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
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:...
Basil Industries reported the following information for
December:
Beginning balance, Raw Materials
Inventory
$187,500
Beginning balance,...
Basil Industries reported the following information for
December:
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
What was the ending...
Marcelino Co.'s March 31 inventory of raw materials is $85,000.
Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $85,000.
Raw materials purchases in April are $510,000, and factory payroll
cost in April is $382,000. Overhead costs incurred in April are:
indirect materials, $55,000; indirect labor, $25,000; factory rent,
$32,000; factory utilities, $20,000; and factory equipment
depreciation, $55,000. The predetermined overhead rate is 50% of
direct labor cost. Job 306 is sold for $685,000 cash in April.
Costs of the three jobs worked on in April follow.
Job 306
Job...
Marcelino Co.'s March 31 inventory of raw materials is $87,000.
Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $87,000.
Raw materials purchases in April are $530,000, and factory payroll
cost in April is $378,000. Overhead costs incurred in April are:
indirect materials, $59,000; indirect labor, $21,000; factory rent,
$36,000; factory utilities, $21,000; and factory equipment
depreciation, $56,000. The predetermined overhead rate is 50% of
direct labor cost. Job 306 is sold for $650,000 cash in April.
Costs of the three jobs worked on in April follow.
Job 306
Job...
Marcelino Co.'s March 31 inventory of raw materials is $80,000.
Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $80,000.
Raw materials purchases in April are $500,000, and factory payroll
cost in April is $363,000. Overhead costs incurred in April are:
indirect materials, $50,000; indirect labor, $23,000; factory rent,
$32,000; factory utilities, $19,000; and factory equipment
depreciation, $51,000. The predetermined overhead rate is 50% of
direct labor cost. Job 306 is sold for $635,000 cash in April.
Costs of the three jobs worked on in April follow. Job 306 Job...
Inventory
Beginning
Ending
Raw materials
$9,110
$14,750
Work in process
6,800
8,470
Finished goods
9,350
6,700...
Inventory
Beginning
Ending
Raw materials
$9,110
$14,750
Work in process
6,800
8,470
Finished goods
9,350
6,700
Costs incurred: raw materials purchases $55,260, direct labor
$48,920, manufacturing overhead $23,050. The specific overhead
costs were: indirect labor $6,340, factory insurance $4,510,
machinery depreciation $4,900, machinery repairs $1,930, factory
utilities $3,610, and miscellaneous factory costs $1,760. Assume
that all raw materials used were direct materials.
(a) Prepare the cost of goods manufactured
schedule for the month ended June 30, 2020.
ROBERTS COMPANY
Cost...
Sheffield Industries reported the following information for
December:
Beginning balance, Raw Materials
Inventory
$187000
Beginning balance,...
Sheffield Industries reported the following information for
December:
Beginning balance, Raw Materials
Inventory
$187000
Beginning balance, Work in Process
Inventory
296000
Beginning balance, Finished Goods
Inventory
107450
Manufacturing overhead applied
537000
Purchases of raw materials
337100
Factory electricity
62500
Direct labor payroll
194000
Depreciation on factory
equipment
218200
Insurance on factory building
49800
Indirect materials used in
production
43650
Total raw materials used in
production
406000
Indirect labor payroll
158000
Cost of goods manufactured
1243000
Cost of Goods Sold
1312100...
Marcelino Co.'s March 31 inventory of raw materials is $84,000.
Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $84,000.
Raw materials purchases in April are $520,000, and factory payroll
cost in April is $382,000. Overhead costs incurred in April are:
indirect materials, $54,000; indirect labor, $28,000; factory rent,
$38,000; factory utilities, $20,000; and factory equipment
depreciation, $60,000. The predetermined overhead rate is 50% of
direct labor cost. Job 306 is sold for $670,000 cash in April.
Costs of the three jobs worked on in April follow.
Job 306
Job...