Question

The following information was obtained from the books of the Greybo Company for the year: Opening...

The following information was obtained from the books of the Greybo Company for the year:

Opening balances:

Raw materials inventory $20,000

WIP inventory $65,000

Finished goods $12,000

Closing balances:

Raw materials inventory $10,000

WIP inventory $90,000

Finished goods $15,000

The company purchased raw material inventory to the value of $90,000.

Conversion costs of $80,000 were incurred during the year.

The cost of goods sold during the year was:

Select one:

a. $87,000

b. $72,000

c. $167,000

d. None of the above

e. $152,000

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Cost of goods sold = $152000

Option 'e' is correct.

Particular Amount ($)
Beginning Raw material inventory 20000
Add: Purchase of raw material inventory 90000
Less: Ending Raw material inventory 10000
Direct material used. 100000
Conversion Cost 80000
Total manufacturing cost 180000
Add: Beginning WIP inventory 65000
Less: Ending WIP inventory 90000
Cost of goods manufactured 155000
Add: Beginning Finished good inventory 12000
Less: Ending Finished good Inventory 15000
Cost of goods sold 152000
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are employed by Spirit Company, a manufacturer of digital watches. The company’s CFO is trying...
You are employed by Spirit Company, a manufacturer of digital watches. The company’s CFO is trying to verify the accuracy of the ending WIP and Finished Goods inventories prior to closing the books for the year. You have been asked to assist in this verification. The year-end balances shown on Spirit’s books are as follows: Units Costs WIP, 12/31 (conversion 50% complete) 300,000 $   660,960 Finished Goods, 12/31 200,000 $1,009,800 Materials are added to production at the beginning of the...
The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct...
The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct materials inventory........................ $9,000 $7,000 Work in process inventory....................... $17,000 $31,000 Finished goods inventory........................ $10,000 $15,000 Manufacturing costs incurred Direct materials used............................... $72,000 Overhead applied..................................... $24,000 Direct labor cost (10,000 hours).............. $80,000 Depreciation............................................. $10,000 Rent......................................................... $12,000 Taxes........................................................ $8,000 Cost of goods sold................................... $157,000* * Selling and administrative costs incurred Advertising.............................................. $35,000 Rent......................................................... $20,000 Clerical..................................................... $25,000 3. If Omar Company applies overhead to jobs on the...
Sydney Sussex Street (SSS) company’s business books contain the following pieces of information for the year...
Sydney Sussex Street (SSS) company’s business books contain the following pieces of information for the year 2019. Total Direct labor cost $227,900 Total Manufacturing overhead cost 460,900 Total cost of Direct materials used 102,900 Finished goods Opening inventory, 1/1/2019 496,900 Finished goods Closing inventory, 12/31/2019 543,900 Work in process Opening inventory, 1/1/2019 294,900 Work in process Closing inventory, 12/31/2019 319,900 Work out, showing all necessary calculations, SSS’s Cost of Goods Sold (CGS) ; AND, Cost of Goods Manufactured for 2019.
EmilyAnne Company has the following information:                   Direct Labor              &
EmilyAnne Company has the following information:                   Direct Labor                                                            $  80,000                   Beginning Finished goods inventory                 $  10,000                                                                                 Ending Finished goods inventory                      $  40,000                   Manufacturing Overhead Applied                     $  90,000                   Raw [direct] Materials Used in Production      $ 50,000                   Beginning Work in Process Inventory               $ 30,000                   Ending Work in Process inventory                     $ 72,000                   OVERapplied Manufacturing Overhead             $  8,000     Required           IN GOOD FORM, complete the partial “Inventory Schedules and Cost of Goods Sold” statement shown below. Place the above items in the proper places on the statement.                                                      EmilyAnne Company                                       Inventory Schedules and Cost of Goods Sold               Beginning Work-In-Process...
13. Wasson Company reported the following year-end information: Beginning work in process inventory                          &nbsp
13. Wasson Company reported the following year-end information: Beginning work in process inventory                             $ 35,000 Beginning raw materials inventory                                    18,000 Ending work in process inventory                                     38,000 Ending raw materials inventory                                         15,000 Raw materials purchased                                                560,000 Direct labor                                                                      180,000 Manufacturing overhead                                                 120,000 How much is Wasson’s total cost of work in process for the year? Select one: a. $898,000 b. $608,000 c. $863,000 d. $860,000 14. When a job is completed and all costs have been accumulated on a job...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of...
During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 80% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,435 $16,427 Work in process inventory 241,437 234,424 Finished goods inventory 312,841 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $ Cost...
The following information is available for Marks Company at December 31, 2017: 1. Inventory balance Beginning...
The following information is available for Marks Company at December 31, 2017: 1. Inventory balance Beginning of Year End of Year Finished Goods $14,000 $10,000 Work in Process 6,000 12,000 Raw Materials 10,300 6,500 2. Debit postings to Work in Process Inventory during the year were: Direct materials $90,000 Direct labor 60,000 Manufacturing overhead applied 75,000 3. Sales totaled $310,000 for the year. make an income statement for the following data
The following inventory and cost data for the just completed year are taken from the accounting...
The following inventory and cost data for the just completed year are taken from the accounting records of Sanka Company: Inventories Increase in raw materials 4,000 Increase in work in process 30,000 30,000 Decrease in finished goods 90,000 90,000 Costs incurred Advertising expense 200,000 Direct labour cost 180,000 Purchases of raw materials 264,000 Rent, factory building 60,000 Indirect factory labour 112,600 Sales commissions 70,000 Utilities, factory 18,000 Maintenance, factory equipment 48,000 Supplies, factory 1,400 Depreciation, office equipment 16,000 Depreciation, factory...
J Company has the following information for the year related to its job order costing system....
J Company has the following information for the year related to its job order costing system. Work-In Process - Beginning Inventory $ 18,000 Finished Goods - Beginning Inventory 12,000 Direct materials placed in production 80,000 Direct labor incurred 190,000 Actual manufacturing overhead incurred 300,000 Manufacturing overhead applied to production 295,000 Cost of jobs completed and transferred 500,000 The cost of J Company's ending inventory of Work in Process is:
ALABAMA CORPORATION The company manufactures a single product, cleverly named Product X. The following information is...
ALABAMA CORPORATION The company manufactures a single product, cleverly named Product X. The following information is available for the calendar year 2018 just completed, during which they produced and sold 200,000 units. Sales for the year was $2,400,000. During the year, the company paid a sales commission of 5 percent of sales. The corporate income tax rate was 20%. Direct materials purchases $300,000 Direct labor 140,000 Depreciation - factory equipment 45,000 Depreciation - factory building 30,000 Depreciation - headquarters building...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT