Question

EmilyAnne Company has the following information:                   Direct Labor              &

EmilyAnne Company has the following information:

                  Direct Labor                                                            $  80,000

                  Beginning Finished goods inventory                 $  10,000                                                              

                  Ending Finished goods inventory                      $  40,000

                  Manufacturing Overhead Applied                     $  90,000

                  Raw [direct] Materials Used in Production      $ 50,000

                  Beginning Work in Process Inventory               $ 30,000

                  Ending Work in Process inventory                     $ 72,000

                  OVERapplied Manufacturing Overhead             $  8,000

    Required

          IN GOOD FORM, complete the partial “Inventory Schedules and Cost of Goods Sold” statement shown below. Place the above items in the proper places on the statement.

                                                     EmilyAnne Company

                                      Inventory Schedules and Cost of Goods Sold

              Beginning Work-In-Process Inventory                  $30,000

                                                                                              ----------------

               Cost of Goods Manufactured

                                                                                               ----------------

              Unadjusted Cost of Goods Sold

                                                                                                -----------------

              Cost of Goods Sold

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
EmilyAnne Company
Inventory Schedules and Cost of Goods Sold
Particulars (In $)
Beginning Work-In-Process Inventory 30000
Cost of Goods Manufactured 186000
Unadjusted Cost of Goods Sold -30000
Cost of Goods Sold 156000

The above can also be calculated in the following manner -

Particulars (In $)
Raw [direct] Materials Used in Production 50000
Direct Labor        80000
Manufacturing Overhead applied 90000
OVERapplied Manufacturing Overhead 8000
Beginning Work in Process Inventory   30000
Ending Work in Process inventory    -72000
Cost of Goods Manufactured 186000
Beginning Finished goods inventory   10000
Ending Finished goods inventory   -40000
Cost of Goods Sold 156000
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
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 50,000 $ 36,000 Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 214,000 Purchases of raw materials $ 267,000 Direct labor ? Administrative expenses $ 157,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 59,000 $ 33,000 Work...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 218,000 Purchases of raw materials $ 261,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 378,000 Actual manufacturing overhead cost $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 54,000 $ 33,000 Work...
The following data has been provided by the Howard Simon Corporation concerning last year’s operations:             Direct...
The following data has been provided by the Howard Simon Corporation concerning last year’s operations:             Direct materials                                                                       18,000             Direct labor                                                                             58,000             Manufacturing overhead applied to Work in Process            75,000             Overapplied overhead                                                             6,000                                                                         Beginning       Ending             Raw Materials Inventory                    13,000             19,000             Work in Process Inventory                 64,000             74,000             Finished Goods Inventory                  32,000             40,000 10. If Howard Simon purchased $30,000 of raw materials during the year, how much raw materials were used in production? 11. How much is Howard Simon’s Cost of Goods Manufactured? 12. Assuming that Howard Simon closes out overapplied overhead to Cost...
Christine Corp. applies manufacturing overhead to production at 85% of direct labor cost. During 2015, manufacturing...
Christine Corp. applies manufacturing overhead to production at 85% of direct labor cost. During 2015, manufacturing overhead of $213,350 was applied to production; actual manufacturing overhead was $188,500. Beginning Work in Process Inventory was $23,600, and beginning Finished Goods Inventory was $45,000. Work in Process Inventory decreased by 10% during the year and Finished Goods Inventory decreased by 20% during the year. Adjusted Cost of Goods Sold was $621,600 for 2015. Complete the following schedule: Direct Materials Used in Porduction:...
1. Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials...
1. Boursaw Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $ 33,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $ 58,000 Manufacturing overhead applied to Work in Process $ 78,000 Underapplied overhead $ 5,000 Beginning Ending Raw materials inventory $ 10,000 $ 15,000 Work in process inventory $ 56,000 $ 72,000 Finished goods inventory $ 41,000 $ 49,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of...
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the...
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2010, follows: Sales equal $600,000. Direct materials used total $54,000. Manufacturing overhead is 150 percent of direct labor dollars. The beginning inventory of finished goods is 20 percent of the cost of goods sold. The ending inventory of finished goods is twice the beginning inventory. The gross profit is 20 percent of sales. There is no beginning or ending work-in-process....
Glenville Company has the following information for April: Cost of direct materials used in production $...
Glenville Company has the following information for April: Cost of direct materials used in production $ 44,000 Direct labor 53,000 Factory overhead 33,000 Work in process inventory, April 1 32,000 Work in process inventory, April 30 44,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 a)  For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. 18,000 Work in process inventory, April 1 _________________ Cost of direct materials...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 80% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,427 Work in process inventory 241,437 234,424 Finished goods inventory 312,841 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $ Cost...
Timbuk 3 Company has the following information for March: Cost of direct materials used in production...
Timbuk 3 Company has the following information for March: Cost of direct materials used in production $63,000 Direct labor 76,000 Factory overhead 22,000 Work in process inventory, March 1 53,000 Work in process inventory, March 31 40,660 Finished goods inventory, March 1 31,000 Finished goods inventory, March 31 19,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured $...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT