Question

Explain is Raw Material, Work in Progress, Finished goods and cost of goods manufactured from manufacturing...

Explain is Raw Material, Work in Progress, Finished goods and cost of goods manufactured from manufacturing company?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Yes, Raw Material, Work in Progress, Finished goods and cost of goods manufactured from manufacturing company

Because this terms are important for the Manufacturing companies for estimating whether its manufacturing cost is as per budget and if any deviation then what is its Root cause

Where are other Wholesale an retails deals with only Finished goods and cost of goods sold

While Manufacturing company bear the cost right from Raw Material Purchase , Work in progress and cost of handling the finished goods and other cost such as cost of manufacturing.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview...
Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $318,000 Selling and administrative expenses 127,500 Purchases of raw materials 48,000 Direct labor 30,000 Manufacturing overhead 58,500 Inventories August 1 August 31 Raw materials $ 11,000 $ 5,000 Work-in-process 17,000 11,000 Finished goods 15,000 22,000 Required Prepare a statement of cost of goods manufactured and an income statement for August 2017. Do not use negative signs with...
Explain the operation of process costing, including the way the unit costs of finished goods are...
Explain the operation of process costing, including the way the unit costs of finished goods are determined a. Debt Credit Work in progress Department Y 262000 Work in progress Department x 262000 b. WIP Department Y 322000 Raw material 210,000 Direct Labor 45,000 Manufacturing Overhead 67,000 c. Finished Goods inventory 669,000 WIP Inventory Dep 669,000
Information for Riley Manufacturing Company is presented below. Compute both the cost of goods manufactured and...
Information for Riley Manufacturing Company is presented below. Compute both the cost of goods manufactured and the cost of goods sold for the company. Hint: You will need to calculate the cost of raw materials used as raw materials used is a component of total manufacturing costs. Checks: COGM should be a number greater than $223,000 but less than $226,000. COGS should be a number greater than $242,000.    Beginning raw materials inventory   $36,800 Beginning work in process inventory   21,200...
5) The journal entry for cost of goods manufactured includes the costs of units that are...
5) The journal entry for cost of goods manufactured includes the costs of units that are partially completed. 6) Advertising costs should NOT be charged to the Manufacturing Overhead account. 7) The following entry would be used to record the transfer of $40,000 of direct material and $10,000 of indirect material from the storeroom to production: Direct Materials 40,000 Indirect Materials 10,000 Raw Materials 50,000 8) Entry (16) in the below T-account represents the cost of goods manufactured transferred to...
Cost of Goods Sold, Cost of Goods Manufactured. PLEASE EXPLAIN AND BOLD ANSWERS Timbuk 3 Company...
Cost of Goods Sold, Cost of Goods Manufactured. PLEASE EXPLAIN AND BOLD ANSWERS Timbuk 3 Company has the following information for March: Cost of direct materials used in production $44,000 Direct labor 54,000 Factory overhead 28,000 Work in process inventory, March 1 32,000 Work in process inventory, March 31 31,600 Finished goods inventory, March 1 23,000 Finished goods inventory, March 31 15,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost...
Terms: overhead application rate manufacturing overhead cost of goods sold cost of finished goods manufactured cost...
Terms: overhead application rate manufacturing overhead cost of goods sold cost of finished goods manufactured cost accounting managerial accounting work in process inventory period costs product costs Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term, described, or answer "None" if the statement does not correctly describe any of the items. a.) a manufacturing cost that can be traced conveniently and directly into manufactured units of product....
What type of inventory does Apple hold? (raw material, work in process, finished goods). Provide examples...
What type of inventory does Apple hold? (raw material, work in process, finished goods). Provide examples of goods held. How does the company value its inventories?
ABC Company reports the following cost information for August: Cost of goods manufactured $135,800 Finished goods...
ABC Company reports the following cost information for August: Cost of goods manufactured $135,800 Finished goods inventory, Aug. 1 30,200 Finished goods inventory, Aug. 31 Work in process inventory, Aug. 1 22,500 Work in process inventory, Aug. 31 Direct materials used 25,300 35,300 18,500 Direct labor incurred in August amounted to 150% of manufacturing overhead in August. What is cost of goods sold for August?
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Lily Company. LILY COMPANY Cost of Goods Manufactured Schedule December 31, 2020For the Month Ended December 31, 2020For the Year Ended December 31, 2020 Work in process (1/1) $216,130 Direct materials    Raw materials inventory (1/1) $    Add: Raw materials purchases 165,710    Total raw materials available for use    Less: Raw materials inventory (12/31) 30,350 Direct materials used $189,120 Direct labor Manufacturing overhead    Indirect...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $71,890 $97,770 Materials inventory, December 31 (a) 110,480 Materials purchased 182,600 (a) Cost of direct materials used in production 192,670 (b) Direct labor 271,030 219,980 Factory overhead 84,110 109,500 Total manufacturing costs incurred in December (b) 632,570 Total manufacturing...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT