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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

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

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

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 1 year ago

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