Finished Goods (FG) Inventory Factory Overhead April 30 57,000 Cost of goods sold Cost of goods manuf. May 31 57,000 Income statement (partial) April 30 May 31 Inventories Raw materials Work in process Finished goods $ 40,000 9, 200 57,000 58,000 20,500 33,300 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 177,000 100,000 Indirect materials 15,000 Indirect labor Other overhead costs 23,000 97,500 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,100,000 55% Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold.* 5. Gross profit. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) 15,000 Indirect materials April 30 RM purchases 40,000 April 30 9,200 177,000 144.000 DM used DM used 144,000 DL used 77,000 Overhead applied May 31 ............ May 31 58,000 230,200

Finished Goods (FG) Inventory Factory Overhead April 30 57,000 Cost of goods sold Cost of goods manuf. May 31 57,000 Income statement (partial) April 30 May 31 Inventories Raw materials Work in process Finished goods $ 40,000 9, 200 57,000 58,000 20,500 33,300 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 177,000 100,000 Indirect materials 15,000 Indirect labor Other overhead costs 23,000 97,500 Sales (received in cash) Predetermined overhead rate based on direct labor cost 1,100,000 55% Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct labor used. 3. Cost of goods manufactured. 4. Cost of goods sold.* 5. Gross profit. 6. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) 15,000 Indirect materials April 30 RM purchases 40,000 April 30 9,200 177,000 144.000 DM used DM used 144,000 DL used 77,000 Overhead applied May 31 ............ May 31 58,000 230,200

Name: please explain last three subparts Finished Goods (FG) InventoryFactor
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Description: please explain last three subparts Finished Goods (FG) InventoryFactory OverheadApril 3057,000Cost of goods soldCost of goods manuf.May 3157,000Income statement (partial) April 30May 31InventoriesRaw materialsWork in processFinished goods$ 40,0009, 2

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in process in the Spinning Department, where it is spun into yarn. The output of the Spinning Department is transferred to the Tufting Department, where carpel hacking is added al the beginning of the process and the process is completed. On January 1, Port Ormond Carpet Company had the following inventories: Finished Goods 62,000 Work in ProcessSpinning Department 35,000 Work in ProcessTufting Department 28,500 Materials 17,000 Departmental accounts are maintained for factory overhead, and both have zero balances on January 1. Manufacturing operations for January are summarized as follows: a Materials purchased on account 500,000 b Materials requisitioned for use FiberSpinning Department 275,000 Carpet backingTufting Department 110,000 Indirect materialsSpinning Department 46,000 Indirect materialsTufting Department 39,500 c. Labor used Direct laborSpinning Department 185,000 Direct laborTufting Department 98,000 Indirect laborSpanning Department 18,500 Indirect laborTufting Department 9,000 d Depreciation charged on fixed assets: Spinning Department 12,500 Tufting Department 8,500 e. Expired prepaid factory insurance: Spinning Department 2,000 Tufting Department 1,000 f. Applied factory overhead Spinning Department 80,000 Tufting Department 55,000 g Production costs transferred from Spinning Department to Tufting Department 547,000 h Production costs transferred from Tufting Department to Finished Goods 807,200 i. Cost of goods sold during the period 795,200 Instructions 1. Journalize the entries to record the operations, identifying each entry by letter. 2. Compute the January 31 balances of the inventory accounts. 3. Compute the January 31 balances of the factory overhead accounts.
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
(Appendix 4A) Journal Entries, T-Accounts Lowder Inc. builds custom conveyor systems for warehouses and distribution centers. During the month of July, the following occurred: a. Purchased materials on account for 42,630. b. Requisitioned materials totaling 27,000 for use in production: 12,500 for Job 703 and the remainder for Job 704. c. Recorded direct labor payroll for the month of 26,320 with an average wage of 14 per hour. Job 703 required 780 direct labor hours; Job 704 required 1,100 direct labor hours. d. Incurred and paid actual overhead of 19,950. e. Charged overhead to production at the rate of 10 per direct labor hour. f. Completed Job 703 and transferred it to Finished Goods. g. Kept Job 704, which was started during July, in process at the end of the month. h. Sold Job 700, which had been completed in May, on account for cost plus 30%. Beginning balances as of July 1 were: Required: 1. Prepare the journal entries for transactions a through e. 2. Prepare simple job-order cost sheets for Jobs 703 and 704. 3. Prepare the journal entries for transactions f and h. 4. Calculate the ending balances of the following: (a) Raw Materials, (b) Work in Process, and (c) Finished Goods.
Finished Goods (FG) Inventory Factory Overhead April 30 57,000 Cost of goods sold Cost of goods manuf. May 31 57,000 Income statement (partial)
Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES April 1, 20X1 April 30, 20X1 Raw Materials ₱18,000 ₱15,000 Work-in-Process ₱09,000 ₱06,000 Finished Goods ₱27,000 ₱36,000 Additional Information: Direct materials purchased ₱42,000 Direct labor payroll ₱30,000 Direct labor rate per hour ₱ 07.50 Factory overhead rate per direct labor hours ₱ 10.00 What is the cost of goods sold for April? Group of answer choices ₱115,000 ₱109,000 ₱118,000 ₱106,000
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
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Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $29,000; factory rent, $36,000; factory utilities, $21,000, and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead. Costs during April Direct materials. Direct labor Applied overhead Status on April 30 Job 306 $ 31,000 23,000 11,500 134,000 103,000 ? Finished (sold) Job 307 $ 38,000 16,000 8,000 200,000 152,000 ? Finished (unsold) Job 308 $110,000 100,000 ? In process
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