What is the amount of total manufacturing cost?
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Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records.
Cost of Goods Sold | $ | 65,000 | |
Work-in-Process Inventory, Beginning | 10,500 | ||
Work-in-Process Inventory, Ending | 9,000 | ||
Selling and Administrative Expense | 15,000 | ||
Finished Goods Inventory, Ending | 15,000 | ||
Finished Goods Inventory, Beginning | ? | ||
Direct Materials Used | ? | ||
Factory |
12,000 | ||
Operating Income | 14,000 | ||
Direct Materials Inventory, Beginning | 11,000 | ||
Direct Materials Inventory, Ending | 6,000 | ||
Cost of Goods Manufactured | 60,000 | ||
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day.
What is the amount of total
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- The following data summarize the operations during the year. Prepare a journal entry for each transaction. Purchase of raw materials on account: $3000 Raw materials used by Job 1: $500 Raw materials used as indirect materials: $100 Direct labor for Job 1: $300 Indirect labor incurred: $50 Factory utilities incurred on account: $700 Adjusting entry for factory depreciation: $250 Manufacturing overhead applied as percent of direct labor: 200% Job 1 is transferred to finished goods Job 1 is sold: $3,000 Manufacturing overhead is over applied: $100Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials purchased?
- 10) Conrad, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10, 500 Work - in - Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning? Direct Materials Used? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The Chief Financial Officer of Conrad, Incorporated has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials purchased?Equinox Fabrication Plant suffered a fire incident in August due to which most of the records for the year were destroyed. The following accounting data for the year that were recovered: Total manufacturing overhead estimated at the beginning of the $105,840 $186,000 3,600 direct labor hours $99,760 $142,000 year Total direct labor costs estimated at the beginning of the year Total direct labor hours estimated at the beginning of the year Actual manufacturing overhead costs for the Actual direct labor costs for the year Actual direct labor hours for the year year 2,950 direct labor hours The company bases its manufacturing overhead allocation on direct labor hours. What was the predetermined overhead allocation rate for the year?The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,000 ? Transferred Out Purchases ? End. Bal. 6,400 Cost of Goods Sold 57,000 Work-in-Process Inventory Beg. Bal. 7,500 ? Transferred Out Materials 18,000 Labor 13,500 Overhead 8,000 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,500 End. Bal. 4,200 What is the value of the ending Work-in-Process inventory balance? $4,200. $8,000. $7,500. $0.
- Taylor Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31. Materials inventory, December 31 $ 15,000 Direct materials purchased 28,000 Direct materials used 22,900 Cost of goods manufactured 135,000 Additional information: Factory overhead is 150% of direct labor cost. Finished goods inventory decreased by $18,000 during the year. Work in process inventory increased by $12,000 during the year. a. Calculate Materials inventory, January 1.$ b. Calculate direct labor cost.$ c. Calculate factory overhead incurred.$ d. Calculate cost of goods sold.$The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,400 ? Transferred Out Purchases ? End. Bal. 6,800 Cost of Goods Sold 61,000 Work-in-Process Inventory Beg. Bal. 7,900 ? Transferred Out Materials 18,800 Labor 13,900 Overhead 8,400 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 39,900 End. Bal. 4,600 What is the value of the beginning Finished Goods Inventory? Multiple Choice $25,700. $13,700. $4,600. $0.A fire destroyed the plant and all its contents of FIREFLY Company's manufacturing facility. Fortunately, certain accounting records were kept in another building and revealed the following from January 1 to February 28, 2021: Direct materials purchased Work in process, Jan 1 Direct materials, Jan 1 Finished goods, Jan 1 Indirect manufacturing costs P160,000 34,000 16,000 30,000 60% of conversion costs Sales Revenue Direct manufacturing labor Prime costs Gross margin Cost of goods available for sale P500,000 180,000 294,000 20% 450,000 What is the balance of Direct materials on 02/28/21 before it was damaged by fire? Enter your answer +D F3 C F5 F4 F6 F8 F9 F10 F11 24 & 8. 9 R Y. P. CO
- A tornado touched down and destroyed most of a company's facilities. However, the controller and the cost accountant were able to recover a small part of manufacturing cost data for the current and prior month. They need records in order to file an insurance claim. This is the data they were able to recover: Direct Labor Cost $250,000 Purchase of Raw Materials $365,000 Raw Materials used for the month S350,000 Sales for the month $1,240,000 Gross Profit Ratio 40% of sales Cost of goods available for sale $770,000 Manufacturing overhead was 60% of direct labor Inventories at the end of the prior month: Finished Goods $38,000; Work in Process $25,000; and Raw Materials $19,000. Instructions: Calculate the amount of cost in the Raw Materials, Work in Process, and Finished Goods Inventory (in other words, the ending balance in these accounts) for the current month (when the tornado took place) using the information above. What analysis or conclusions can you make from the data? Can the…X Corp's total cost at various activity level for 2012 are presented below: Month Units |Cost March 250.00 350.00 April May June 3,800.00 4,400.00 4,100.00 5,300.00 300.00 500.00 The costs above consist of supplies cost, labor cost and utilities. The breakdown of these costs in April 2012 are as follows: Supplies cost (fixed cost) of P 2,000; labor cost (variable cost) of P 700 and utilities (mixed cost) of P 1,700. What would be the total cost if there will be 700 units sold for year 2013?Equinox Fabrication Plant suffered a fire incident in August due to which most of the records for the year were destroyed. The following accounting data for the year that were recovered: Total manufacturing overhead estimated at the beginning of the year $105,840 Total direct labor costs estimated at the beginning of the year $186,000 Total direct labor hours estimated at the beginning of the year 3,600 direct labor hours Actual manufacturing overhead costs for the year $99,760 Actual direct labor costs for the year $142,000 Actual direct labor hours for the year 2,950 direct labor hours The company bases its manufacturing overhead allocation on direct labor hours. Calculate the predetermined overhead allocation rate for the year?