1.Manufacturing costs are typically classified as Select one: a.
direct materials or direct labor b. product...
1.Manufacturing costs are typically classified as Select one: a.
direct materials or direct labor b. product costs or period costs
c. direct materials, direct labor, or manufacturing overhead d.
direct materials, direct labor, or selling and administrative
2. Raw materials inventory, January 1 $ 12,000 Raw materials
inventory, December 31 16,000 Work in process, January 1 5,000 Work
in process, December 31 8,000 Finished goods, January 1 17,000
Finished goods, December 31 12,000 Raw materials purchases 118,000
Direct labor 165,000...
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
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...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,193,000
Raw materials inventory,...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,193,000
Raw materials inventory, beginning
45,000
Work in process inventory, beginning
51,700
Finished goods inventory, beginning
68,700
Raw materials purchases
160,000
Direct labor
241,000
Factory supplies used (indirect materials)
19,100
Indirect labor
40,000
Repairs—Factory equipment
5,250
Rent cost of factory building
57,000
Advertising expense
109,000
General and administrative expenses
126,000
Raw materials inventory, ending
42,900
Work in process inventory, ending
38,200
Finished goods inventory, ending
69,000
Prepare its...
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...
The following selected account balances are provided for Delray
Mfg.
Sales $ 1,498,000
Raw materials inventory,...
The following selected account balances are provided for Delray
Mfg.
Sales $ 1,498,000
Raw materials inventory, Dec. 31, 2016 40,000
Work in process inventory, Dec. 31, 2016 51,600
Finished goods inventory, Dec. 31, 2016 67,100
Raw materials purchases 184,300
Direct labor 223,000
Factory computer supplies used 23,100
Indirect labor 50,000
Repairs—Factory equipment 5,250
Rent cost of factory building 59,000
Advertising expense 95,000
General and administrative expenses 130,000
Raw materials inventory, Dec. 31, 2017 42,500
Work in process inventory, Dec. 31,...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,472,000
Raw materials inventory,...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,472,000
Raw materials inventory, beginning
36,000
Work in process inventory, beginning
57,200
Finished goods inventory, beginning
68,000
Raw materials purchases
176,300
Direct labor
238,000
Factory supplies used (indirect materials)
21,600
Indirect labor
55,000
Repairs—Factory equipment
5,250
Rent cost of factory building
53,000
Advertising expense
98,000
General and administrative expenses
140,000
Raw materials inventory, ending
48,000
Work in process inventory, ending
45,200
Finished goods inventory, ending
65,100
Prepare an...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,220,000
Raw materials inventory,...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,220,000
Raw materials inventory, beginning
41,000
Work in process inventory, beginning
57,800
Finished goods inventory, beginning
63,900
Raw materials purchases
199,900
Direct labor
232,000
Factory supplies used (indirect materials)
23,700
Indirect labor
48,000
Repairs—Factory equipment
5,250
Rent cost of factory building
54,000
Advertising expense
110,000
General and administrative expenses
140,000
Raw materials inventory, ending
40,000
Work in process inventory, ending
42,200
Finished goods inventory, ending
72,300
Prepare an...
Information for Stanton, Inc., as of December 31 follows.
Prepare a schedule of cost of goods...
Information for Stanton, Inc., as of December 31 follows.
Prepare a schedule of cost of goods manufactured for the year ended
December 31.
Administrative salaries
$ 35,000
Depreciation of factory equipment
25,000
Depreciation of delivery vehicles
6,000
Direct labor
68,000
Factory supplies used
9,000
Finished goods inventory, January 1
57,000
Finished goods inventory, December 31
?
Factory insurance
15,500
Interest expense
12,000
Factory utilities
14,000
Factory maintenance
7,500
Raw materials inventory, January 1
5,000
Raw materials inventory, December 31
4,000...