Question
In: Accounting
The following information is available for Jetson Manufacturing for the month ended June 30, Year 1....
The following information is available for Jetson Manufacturing for the month ended June 30, Year 1.
Cost of direct materials used in production $325,000
Direct labor 280,000
Work in process inventory, June 1 135,000
Work in process inventory, June 30 142,000
Total factory overhead 195,000
Determine Jetson's cost of goods manufactured for the month ended June 30, Year 1. Show your work
Solutions
Expert Solution
The Answer is $ 793,000
Working:
| Particulars | Amount $ |
| Direct Materials used in production(A) | $ 325,000 |
| Direct Labor (B) | $ 280,000 |
| Factory Overhead( C ) | $ 195,000 |
| Total Manufacturing costs(A+B+C) | $ 800,000 |
| Add: Beginning WIP Inventory | $ 135,000 |
| Deduct: Ending WIP Inventory | $ (142,000) |
| Cost of Goods Manufactured for the Month | $ 793,000 |
ekkarill92 answered 2 years agoRelated Solutions
You are provided with the following information for Kingbird Inc. for the month ended June 30,...
You are provided with the following information for Kingbird
Inc. for the month ended June 30, 2019. Kingbird uses the periodic
system for inventory.
HELP!!!
Calculate weighted-average cost per unit. (Round
answer to 2 decimal places, e.g. 5.25.)
Calculate ending inventory, cost of goods sold,
gross profit under each of the following methods. (1) LIFO. (2)
FIFO. (3) Average-cost.
Calculate gross profit rate under each of the
following methods (1) LIFO (2) FIFO (3)
Average-cost
Compare the results for the...
You are provided with the following information for Najera Inc. for the month ended June 30,...
You are provided with the following information for Najera Inc.
for the month ended June 30, 2017. Najera uses the periodic method
for inventory.
Date
Description
Quantity
Unit Cost or
Selling Price
June
1
Beginning inventory
40
$40
June
4
Purchase
138
44
June
10
Sale
107
70
June
11
Sale return
13
70
June
18
Purchase
53
46
June
18
Purchase return
10
46
June
25
Sale
63
75
June
28
Purchase
26
50
Calculate cost per unit. (Round...
1.The following information is available for the Savvy Company for the month of June. a. On...
1.The following information is available for the Savvy Company
for the month of June.
a. On June 30, after all transactions have been recorded, the
balance in the company's Cash account has a balance of
$17,202.
b. The company's bank statement shows a balance on June 30 of
$19,279.
c. Outstanding checks at June 30 total $2,984.
d. A credit memo included with the bank statement indicates that
the bank collected $770 on a note receivable for Savvy.
e. A...
The following information is available for the Savvy Company for the month of June. On June...
The following information is available for the Savvy Company for
the month of June. On June 30, after all transactions have been
recorded, the balance in the company's Cash account has a balance
of $17,202. The company's bank statement shows a balance on June 30
of $19,279. Outstanding checks at June 30 total $2,984. The bank
collected $770 on a note receivable that is not yet recorded by
Savvy Company. A $67 NSF check from a customer, J. Maroon is...
The following information is available for Weber Inc. on September 30 for the year just ended....
The following information is available for Weber Inc. on
September 30 for the year just ended.
Of the consulting fees Weber Inc. received in advance, $800 has
been earned.
Equipment purchased in a previous year for $18,500 will be sold
after five years for $2,500.
Interest of $1,140 has accrued on a bank loan and is
unrecorded.
Property taxes of $600 have accrued but are unrecorded.
Buildings purchased in a previous year for $68,750 will be sold
after ten years...
The following information relates to a company ABC Ltd for the year ended 30 June 2020:...
The following information relates to a company ABC Ltd
for the year ended 30 June 2020:
Transaction totals for the year ended 30 June
2020
R
Credit purchases of raw materials
503750
Freight on raw materiasl purchased (on
credit)
99833
Sales of finished producgts
11440000
Direct Labour:
Factory wages
828600
Pension fund contributions paid by employer
172500
Medical aid paid by employer
227200
UIF Contributions paid by employer
8144
Indirect Labour
500250
Electricity
Factory
211450
Administration offices
127900
Rent Expenses...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...
Following is the information concerning operating activity for
Annette County. For the year ended June 30, the net change in total
governmental fund balances was $(289,500), and the change in net
position of governmental activities was $(402,000). During the
year, Annette issued $2,030,000 in general obligation bonds at a
premium of 102. The bonds are to be used for a construction
project. The county acquired $2,780,000 in capital assets and sold
capital assets with a book value of $564,500 for...
The following information is related to Sunglow Solar Ltd: Sales for the year ended 30 June...
The following information is related to Sunglow Solar Ltd:
Sales for the year ended 30 June 2019 was $1,200,000
Provision for warranties before adjustment was $36,000
At 30 June 2019, Sunglow Solar Ltd. adjusted its Provision for
Warranties so that it would be equal to 4% of sales for the year
ended on that date.
On 16 September 2019, a successful claim for warranty on faulty
goods to the cost of $700 was made on Sunglow Solar Ltd.
Required:
Prepare...
Following is the information concerning operating activity for Annette County. For the year ended June 30,...
Following is the information concerning operating activity for
Annette County. For the year ended June 30, 2017, the net change in
total governmental fund balances was $(289,500), and the change in
net position of governmental activities was $(402,000). During the
year, Annette issued $2,030,000 in general obligation bonds at a
premium of 102. The bonds are to be used for a construction
project. The county acquired $2,780,000 in capital assets and sold
capital assets with a book value of $564,500...
The following inventory information is available for Muscat Manufacturing Corporation for the year ended December 31,...
The following inventory information is available for Muscat
Manufacturing Corporation for the year ended December 31,
2018:
Beginning
Ending
Inventories:
Raw
materials
$68,000
$76,000
Work in
process
36,000
56,000
Finished
goods
44,000
32,000
Total $148,000
$164,000
In addition, the following transactions occurred in 2018:
1. Raw materials purchased
on account, $280,000.
2. Incurred factory labor,
$320,000, all is direct labor. (Credit Factory Wages Payable).
3. Incurred the following
overhead costs during the year:...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Customer is saying website is running slow when his end clients are trying to access the...
- Note: The answers to the following questions should be typed in the block of comments in...
- Python Describe the procedure for setting up the display of an image in a window.
- what are the fundamental similarity and differences between gap and dgap?
- Maria Gonzales is a 57-year-old operating room nurse who works full-time at a local hospital. She...
- Use the bond term's below to answer the question Maturity 7 years Coupon Rate 4% Face...
- What experience have you had with Organization Development or with Change Management? Describe the organization, the...
ADVERTISEMENT