Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,050,000 86,000 112,000 146,000 396,000 475,000 71,000 57,000 114,000. 182,000 291,000 103,000 134,000 175,000 Exercise 1-13 (Algo) Preparing schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of noods manufactured for the

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,050,000 86,000 112,000 146,000 396,000 475,000 71,000 57,000 114,000. 182,000 291,000 103,000 134,000 175,000 Exercise 1-13 (Algo) Preparing schedule of cost of goods manufactured LO P2 Prepare its schedule of cost of noods manufactured for the

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 11E: The charges to Work in ProcessAssembly Department for a period, together with information concerning...

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Summary information from a companys job cost sheets shows the following information: What are the balances in the work in process inventory, finished goods Inventory, and cost of goods sold for April, May, and June?
Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for May is as follows: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. B. Determine the materials inventory balance at the end of May. C. Journalize the summary entry to transfer materials to work in process. D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
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.
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.
Refer to the information for Deporte Company above. Required: 1. Prepare a journal entry for the purchase of raw materials. 2. Prepare a journal entry for the issuance of raw materials. 3. Prepare a journal entry for the addition of labor to Work in Process. 4. Prepare a journal entry for the closing of variances to Cost of Goods Sold.
Job cost sheets show the following information: What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?
The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: a. The number of units in work in process inventory at the end of the period b. Equivalent units of production for direct materials and conversion c. Costs per equivalent unit for direct materials and conversion d. Cost of the units started and completed during the period
mework i ces W 3 ! Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales. Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases how ma Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Direct materials: Raw materials inventory, beginning Add: Raw materials purchases * Prepare its schedule of cost of goods manufactured for the year ended December 31. DELRAY MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31 14 O 16 $ 2,700,000 112,000 146,000 190,000 515,000 618,000 93,000 74,000 148,000 237,000 $ 112,000 515,000 Q Search 379,000 134,000 175,000 228,000 17…
Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases selling expenses sales Cash Accounts receivable, net Garcon Company $ 13,300 16,300 11,700 30,250 23,200 19,250 24,100 6,000 13,650 32,000 14,700 6,500 42,000 54,000 295,230 25,000 14,400 Pepper Company $ 17,350 23,250 10,500 22,000 37,000 16, 200 19, 200 7,400 12,250 54,000 13,920 3,600 65,000 59, 200 391,960 20, 200 23,950 Exercise 14-7 (Algo) Computing cost of goods…
Required Information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper Prepare the income statement for Garcon Company. Cost of goods sold: Goods available for sale Cost of goods sold Garcon Company GARCON COMPANY Income Statement For Year Ended December 31 $ 13,300 16,300 11,700 30,250 23,200 19,258
Required Information Use the following Information for the Exercises below. (Algo) [The following Information applies to the questions displayed below] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Units Inite $ 29,950 3,540 412,450 221,250 3,000 36,500 36,000 3,500 $ 33,490 633,700 $ 667,190 Direct Materials Percent Complete 100% 100% Exercise 20-14 (Algo) Weighted average: Production cost report LO P2 Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2…