Question

Xia Co. manufactures a single product. All raw materials used are traceable to specific units of...

Xia Co. manufactures a single product. All raw materials used are traceable to specific units of product. Current information for company follows:

Beginning raw materials inventory $ 9,000
Ending raw materials inventory 12,000
Raw material purchases 86,000
Beginning work in process inventory 21,000
Ending work in process inventory 31,000
Direct labor 111,000
Total factory overhead 86,000
Beginning finished goods inventory 61,000
Ending finished goods inventory 41,000


The company's cost of direct materials used, cost of goods manufactured and cost of goods sold is:

Homework Answers

Answer #1
cost of direct materials used = Beginning inventory + purchases - ending inventory
=$9000+86000-12000
=$83000
Cost of goods manufactured =Beginning work in progress + Raw material used +direct labor + factory overhead+ - ending work in progress
=21000+83000+111000+86000-31000
=$270000
Cost of goods sold = Beginning finished goods + cost of goods manufactured - ending finished goods
=$61000+270000-41000
=$290000
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units...
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows: Beginning raw materials inventory $ 25,000 Ending raw materials inventory 28,000 Raw material purchases 102,000 Beginning work in process inventory 37,000 Ending work in process inventory 47,000 Direct labor 127,000 Total factory overhead 102,000 Beginning finished goods inventory 77,000 Ending finished goods inventory 57,000 The company's cost of raw materials used, cost of goods manufactured...
part a The Duerr Company manufactures a single product. All raw materials used are traceable to...
part a The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows: Beginning raw materials inventory $ 16,000 Ending raw materials inventory 19,000 Raw material purchases 93,000 Beginning work in process inventory 28,000 Ending work in process inventory 38,000 Direct labor 118,000 Total factory overhead 93,000 Beginning finished goods inventory 68,000 Ending finished goods inventory 48,000 The company's cost of raw materials used, cost of...
The following information was extracted from Manuco.'s financial documents. Beginning raw materials inventory $55,000 Ending raw...
The following information was extracted from Manuco.'s financial documents. Beginning raw materials inventory $55,000 Ending raw materials inventory $29,000 Beginning work-in-process inventory $23,000 Ending work-in-process inventory $60,000 Beginning finished goods inventory $30,000 Ending finished goods inventory $55,000 Raw materials purchased during the period $86,000 Total direct labor cost during the period $76,000 Total factory overhead cost during the period $18,000 Assuming that all raw materials are direct materials, calculate the cost of raw materials requisitioned, cost of goods manufactured, and...
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...
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...
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...
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...
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...
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:...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT