,800,000 446,000 615,000 596,500 9,220,000 1,000,000 (c) (d) Yakima Company 48,200 50,000 710,000 (e) (1) $ 2,484,200 2,660,600 176,400 2,491,500 190,000 4,550,000 2,470,000 1,500,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. А. Chi-Lite Inc. Income Statement For the Month Ended June 30 Revenues Gross profit Selling and administrative expenses: Total selling and administrative expenses Income from operations В. Materials inventory: Purchased materials Less: Materials used in production Materials inventory, June 30 Work in process inventory: Materials used in production Direct labor Factory overhead Additions to work in process Less: Transferred to finished goods Work in process inventory, June 30 Finished goods inventory: Transferred to finished goods Less: Cost of goods sold Finished goods inventory, June 30
Which document lists the inventory that will be removed from the raw materials inventory? A. job cost sheet B. purchase order C. materials requisition form D. receiving document
D. What is the journal entry to dispose of the over- or underapplied overhead? If an amount box does not require an entry, leave it blank. Cost of Goods Sold 38 Manufacturing Overhead
TB MC Qu. 3-30 (Static) The final step in recognizing the... The final step in recognizing the completion of production requires a company to: Multiple Choice add direct materials to Finished-Goods Inventory. add direct labor to Work-in-Process Inventory. add direct materials, direct labor, and manufacturing overhead to Work-in-Process Inventory. debit Finished-Goods Inventory and credit Work-in-Process Inventory. debit Work-in-Process Inventory and credit Finished-Goods Inventory.
You have the following data: Cost of goods sold Direct labour Direct materials Cost of goods manufactured Work-in-process ending Finished goods ending Manufacturing overhead Which of the following represents the beginning work-in-process inventory? O $25. $15. O $20. $55. $70 $20 $15 $80 $10 $15 $30
The journal entry to write-off a significant underapplied overhead balance at the end of an accounting period is: A. Applied Manufacturing Overhead xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx B. Applied Manufacturing Overhead xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx C. Applied Manufacturing Overhead xxx Work-In-Process Inventory xxx Finished Goods Inventory xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx D. Applied Manufacturing Overhead xxx Work-In-Process Inventory xxx Finished Goods Inventory xxx Cost of Goods Sold xxx Manufacturing Overhead Control xxx Option A Option B Option C Option D
Which of the following statements regarding work in process is not correct? a. Work in process is partially completed inventory. b. None of the given answer. С. Work-in-Process Inventory appears on the year-end balance sheet. d. Work in process consists of direct labor, direct material, and applied manufacturing overhead. e. Work-in-Process Inventory is credited to record direct material used and direct labor incurred.
PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold
10-Identify the journal entry for abnormal wastage. a. Dr.Material inventory, Cr.Work in process inventory b. Dr.Costing profit and loss account, Cr.Work in process inventory c. Dr.Material inventory, Cr.Production overheads d. Dr.Production overheads, Cr.Work in process inventory
S1: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account is debited.S2: Over-applied overhead that is material in amount is closed to the Cost of Sales account at year-end. Group of answer choices False; True False; False True; True True; False
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process: Less: Work in process (12/31) Cost of goods manufactured Cost of Goods Manufactured Schedule 168,130 27,530 26,260 39,410 78,070 $183,200 143,740 $213,140 87,830 $541,930