The balance in Blue Oak Company’s finished goods inventory
account was $25,000 at the beginning of...
The balance in Blue Oak Company’s finished goods inventory
account was $25,000 at the beginning of September. Cost of goods
manufactured for the month totaled $17,000, and cost of goods sold
totaled $14,000. Required: 1. Prepare separate journal entries to
record the following items. (Hint: Use Figure 2.7 "Custom Furniture
Company’s Journal Entries for May" as a guide.) a. Cost of goods
manufactured for the month b. Cost of goods sold for the month 2.
Prepare a T-account for finished...
Given:
Beginning WIP $ 70,000
Ending WIP $ 10,000
Beginning finished goods $ 80,000
Ending finished...
Given:
Beginning WIP $ 70,000
Ending WIP $ 10,000
Beginning finished goods $ 80,000
Ending finished goods $ 60,000
Adjusted gross profit $ 230,000
Sales revenue $ 500,000
Selling and administrative expenses $ 145,000
Underapplied Overhead $ 70,000
Calculate the cost of goods manufactured.
Luebke Inc. has provided the following data for the month of
November. The balance in the...
Luebke Inc. has provided the following data for the month of
November. The balance in the Finished Goods inventory account at
the beginning of the month was $55,000 and at the end of the month
was $30,300. The cost of goods manufactured for the month was
$213,500. The actual manufacturing overhead cost incurred was
$55,900 and the manufacturing overhead cost applied to Work in
Process was $59,200. The company closes out any underapplied or
overapplied manufacturing overhead to cost of...
Cerrone Inc. has provided the following data for the month of
July. The balance in the...
Cerrone Inc. has provided the following data for the month of
July. The balance in the Finished Goods inventory account at the
beginning of the month was $154,000 and at the end of the month was
$148,000. The cost of goods manufactured for the month was
$302,000. The actual manufacturing overhead cost incurred was
$97,000 and the manufacturing overhead cost applied to Work in
Process was $85,000.
The beginning balance in the raw materials inventory account was
$88,000 and the...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate,
Ending Balance of WIP, Finished Goods, and COGS
At...
Prepare Job-Order Cost Sheets, Predetermined Overhead Rate,
Ending Balance of WIP, Finished Goods, and COGS
At the beginning of March, Mendez Company had two jobs in
process, Job 86 and Job 87, with the following accumulated cost
information:
Job 86
Job 87
Direct materials
$4,800
$1,600
Direct labor
1,200
3,000
Applied overhead
888
2,220
Balance, March 1
$6,888
$6,820
During March, two more jobs (88 and 89) were started. The
following direct materials and direct labor costs were added to...
Logan’s Enterprises reported the
following data for May.
Beginning balance, Direct Materials
Inventory
$45,000
Beginning balance,...
Logan’s Enterprises reported the
following data for May.
Beginning balance, Direct Materials
Inventory
$45,000
Beginning balance, Work in Process
Inventory
52,000
Beginning balance, Finished Goods
Inventory
62,000
Ending balance, Direct Materials
Inventory
47,000
Purchase of direct materials
92,000
Direct labor
48,000
Manufacturing overhead
42,000
Cost of Goods Manufactured
200,000
Cost of Goods Sold
220,000
Required:
How much direct materials were used in production?
What were the total manufacturing costs for the month of
May?
What was the ending balance in...
XYZ Company developed the following data for the
current year: Ending work in process inventory OMR375,000...
XYZ Company developed the following data for the
current year: Ending work in process inventory OMR375,000 ; Direct
materials used OMR96,000 ; Manufacturing Overhead applied
OMR144,000 ; Cost of goods manufactured COMR350,000; Direct labor
cost OMR240,000. Company's beginning work in process inventory is
Select one: O a. OMR270,000 O b. None of the answers given O c.
OMR245,000 O d. OMR505,000 O e. OMR455,000
2.
A manufacturing company has the following balances at the end of
its first year's operations:...
Consider the following information for the last month.
Beginning inventory of finished goods: $18,000
Ending inventory...
Consider the following information for the last month.
Beginning inventory of finished goods: $18,000
Ending inventory of finished goods: $12,000
Costs of goods sold: $148,500
What is costs of goods manufactured?
Group of answer choices
$154,500
$142,500
$148,500
$136,500
The following are beginning and ending inventories of ABC
Company for the month of May:
April...
The following are beginning and ending inventories of ABC
Company for the month of May:
April 30 May 31
Raw materials $ 50,300 $ 41,400
Work-in-process 106,900 97,200
Finished goods 70,800 62,800
Raw materials purchased during the month of May totaled
$185,900. Direct labor costs incurred totaled $468,300 for the
month. Actual and applied manufacturing overhead costs for May
totaled $282,600 and $288,400, respectively. Over/underapplied
overhead is written off to cost of goods sold at the end of the
year...
During FY 2018, Towson Manufacturing had a beginning finished
goods inventory of $23,000 & ending finished...
During FY 2018, Towson Manufacturing had a beginning finished
goods inventory of $23,000 & ending finished goods inventory of
$18,500. Beginning work-in-process was $19,000 and ending
work-in-process was 13,500. Factory overhead was $22,500. The total
manufacturing costs amounted to $212,000. Use this information to
determine the FY 2018 Cost of Goods Sold. (Round enter as whole
dollars only.)