Raw Materials InventoryDebitCredit46,40025,6509,400Work in Process InventoryDebitCredit25,650 171,72087,150104,0841. Compute the amount for each of the following.a. Direct materials usedb. Indirect materials usedc. Direct labor usedd. Indirect labor usedFactory Wages PayableDebitCreditRequired 1 Required 2127,400Finished Goods InventoryDebitCredit171,720 154,690e. Cost of goods manufacturedf. Cost of goods sold (before closing over- or underapplied overhead)2. Compute the amount that overhead is overapplied or underapplied.87,15041,650Complete this question by entering your answers in the tabs below.Compute the amount that overhead is overapplied or underapplied.Overapplied overhead< Required 1Required 2 >Factory Overhead9,40041,65062,770DebitCredit104,084Check cesTelstar uses job order costing. The T-accounts below summarize its production activity for the year.Raw Materials InventoryFactory Wages PayableDebitCreditDebitCraw46,40025,6509,400Work in Process InventoryDebitCredit25,65087,150104,084171,7201. Compute the amount for each of the following.a. Direct materials usedb. Indirect materials used127,400Required 1 Required 2c. Direct labor usedd. Indirect labor usede. Cost of goods manufacturedf. Cost of goods sold (before closing over- or underapplied overhead)2. Compute the amount that overhead is overapplied or underapplied.Finished Goods InventoryDebitCredit171,720 154,690Credit87,15041,650Complete this question by entering your answers in the tabs below.Compute the amount that overhead is overapplied or underapplied.< Prev9 of 20wwwwwwFactory OverheadDebitNext >9,40041,65062,770Credit104,084

Name: Raw Materials InventoryDebitCredit46,40025,6509,400Work in Process In
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Description: Raw Materials InventoryDebitCredit46,40025,6509,400Work in Process InventoryDebitCredit25,650 171,72087,150104,0841. Compute the amount for each of the following.a. Direct materials usedb. Indirect materials usedc. Direct labor usedd. Indirect labor

When the actual overhead is deducted from the applied overhead and the amount so obtained is…

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Raw Materials Inventory Debit Credit 46,400 25,650 9,400 Work in Process Inventory Debit Credit 25,650 87,150 104,084 171,720 1. Compute the amount for each of the following. Factory Wages Payable Debit 127,400 Required 1 Required 2 a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Credit 87,150 41,650 Finished Goods Inventory Debit Credit 171,720 154,690 Complete this question by entering your answers in the tabs below. Compute the amount that overhead is overapplied or underapplied. Overapplied overhead Factory Overhead Debit 9,400 41,650 62,770 Credit 104,084

Raw Materials Inventory Debit Credit 46,400 25,650 9,400 Work in Process Inventory Debit Credit 25,650 87,150 104,084 171,720 1. Compute the amount for each of the following. Factory Wages Payable Debit 127,400 Required 1 Required 2 a. Direct materials used b. Indirect materials used c. Direct labor used d. Indirect labor used e. Cost of goods manufactured f. Cost of goods sold (before closing over- or underapplied overhead) 2. Compute the amount that overhead is overapplied or underapplied. Credit 87,150 41,650 Finished Goods Inventory Debit Credit 171,720 154,690 Complete this question by entering your answers in the tabs below. Compute the amount that overhead is overapplied or underapplied. Overapplied overhead Factory Overhead Debit 9,400 41,650 62,770 Credit 104,084

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

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Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
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
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 HOBBIT COMPANY Cost of Goods Manufactured Schedule 165,180 22,660 24,790 39,270 77.660 $186,990 141,720 $213,960
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
The following events occurred during March for Ajax Company. A. Materials were purchased on account for $35,427. B. Materials were requisitioned to begin work on Job C15 in the amount of $25,260. C. Direct labor expense for Job C15 was $24,127. D. Actual overhead was incurred on account of $32,851. E. Factory overhead was charged to Job C15 at the rate of 200% of direct labor. F. Job C15 was transferred to finished goods at $97,641. G. Job C15 was sold on account for $399,000. Prepare a journal entry for each transaction. If an amount box does not require an entry, leave it blank. A. Raw Materials Inventory 35,427 Accounts Payable 35,427 В. Work in Process Inventory 25,260 Raw Materials Inventory 25,260 C. Work in Process Inventory С. 24,127 Raw Materials Inventory Work in Process Inventory D. 32,851 Manufacturing Overhead 32,851 E. Previo Email Instructor Su All work saved.
Analyze T-accounts given below: Raw material inventory Balance $15 Purchased $245 Used Balance $30 Work-in-progress inventory $30 Cost of goods $245 manufactured S310 Balance Direct material $540 Direct labor Manufacturing overhead $130 Balance $40 Amount of indirect material used is: a. $230 b. $110 c. $120 d. $340
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
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 $541,930
For each of the following independent cases A-D, compute the missing values: (Enter all amounts as positive v Total Current Beginning Work Ending Work in in Process Inventory Cost of Goods Case Manufacturing Costs Process Inventory Manufactured A. 2$ 5,200 $ 1,700 $ 700 B 1,700 1,420 2,610 C 580 1,590 7,310 D 8,850 1,050 6,775
Account Titles and Explanation Debit Credit Direct Materials Inventory 583000 Accounts Payable 58300 (To record purchase of direct materials) Manufacturing Overhead 132000 (10 recora appiiea manuracturing overnead) Supplies Inventory 13200 7. Finished Goods Inventory 2410000 (To record use of indirect materials in production) Work in Process Inventory 569000 Work in Process Inventory 241000 56900 (To record transfer of completed goods to Finished Goods Inventory) Direct Materials Inventory (To record use of direct materials in production) 8. Cost of Goods Sold 2398000 Work in Process Inventory 791000 Wages Payable 79100 Finished Goods Inventory 239800 (To record direct labor payroll) (To record cost of goods sold for the period) Manufacturing Overhead 690000 Accounts Payable 690001 (To record actual manufacturing overhead) Work in Process Inventory 1071000 Manufacturing Overhead 107100
Use the included information about Raw Materials Inventory (RM), Work in Process Inventory (WIP), Finished Goods Inventory (FG), and the Income Summary (IS). Determine the total conversion costs added. 1 2 3 4 5 6 7 1 00 RM B Bal T1 T2 T3 T4 E Bal 8 9 FG 10 B Bal 11 T1 12 T2 13 T3 14 T4 15 E Bal 2 Debits 4300 29 050 Debits 4800 45 592 3 Credits 28 000 Credits 33 500 4 5 WIP B Bal DM DL FOH CGM E Bal IS Rev CGS V Op Exp F Op Exp NIBT 6 Debits 8920 28 000 17 430 11 130 Debits 33 500 5130 7960 7 Credits 45 592 Credits 66 200