The ABC Company had beginning work in process inventory of 50,000 and ending work in process inventory of 55,000. Manufacturing overhead applied to work in process during the period was 78,000 and actual manufacturing overhead was 87,000. Unadjusted cost of goods sold was 900,000. What is ABC Company's adjusted cost of goods sold?

The ABC Company had beginning work in process inventory of 50,000 and ending work in process inventory of 55,000. Manufacturing overhead applied to work in process during the period was 78,000 and actual manufacturing overhead was 87,000. Unadjusted cost of goods sold was 900,000. What is ABC Company's adjusted cost of goods sold?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...

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Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
Account balances from Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 Under- or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Oa. $1,440,000. Ob. $640,000. Oc. $960,000. Od. $1,040,000.
Account balances from the Boilermakers Company are as follows: Manufacturing Overhead $240,000 underapplied Work in Process 100,000 Finished Goods 300,000 Cost of Goods Sold 800,000 Question: If underapplied or overapplied overhead is immaterial, Cost of Goods Sold after adjustment would have a balance of?
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includesdirect material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 Required: a. The cost of raw material purchased during the year b. Direct labor cost charged to production during the year c. Cost of Goods Manufactured d. Cost of Goods Sold
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 8. Cost of Goods Manufactured wasa. P636.b. P716.c. P736.d. P766.
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 9. Cost of Goods Sold wasa. P691.b. P716.c. P736.d. P801.
Use the information provided for preparing the statement of the cost of goods sold of Pacific States Manufacturing for the year just ended to answer the question number 10 to 13 Q # 10) what is the amount of direct materials used/consumed? Pacific States Manufacturing for the year just ended sales 31,800 purchase of direct materials 7,000 direct labor 5,000 work in process inventory, 1/1 800 work in process inventory, 12/31 3,000 fineshed goods inventory, 1/1 4,000 fineshed goods inventory, 12/31 5,300 accounts payable, 1/1 1,700 accounts payable, 12/31 1,500 direct materials inventory, 1/1 6,000 direct materials inventory, 12/31 1,000 indirect labour 600 indirect materials used 500 utilities expense, factory 1,900 Depreciation on factory equipment…
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 7. Direct labor cost charged to production during the year wasa. P135.b. P216.c. P225.d. P360.
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1. Cost of raw materials $132,000 2. Indirect materials $31,000 3. Indirect labor cost $19,000 4. Cost of goods manufactured $503,000 5. Unadjusted cost of goods sold $477,500 Questions: 1.If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 2. Was manufacturing overhead underapplied or overapplied? By how much? 3. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?
The records of ABC Corporation revealed the following data for the current year. Work in Process P73,150 Finished Goods P115,000 Cost of Goods Sold P133,650 Direct Labor P111,600 Direct Material P84,200 Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is needed to close the overhead account to Finished Goods? (Round decimals to nearest whole percent.)
N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000

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The ABC Company had beginning work in process inventory of 50,000 and ending work in process inventory of 55,000. Manufacturing overhead applied to work in process during the period was 78,000 and actual manufacturing overhead was 87,000. Unadjusted cost of goods sold was 900,000. What is ABC Company's adjusted cost of goods sold?






A	886,000
B	891,000
C	909,000
D	914,000