Fort Corporation had the following transactions during its first
month of operations:
1.
Purchased raw materials...
Fort Corporation had the following transactions during its first
month of operations:
1.
Purchased raw materials on account,
$85,000.
2.
Raw Materials of $30,000 were
requisitioned to the factory. An analysis of the materials
requisition slips indicated that $6,000 was classified as indirect
materials.
3.
Factory labor costs incurred were
$175,000.
4.
Time tickets indicated that $145,000
was direct labor and $30,000 was indirect labor.
5.
Overhead costs incurred were
$198,000.
6.
Manufacturing overhead was applied at
the rate of...
2. During February, the following transactions were recorded at
Cuenca Corporation. The company uses process costing....
2. During February, the following transactions were recorded at
Cuenca Corporation. The company uses process costing.
(1)
Raw materials that cost $38,300 are withdrawn from the storeroom
for use in the Assembly Department. All of these raw materials are
classified as direct materials.
(2)
Direct labor costs of $21,700 are incurred, but not yet paid, in
the Assembly Department.
(3)
Manufacturing overhead of $45,200 is applied in the Assembly
Department using the department’s predetermined overhead rate.
(4)
Units with a...
Alexandria Aluminum Company, a manufacturer of recyclable soda
cans, had the following inventory balances at the...
Alexandria Aluminum Company, a manufacturer of recyclable soda
cans, had the following inventory balances at the beginning and end
of 20x1.
Inventory Classification
January 1, 20x1
December 31, 20x1
Raw material
$
50,000
$
70,000
Work in process
120,000
115,000
Finished goods
150,000
165,000
During 20x1, the company purchased $250,000 of raw material and
spent $400,000 on direct labor. Manufacturing overhead costs were
as follows:
Indirect material
$
8,000
Indirect labor
24,000
Depreciation on plant and equipment
100,000
Utilities
24,000...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process, and materials
were $36,000, $31,000 and $27,000 respectively. The desired
inventories on December 31 for finished goods, work in process, and
materials were $43,000, $37,000 and $20,000 respectively. Direct
material purchases were $570,000. Direct labor was $230,000 for the
year. Factory overhead was $143,000.
Finished goods inventory, January 1
$
Work in process inventory, January 1
$
Direct materials:
Direct materials, January 1
$...
Basil Industries reported the following information for
December:
Please show work
Beginning balance, Raw Materials Inventory...
Basil Industries reported the following information for
December:
Please show work
Beginning balance, Raw Materials Inventory
$187,500
Beginning balance, Work in process Inventory
300,000
Beginning balance, Finished Goods Inventory
106,250
Purchases of raw materials
337,500
Factory electricity
62,500
Direct labor payroll
200,000
Depreciation on factory equipment
218,750
Insurance on factory building
50,000
Indirect materials used in production
43,750
Total raw materials used in production
406,250
Indirect labor payroll
150,000
Cost of goods manufactured
1,250,000
Cost of goods sold
1,312,500
Required:...
1.
A company had beginning inventories as follows: Direct
Materials, $300; Work-in-Process, $500; Finished Goods, $700....
1.
A company had beginning inventories as follows: Direct
Materials, $300; Work-in-Process, $500; Finished Goods, $700. It
had ending inventories as follows: Direct Materials, $400;
Work-in-Process, $600; Finished Goods, $800. Material Purchases
(net including freight) were $1,400, Direct Labor $1,500, and
Manufacturing Overhead $1,600. What is the Cost of Goods Sold for
the period?
$4,100.
$4,200.
$4,300.
$4,400.
2.
The journal entry to record the completion of a job in a job
costing system is:
A.
Finished Goods
Inventory
xxx...
Fuzzei Company has the following information for February:
Cost of direct materials used in production $...
Fuzzei Company has the following information for February:
Cost of direct materials used in production $ _____10,200
Direct labor ______________________________________32,000
Indirect costs ____________________________________18,000
Production balance in process, February 1. ________25,000
Production balance in process, February 28. _______26,000
Balance of finished goods warehouse, February 1.__ 11,000
Finished goods warehouse balance, February 28._____13,000
a) Determine the production cost of the finished items ______________
b) Determine the cost of sales ________________
Sleep Tight
manufactures comforters. The estimated inventories on January 1 for
finished goods, work in process,...
Sleep Tight
manufactures comforters. The estimated inventories on January 1 for
finished goods, work in process, and materials were $37,000,
$34,000 and $25,000 respectively. The desired inventories on
December 31 for finished goods, work in process, and materials were
$44,000, $33,000 and $19,000 respectively. Direct material
purchases were $575,000. Direct labor was $206,000 for the year.
Factory overhead was $147,000.
Prepare a cost of
goods sold budget for Sleep Tight, Inc.
Sleep
Tight, Inc.
Cost of
Goods Sold Budget
For...
Sierra Company manufactures soccer balls in two sequential
processes: Cutting and Stitching. All direct materials enter...
Sierra Company manufactures soccer balls in two sequential
processes: Cutting and Stitching. All direct materials enter
production at the beginning of the Cutting process. The following
information is available regarding its May inventories:
Beginning
Inventory
Ending
Inventory
Work in process inventory—Cutting
53,500
65,500
Work in process inventory—Stitching
73,300
63,600
Finished goods inventory
22,100
10,250
The following additional information describes the company's
production activities for May.
Direct materials
Raw materials purchased on credit
$
30,000
Direct materials used—Cutting
22,000
Direct materials...
1.
Raw Materials Inventory, Jan 1 $75,000
Raw Materials Inventory, Dec 31 $30,000
Work in Process...
1.
Raw Materials Inventory, Jan 1 $75,000
Raw Materials Inventory, Dec 31 $30,000
Work in Process Inventory, Jan 1 $105,000
Work in Process Inventory, Dec 31 $75,000
Finished Goods Inventory, Jan 1 $25,000
Finished Goods Inventory, Dec 31 $130,000
Material Purchases $65,000
Direct Labor $150,000
Indirect Labor $10,000
Factory Utilities $25,000
Factory Supplies $5,000
Factory Rent $95,000
Depreciation on Office Building $15,000
a. Direct Materials Used
b. Factory Overhead
c. Cost of Goods Manufactured
d. Cost of Goods Sold