QS 18-6 (Algo) Computing ending work in process inventory LO P1 Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased $ 128,800 Direct materials used 84,000 Direct labor used 54,000 Factory overhead 105,500 Work in process inventory, beginning 27,200 Cost of goods manufactured 222,800
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- SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 100% 100% 30% 20% $56,700 $ 16,800 260,600 280,600 $125,680 $ 242,012 71,000 51,000 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May 4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May. Complete this question by entering your answers in the tabs below. Required…
- Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 11,800 $ 54,600 $ 34,300 Ending $ 18,400 $ 66,000 $ 42,900 $ 32,000 $ 4,700 $ 59,600 $ 88,000 $ 4,060 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.m Exam Compute the Work-in-Process transferred to the finished goods warehouse on April 30 using the following information: $305 280 Work-In-Process Inventory, April 30 Direct material purchased during April Work-In-Process Inventory, April 1 Direct labor costs incurred 330 2857 430 Manufacturing overhead costs Direct materials used in production 380 255 Multiple Choice $1,140. $1,065. $1,090. Prev 1 of 50 Next >Inventory of work in process Inventory of finished goods Direct materials used Direct labor Manufacturing overhead Selling expenses December 31 $ 40,000 60,000 a. Work in process inventory b. Cost of finished goods manufactured c. Cost of goods sold d. Total manufacturing costs 250,000 120,000 145,000 135,000 January 1 $ 18,000 68,000 Required: a. Find the amount debited to the Work In Process Inventory account during the year. b. What is the cost of finished goods manufactured for the year? c. What is the cost of goods sold for the year? d. What are the total manufacturing costs for the year?
- Purchases of raw materials Indirect materials used in production Direct labor Manufacturing overhead applied to work in process Underapplied overhead Inventories Raw materials Work in process Finished goods Beginning $ 10,100 $ 55,600 $ 34,100 Ending $ 18,500 $ 66,700 $ 43,200 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Required 1 Required 2 Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: $32,000 $ 4,690 $ 59,900 $ 87,300 $ 4,070 Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials used…S Raw materials Work in process Finished goods Beginning Inventory $ 28,100 22,200 79,400 Raw materials purchases Indirect materials used Direct labor Additional information for the month of March follows: Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue Required 1 Required 2 Inventory Required: 1. Based on the above information, prepare a cost of goods manufactured report. 2. Based on the above information, prepare an income statement for the month of March. Complete this question by entering your answers in the tabs below. $ 25,300 45,600 68,900 Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Based on the above information, prepare an income statement for the month of March. Stor Smart Company Income Statement For the Month of March Net Income (Loss) from Operations $ 41,300 1,800 63,900 36,000 24,900 237,600Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost Information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units 33,500 470,000 468,500 35,000 Completed and transferred out Ending work in process $ 55,000 22,100 Units 1,745,000 1,154,020 Complete this question by entering your answers in the tabs below. EUP
- Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion View transaction list Journal entry worksheet < 1 Note: Enter debits before credits. Date November 30 Record entry Units General Journal 3,000 11,300 10,000 4,300 Clear entry Complete for Direct Materials 70% $ 1,533 761 QS 16-13 (Algo) Weighted average: Entry to transfer costs LO P4 Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the Painting department. Use the weighted average method. 11,907 21,819 Record the transfer of costs from the Assembly department to the Painting department (weighted average method.) 80% Percent Complete for Conversion 30% $ 2,294 Debit 33,726 30% Credit View general journalnapters 1,2, & 2 Beginning WIP Direct materials Direct labor Applied overhead The Work in Process Inventory account for DG Manufacturing follows. Compute the cost of jobs completed and transferred to Finished Goods Inventory. To finished goods Ending WIP # "* 3 Multiple Choice ✔ J The cost of jobs transferred to finished goods is: E D Debit $91,700. $102,400. $ 4 101 R תו F % 1/ Work in Process Inventory 5 6,300 48,900 T A 31,400 17,600 12,500 16 A 40 6 Y D G H & 4- Q Search 7 ) O O L fu AAI P 112 + [ ins prt sc 4 Help 1 delete backspaExercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Rundle Company and Rooney Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Rundle Actual manufacturing overhead Aatual direet labor hours Underapplied overhead Overapplied overhead Сoпpany $119,150 21,000 Rooney Company $262,250 25,000 11,000 $ 21,500 Required a. Compute the predetermined overhead rate for each company. b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Rundle Compamy Rooney Company Predetermined overhead rate Required A Required B>