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.
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...
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...
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
$...
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,...
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...
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, $31,000, and $29,000, respectively. The desired
inventories on December 31 for finished goods, work in process, and
materials were $44,000, $36,000, and $20,000, respectively. Direct
material purchases were $560,000, direct labor was $201,000 for the
year, and factory overhead was $149,000.
Required:
Prepare a cost of goods sold
budget for Sleep Tight, Inc. Refer to the lists of Labels and...
Sleep Tight, Inc., manufactures comforters. The estimated
inventories on January 1 for finished goods, work in...
Sleep Tight, Inc., manufactures comforters. The estimated
inventories on January 1 for finished goods, work in process, and
materials were $39,000, $33,000, and $27,000, respectively. The
desired inventories on December 31 for finished goods, work in
process, and materials were $42,000, $35,000, and $21,000,
respectively. Direct materials purchases were $575,000, direct
labor was $212,000 for the year, and factory overhead was $156,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep
Tight, Inc. Cost of Goods Sold...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
26,600
$
22,600
Work in process
$
18,600
$
11,600
Finished Goods
$
49,600
$
57,600
Additional information:
Raw materials purchases
$
73,600
Direct labor cost
$
93,600
Manufacturing overhead cost
incurred
$
43,760
Indirect materials included in
manufacturing overhead cost incurred
$
4,160
Manufacturing overhead cost
applied to Work in Process
$
42,600
Any underapplied or overapplied manufacturing overhead is closed
out...