Question

In: Accounting

Please answer within the hour 1a. A manufacturing company has a beginning finished goods inventory of...

Please answer within the hour

1a. A manufacturing company has a beginning finished goods inventory of $15,800, raw material purchases of $19,200, cost of goods manufactured of $34,900, and an ending finished goods inventory of $19,000. The cost of goods sold for this company is:

$50,700.

$22,400.

$34,900.

$31,700.

$30,000.

1b. Use the cost information below for Ruiz Inc. to determine the total manufacturing costs incurred during the year:

Work in Process, January 1 $ 51,600​
Work in Process, December 31 37,800​
Direct materials used $ 13,300​
Total manufacturing factory overhead 6,300​
Direct labor used 27,300​

$98,500.

$60,700.

$13,800.

$46,900.

$92,200.

1c. Current information for the Healey Company follows:

Beginning raw materials inventory $ 16,300​
Raw material purchases 61,100​
Ending raw materials inventory 17,700​
Beginning work in process inventory 23,500​
Ending work in process inventory 29,100​
Direct labor 43,900​
Total manufacturing factory overhead 31,100​


All raw materials used were traceable to specific units of product. Healey Company's direct materials used for the year is:

$59,700.

$62,500.

$77,400.

$61,100.

$78,800.

1d. Current information for the Healey Company follows:

Beginning raw materials inventory $ 17,200​
Raw material purchases 62,000​
Ending raw materials inventory 18,600​
Beginning work in process inventory 24,400​
Ending work in process inventory 30,000​
Direct labor 44,000​
Total manufacturing factory overhead 32,000​


All raw materials used were traceable to specific units of product. Healey Company's cost of goods manufactured for the year is:

$143,000.

$136,600.

$133,800.

$142,200.

$131,000.

Solutions

Expert Solution

1a.

Answer: $31,700

Explanation

Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory

= $ 15,800 + 34,900 - 19,000

= $31,700

1b

Answer: $ 46,900

Explanation

Total manufacturing costs =  Direct materials used + Direct labor used + Total manufacturing factory overhead          =13,300 + 27,300 + 6,300

= $ 46,900

1c

Answer:$ 59,700

Explanation

Direct materials used = Beginning raw materials inventory + Raw material purchases - Ending raw materials inventory

= $ 16,300 + 61,100 - 17,700

= $ 59,700

1d

Answer: $ $131,000

Explanation

Direct materials used = Beginning raw materials inventory + Raw material purchases - Ending raw materials inventory

= $ 17,200 + 62,000 - 18,600

= $ 60,600

Total manufacturing costs =  Direct materials used + Direct labor used + Total manufacturing factory overhead

= $ 60,600 + 44,000 + 32,000

= $ 136,600

Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory  

= $ 136,600 + 24,400 - 30,000

= $ 131,000

ekkarill92 answered 2 years ago
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