Espresso, Co. produces custom windows to specifications provided
by architects. At the end of its accounting...
Espresso, Co. produces custom windows to specifications provided
by architects. At the end of its accounting period, its account
balances indicated the following:
Raw Materials Inventory $62,000
Work in Process Inventory 126,000
Finished Goods Inventory 56,000
Cost of Goods Sold 518,000
Manufacturing Overhead (credit balance) 42,000
A) Determine the adjusted balances of the accounts if the
balance in Manufacturing Overhead is considered immaterial in
amount and assigned to Cost of Goods Sold.
Raw Material Inventory $
Work in Process Inventor...
Clemmens Company applies overhead based on direct labor cost.
Estimated overhead and direct labor costs for...
Clemmens Company applies overhead based on direct labor cost.
Estimated overhead and direct labor costs for the year were
$113,500 and $125,100, respectively. During the year, actual
overhead was $107,500 and actual direct labor cost was $119,000.
The entry to close the over- or underapplied overhead at year-end,
assuming an immaterial amount, would include (Round
predetermined overhead rate to nearest whole
percentage.)
Multiple Choice
A debit to Work in Process Inventory for $790.
A credit to Factory Overhead for $790....
Overhead Variances and Their Disposal
Warner Company has the following data for the past year:
Actual...
Overhead Variances and Their Disposal
Warner Company has the following data for the past year:
Actual overhead
$470,000
Applied overhead:
Work-in-process
inventory
$100,000
Finished goods
inventory
200,000
Cost of goods sold
200,000
Total
$500,000
Warner uses the overhead control account to accumulate both
actual and applied overhead.
Required:
1. Calculate the overhead variance for the
year.
Provide the appropriate adjusting journal entry to close the
overhead variance to Cost of Goods Sold.
Work-in-Process Inventory
Cash
Cost of Goods Sold
Finished...
From the account balances listed below, prepare a schedule of
cost of goods manufactured for La...
From the account balances listed below, prepare a schedule of
cost of goods manufactured for La Lave Manufacturing Company for
the month ended December 31, 2018.
Account
Description
A/C
Balance
Account
Description
A/C
Balance
Finished Goods Inventory, December 31
$42,000
Raw Materials Purchases
$ 95,000
Factory Supervisory Salaries
12,000
Work In Process Inventory, December 1
30,000
Income Tax Expense
18,000
Factory Utilities Expense
4,000
Raw Materials Inventory, December 1
12,000
Direct Labor
70,000
Work In Process Inventory, December 31
25,000
Raw...
Luker Corporation uses a process costing system. The company had
$176,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had
$176,500 of beginning Finished Goods Inventory on October 1. It
transferred in $853,000 of units completed during the period. The
ending Finished Goods Inventory balance on October 31 was $174,200.
The entry to account for the cost of goods sold in October is:
Debit Cost of Goods Sold $855,300; credit Finished Goods
Inventory $855,300.
Debit Cost of Goods Sold $855,300; credit Work in Process
Inventory $855,300.
Debit Cost of Goods...
9) Entry (11) in the below T-account could represent overhead
cost applied to Work in Process....
9) Entry (11) in the below T-account could represent overhead
cost applied to Work in Process.
Work In Process
Bal.
40,000
(11)
330,000
(2)
100,000
(3)
90,000
(7)
120,000
Bal.
20,000
10) Entry (1) in the below T-account represents the purchase
rather than use of raw materials.
Raw Materials
Bal.
10,000
(2)
60,000
(1)
70,000
Bal.
20,000
11) In a job-order costing system, indirect labor cost is
usually recorded as a debit to:
A) Manufacturing Overhead.
B) Finished Goods.
C)...
If manufacturing overhead is overapplied for the period, a
method to bring the balance of the...
If manufacturing overhead is overapplied for the period, a
method to bring the balance of the manufacturing overhead account
to zero would be:
Select one:
Debit cost of goods sold, credit manufacturing overhead
Debit work in process inventory, credit manufacturing
overhead
Debit manufacturing overhead, credit raw materials inventory
Debit manufacturing overhead, credit cost of goods sold
Inventory type
Raw materials
Work in process
Finished goods
Balance, 4/1/18
300,000
2,650,000
4,000,000
Balance, 4/30/18...
Inventory type
Raw materials
Work in process
Finished goods
Balance, 4/1/18
300,000
2,650,000
4,000,000
Balance, 4/30/18
320,000
1,080,000
3,830,000
Amounts spent during
April
Raw material purchases
1,650,000
Direct labor wages
9,000,000
Overhead
Indirect
materials purchased
477,000
Indirect
labor
2,700,000
Factory
utilities
1,608,000
Factory
depreciation
920,000
What is cost of goods
manufactured for April?
What is cost of goods sold for
April?
Information for Riley Manufacturing Company is presented below.
Compute both the cost of goods manufactured and...
Information for Riley Manufacturing Company is presented below.
Compute both the cost of goods manufactured and the cost of goods
sold for the company. Hint: You will need to calculate the cost of
raw materials used as raw materials used is a component of total
manufacturing costs. Checks: COGM should be a number greater than
$223,000 but less than $226,000. COGS should be a number greater
than $242,000.
Beginning raw materials inventory $36,800
Beginning work in process inventory 21,200...