Sales
$340,000
Direct materials inventory, 1/1
20,000
Direct materials inventory, 12/31
5,500
Direct materials purchases
95,000...
Sales
$340,000
Direct materials inventory, 1/1
20,000
Direct materials inventory, 12/31
5,500
Direct materials purchases
95,000
Direct labor
52,500
Manufacturing overhead
49,500
Selling and administrative expenses
55,000
Cost of goods manufactured
?
Cost of goods sold
?
Work in process, 1/1
26,000
Work in process, 12/31
32,500
Finished goods inventory, 1/1
40,000
Finished goods inventory, 12/31
60,000
Income before income taxes
?
The cost of goods manufactured would be
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...
Allen Company used $71,000 of direct materials and incurred
$37,000 of direct labor costs during the...
Allen Company used $71,000 of direct materials and incurred
$37,000 of direct labor costs during the current year. Indirect
labor amounted to $2,700, while indirect materials used totaled
$1,600. Other operating costs pertaining to the factory included
utilities of $3,100, maintenance of $4,500, supplies of $1,800,
depreciation of $7,900, and property taxes of $2,600. There was no
beginning or ending finished goods inventory, but work in process
inventory began the year with a $5,500 balance and ended the year
with...
ABC Manufacturing uses normal costing and allocates
manufacturing overhead to jobs based on a budgeted direct...
ABC Manufacturing uses normal costing and allocates
manufacturing overhead to jobs based on a budgeted direct
labor-hour rate for the actual direct labor hours. Any
overallocated or underallocated overhead is written-off to the cost
of goods sold at the end of the month. During April 2019, ABC
Manufacturing recorded the following:
Budgeted manufacturing overhead costs: $400,000
Budgeted direct labor-hours: 20,000 DLHRS
Budgeted machine hours: 16,000 MHRS
Actual manufacturing overhead costs: $360,000
Actual direct labor-hours: 22,500 DLHRS
Actual machine hours: 15,000...
JOB ORDER COSTING PROBLEM
During May, $42,000 of
direct materials were used on Job #...
JOB ORDER COSTING PROBLEM
During May, $42,000 of
direct materials were used on Job # 24, 320 hours of
direct labor were charged at a
rate of $25 per hour, and manufacturing
overhead was applied at a rate of
75 % of direct labor costs. Job # 24 was
completed during May and
transferred to Finished Goods Inventory.
What is the total cost of Job # 24?
Prepare the journal entries to record the addition of...
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...
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...
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
$...