Question

The Enrique Company recorded the following transactions for February 20x1: Materials Work in Process Finished Goods...

The Enrique Company recorded the following transactions for February 20x1:
Materials
Work in Process
Finished Goods
Purchases
$100,000
Beginning inventory
180,000
$ 8,000
$ E
Ending inventory
A
30,000
30,000
Direct materials used
90,000
Direct labor
B
Manufacturing overhead (includes indirect materials used of $10,000)
115,000
Transferred to finished goods
C
Cost of goods sold
D
Sales were $560,000, with sales prices determined by adding a 40% markup to the firm's manufacturing cost. The total cost of direct materials used, direct labor, and manufacturing overhead during the month was $285,000.
Note: The materials account includes both direct materials and indirect materials.
Required:
Calculate the missing values.

Homework Answers

Answer #1

SOLUTION:

Item: A
Beginning materials 18,000
Plus: Purchases 100,000
Minus: Direct materials used -90,000
Minus: Indirect materials used -10,000
Ending materials 18,000
Item: B
Total production costs 285,000
Minus: Direct materials used -90,000
Minus: Manufacturing overhead -115,000
Direct labor 80,000
Item: C
Beginning work in process 8,000
Plus: Total production costs 285,000
Minus: Ending work in process -20,000
Transferred to finished goods 273,000
Item: D
Sales 560,000
Rate 140%
COGS 400,000
Item: E
Ending finished goods 30,000
Plus: Cost of goods sold 400,000
Minus: Transferred to finished goods -273,000
Beginning finished goods 157,000
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT