Decrease in materials inventory $2,700 Materials inventory on Feb. 28 50% of materials inventoryon Jan. 31 Direct materials purchased $12,000 Direct materials used 3 times the direct laborincurred Total manufacturing costs incurred in period $28,700 Total manufacturing costs incurredin period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period $7,000less than Cost of Goods Sold

Of course, let's break down the problem step by step and explain the calculations:1. **Find the Cost…

Answered: Decrease in materials inventory $2,700…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421,790 Finished goods inventory, January 1 47,660 Finished goods inventory, January 31 43,440 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 311 Finished goods inventory, January 1 V Cost of goods manufactured ✔ Cost of finished goods available for sale M Less finished goods inventory, January 31 Cost of goods sold 00000
Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421,790 Finished goods inventory, January 1 47,660 Finished goods inventory, January 31 43,440 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January 1 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, January 31 Cost of goods sold
Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421,790 Finished goods inventory, January 1 47,660 Finished goods inventory, January 31 43,440 a. For the month ended January 31, determine Aricanly's cost of goods sold.
beginning Ending Raw materials inventory $12,000 $ 8,000 Work-in-process inventory 45,000 55,000 Finished goods inventory 9,000 11,000 Raw materials purchased $45,000 Direct labor costs 80,000 Overhead costs 30,000 Selling and administrative costs 20,000 McClintock Manufacturing Inc. has the above information available for the month of July: Question: How much is the Cost of Goods Manufactured for July?[19:18, 30/03/2023] Ornella Oc: 25[19:19, 30/03/2023] Ornella Oc: Angelo's is a locally run and operated pizza parlor. Last month, the restaurant broke-even when 400 pizzas were served. The average variable costs per pizza are $2.50 and fixed costs for the month totaled $6,000. What is the average selling price of a pizza? a.$6.00 b.$12.50 c.$17.50 d.$15.00
Selling price Units in beginning inventory Units produced Units sold Units in ending inventory $ 126 0 2,630 2,500 130 Variable costs per unit: Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense The total gross margin for the month under absorption costing is: $ 49 $ 17 $ 8 $ 9 $ 84,160 $ 17,500
Beginning Ending Raw materials inventory $12,000 $ 8,000 Work-in-process inventory 45,000 55,000 Finished goods inventory 9,000 11,000 Raw materials purchased $45,000 Direct labor costs 80,000 Overhead costs 30,000 Selling and administrative costs 20,000 McClintock Manufacturing Inc. has the above information available for the month of July: Question: How much is the Cost of Goods Manufactured for July
Units in beginning inventory 0 Units produced 18,000 Units sold 15,000 Units in ending inventory 3,000 Variable costs per unit: Direct materials $ 270 Direct labor $ 380 Variable manufacturing overhead $ 48 Variable selling and administrative $ 21 Fixed costs: Fixed manufacturing overhead $ 650,000 Fixed selling and administrative $ 480,000 1.Absorption costing unit product cost: 2.Variable costing unit product cost:
Beginning Ending Raw materials inventory $12,000 $ 8,000 Work-in-process inventory 45,000 55,000 Finished goods inventory 9,000 11,000 Raw materials purchased $45,000 Direct labor costs 80,000 Overhead costs 30,000 Selling and administrative costs 20,000 McClintock Manufacturing Inc. has the above information available for the month of July: Question: How much was the Cost of Goods Sold for July?
On Off Company Company Materials inventory, December 1 $82,740 $110,870 Materials inventory, December 31 (a) 125,280 Materials purchased 210,160 (a) Cost of direct materials used in production 221,740 (b) Direct labor 311,930 249,460 Factory overhead 96,810 124,170 Total manufacturing costs incurred in December (b) 717,330 Total manufacturing costs 789,340 789,340 Work in process inventory, December 1 158,860 267,200 Work in process inventory, December 31 134,040 (c) Cost of goods manufactured (c) 710,680 Finished goods inventory, December 1 139,830 124,170 Finished goods inventory, December 31 146,450 (d) Sales 1,219,590 1,108,700 Cost of goods sold (d) 717,330 Gross profit (e) (e) Operating expenses 158,860 (f) Net income (f) 246,130
Direct materials purchased on account Direct materials requisitioned Direct labor cost incurred Factory overhead incurred Cost of goods completed Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of direct-labor costs The ending balance of direct materials inventory is $148,000 84,000 134,000 147,000 290,000 249,000 31,000 67,000 50,000 150 percent
On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090

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