Question
In: Accounting
Given the following, calculate cost of goods sold: Inventories: Beginning Ending Direct materials $300 $250 Work...
Given the following, calculate cost of goods sold:
|
Inventories: |
Beginning |
Ending |
|
Direct materials |
$300 |
$250 |
|
Work in process |
$400 |
$200 |
|
Finished goods |
$500 |
$350 |
Direct material purchases $4,200
Direct labor $3,000
Manufacturing overhead $5,000
Solutions
Expert Solution
Answer :-
| Particulars | Amount ($) |
| Direct Material Beginning Balance | 300.00 |
| Direct Material Purchase | 4,200.00 |
| Direct Material Closing Balance | -250.00 |
| Direct Material Used in Production | 4,250.00 |
| Direct Labour | 3,000.00 |
| Manufacturing overhead | 5,000.00 |
| Net Production Cost | 12,250.00 |
| Opening Work In Progress | 400.00 |
| Closing Work In Progress | -200.00 |
| Cost of Finished Goods Manufactured | 12,450.00 |
| Opening Finished Goods | 500.00 |
| Closing Finished Goods | -350.00 |
| Cost of Goods Sold | 12,600.00 |
ekkarill92 answered 3 years agoRelated Solutions
Given the following, calculate cost of goods manufactured: Inventories: Beginning Ending Direct materials $300 $250 Work...
Given the following, calculate cost of goods manufactured:
Inventories:
Beginning
Ending
Direct materials
$300
$250
Work in process
$400
$200
Finished goods
$500
$350
Direct material purchases $4,200
Direct labor $3,000
Manufacturing overhead $5,000
VI. Given below is information about cost of goods sold, beginning and ending inventories, and average...
VI. Given below is information about cost of goods sold,
beginning and ending inventories, and average accounts payable for
Years 3, 4 and 5: Cost of Goods Sold Beginning Inventory Ending
Inventory Sales Year 3 $1,895,400 $1,080,000 $540,000 $3,510,000
Year 4 $2,079,000 $540,000 $1,116,000 $3,960,000 Year 5 $2,250,000
$1,116,000 $525,600 $4,500000 Calculate for each year the
following: (a) inventory turnover; (b) average number of days that
inventory is on hand using 360 days in a year; and (c) gross profit...
26/ Calculate the cost of goods sold using the following information: Direct materials $ 299,300 Direct...
26/ Calculate the cost of goods sold using the following
information:
Direct materials
$
299,300
Direct
labor
132,800
Factory overhead
costs
264,800
General and
administrative expenses
86,300
Selling
expenses
49,600
Work in Process
inventory, January 1
119,300
Work in Process
inventory, December 31
126,700
Finished goods
inventory, January 1
232,900
Finished goods
inventory, December 31
239,500
Multiple Choice
$696,900.
$682,900.
$704,300.
$689,500.
$775,800.
27/ Current information for the Healey Company follows:
Beginning raw materials inventory
$
14,400
Raw material
purchases...
Calculate cost of goods sold and ending inventory under each of the following methods given the...
Calculate cost of goods sold and ending
inventory under each of the following methods given the
following information about purchases and sales during the
year.
Jan.
1
Beginning Inventory 300 units @
$3
Jan.
5
Sales
100 units
Jan. 15
Purchases
400 units @ $4
Jan. 20
Sales
200 units
a. FIFO.
b. LIFO.
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the weighted-average method, ending
inventory is 56 units. (Round your intermediate
calculations and final answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
2.70
April 10
9
3.20
May 15
13
3.70
July 22
14
3.95
August 19
19
4.70
September 30
19
4.90
November 10
33
5.10
December 15
15
5.50
cost of ending inventory?
Cost of...
From the following, calculate the cost of ending inventory and cost of goods sold for the...
From the following, calculate the cost of ending inventory and
cost of goods sold for the LIFO method, ending inventory is 54
units. (Round your answers to the nearest cent.)
Beginning inventory
and purchases
Units
Unit cost
January 1
6
$
1.00
April 10
9
1.50
May 15
13
2.00
July 22
14
2.25
August 19
19
3.00
September 30
19
3.20
November 10
33
3.40
December 15
15
3.80
Cost of ending inventory
$
Cost of goods sold
$
Cost layers for perpetual system is given, how to calculate cost of goods sold, ending inventory...
Cost layers for perpetual system is given, how to calculate cost of
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cost
Record the net variance closed to cost of goods sold. Record the net variance allocated to ending inventories and Cost of goods sold.
Patel and Sons Inc. uses a standard cost system to apply factory overhead costs to units produced. Practical capacity for the plant is defined as 50,000 machine hours per year, which represents 25,000 units of output. Annual budgeted fixed factory overhead costs are $250,000 and the budgeted variable factory overhead cost rate is $4 per unit. Factory overhead costs are applied on the basis of standard machine hours allowed for units produced. Budgeted and actual output for the year...
From the following? information, calculate the cost of ending inventory and cost of goods sold using...
From the following? information, calculate the cost of ending
inventory and cost of goods sold using the? (a) FIFO,? (b) LIFO,
and? (c) weighted-average methods.
Units
Cost
January 1
Beginning Inventory
4
$7
March 6
Purchased
6
2
August 9
Purchased
4
9
December 10
Purchased
5
1
The ending inventory reveals eighteight items unsold
Calculate the cost of goods sold and the cost of the ending inventory using the LIFO...
Calculate the cost of goods sold and the cost of the ending
inventory using the LIFO periodic cost flow assumption.
Sales 97 units at $ 18 per unit
Beginning inventory 88 units at $ 6 per unit
Purchases 58 units at $ 10 per unit
Calculate the cost of goods sold using the LIFO periodic cost
flow assumption. Units x Cost per Unit = Total Cost Units from
beginning inventory x = Units from purchase x = Cost of Goods...
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