Question
In: Accounting
The following T-accounts record the operations of Sheridan Co.: Assume all raw materials are direct materials....
The following T-accounts record the operations of Sheridan
Co.:
Assume all raw materials are direct materials.
| Raw Materials | ||||||
| Beginning Balance | 10,960 | |||||
| ????? | ||||||
| 67,235 | ||||||
| Ending Balance | 12,446 | |||||
| Work in Process | ||||||
| Beginning Balance | 16,030 | |||||
| Direct Material | ????? | |||||
| Direct Labor | 51,682 | |||||
| Overhead | 72,392 | |||||
| ????? | ||||||
| Ending Balance | 24,782 | |||||
| Finished Goods | ||||||
| Beginning Balance | 29,870 | |||||
| ????? | ||||||
| ????? | ||||||
| Ending Balance | 17,996 | |||||
(a) Calculate the amount of direct materials
purchased during the period.
| Raw materials purchased | $ |
(b) Calculate the direct materials used in
production during the period.
| Direct materials used in production | $ |
(c) Calculate the total manufacturing cost for the
period.
| Total manufacturing cost | $ |
(d) Calculate the cost of goods manufactured for
the period.
| Cost of goods manufactured | $ |
(e) Calculate the cost of goods sold for the
period.
| Cost of goods sold | $ |
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct) ...
The following costs are attributed to the Quilt Company:
Purchase of raw materials (all direct) $291,100 Direct
labour cost $141,800 Manufacturing overhead costs
$198,100 Inventories: Beginning raw
materials $10,000 Ending raw materials
$900 Beginning work in process $20,000
Ending work in process $15,900 Beginning finished
goods $20,000 Ending finished goods
$6,800 Quilt Company used a 120% predetermined overhead rate based
on direct labour cost. Required: 7. Calculate the cost
of...
The following costs are attributed to the Gandalf and Company: Purchase of raw materials (all direct)...
The following costs are attributed to the Gandalf and
Company:
Purchase of
raw materials (all direct)
$291,100
Direct
labour
cost
141,800
Manufacturing
overhead costs
198,100
Change in
inventories:
Decrease in
raw materials
$9,100
Decrease in
work in process
4,100
Decrease in
finished goods
13,200
Gandalf and Company used a 120% predetermined overhead rate based
on direct
labour
cost.
Required:
3.
Calculate the cost of goods manufactured.
3.
What was the cost of goods sold before adjusting for any under or...
The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct) $297,100...
The following costs are attributed to
the Quilt Company:
Purchase of raw materials (all
direct)
$297,100
Direct labour cost
$141,800
Manufacturing overhead costs
$176,160
Inventories:
Beginning raw materials
$10,000
Ending raw materials
$900
Beginning work in process
$20,000
Ending work in process
$16,800
Beginning finished goods
$20,000
Ending finished goods
$5,800
Quilt Company used a 120%
predetermined overhead rate based on direct labour cost.
Required:
Calculate the cost of goods manufactured.
What was the cost of goods sold before adjusting...
The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct) $297,100...
The following costs are attributed to the Quilt
Company:
Purchase of raw materials (all direct) $297,100
Direct labour cost
Manufacturing overhead costs
Inventories:
Beginning raw materials
Ending raw materials Beginning work in process
Ending work in process
Beginning finished goods
Ending finished goods
S141,800
$175,260
S10,000
$5,000
S20,000
S10,800
S20,000 $4,800
Quilt Company used a 120% predetermined overhead rate
based on direct labour cost.
Required:
7. Calculate the cost of goods manufactured.
& What was the cost of goods sold...
The following costs are attributed to the Quilt Company: Purchase of raw materials (all direct) $297,100...
The following costs are attributed to
the Quilt Company:
Purchase of raw materials (all
direct)
$297,100
Direct labour cost
$141,800
Manufacturing overhead costs
$175,260
Inventories:
Beginning raw materials
$10,000
Ending raw materials
$5,000
Beginning work in process
$20,000
Ending work in process
$10,800
Beginning finished goods
$20,000
Ending finished goods
$4,800
Quilt Company used a 120%
predetermined overhead rate based on direct labour cost.
Required:
Calculate the cost of goods manufactured.
What was the cost of goods sold before adjusting...
Describe the flow of the raw materials, both direct and indirect, through the inventory accounts, from...
Describe the flow of the raw materials, both direct and
indirect, through the inventory accounts, from purchase to use.
(90-200 words minimum)
Use the following information to compute the cost of goods manufactured. Assume that all raw materials...
Use the following information to compute the cost of goods
manufactured. Assume that all raw materials used were traceable to
specific units of product:
Beginning raw materials
$
5,500
Ending raw materials
4,000
Direct labor
12,250
Raw material purchases
7,400
Depreciation on factory equipment
6,500
Factory repairs and maintenance
3,300
Beginning finished goods inventory
10,200
Ending finished goods inventory
8,900
Beginning work in process inventory
5,700
Ending work in process inventory
6,300
$31,650.
$30,650.
$36,650.
$30,950.
$30,350.
Record each of the following Fred Co. events in T-accounts: a. Received $11,500 cash by issuing...
Record each of the following Fred Co. events in
T-accounts:
a. Received $11,500 cash by issuing common
stock.
CASH , COMMON STOCK
Debit Credit , Debit Credit
_____ ______ , ______ ______
b. Purchased supplies for $620 cash.
CASH , SUPPLIES
Debit Credit , Debit Credit
_____ ______ , ______ ______
c. Purchased land for $9,700 cash.
CASH , LAND
Debit Credit , Debit Credit
_____ _____ , ______ _____
d. Performed services for $4,400 cash.
CASH , SERVICE REVENUE...
Raw materials purchased on account, $210,000. Raw materials used in production, $191,000 ($152,800 direct materials and...
Raw materials purchased on account, $210,000.
Raw materials used in production, $191,000 ($152,800 direct
materials and $38,200 indirect materials).
Accrued direct labor cost of $50,000 and indirect labor cost of
$21,000.
Depreciation recorded on factory equipment, $104,000.
Other manufacturing overhead costs accrued during October,
$130,000.
The company applies manufacturing overhead cost to production
using a predetermined rate of $7 per machine-hour. A total of
76,300 machine-hours were used in October.
Jobs costing $513,000 according to their job cost sheets were...
The following partially completed T-accounts are for Stanford Corporation: Raw Materials Debit Credit Balance 7,000 (2)...
The following partially completed T-accounts are for Stanford
Corporation:
Raw Materials
Debit
Credit
Balance
7,000
(2)
24,000
(1)
19,000
Work In Process
Debit
Credit
Balance
11,000
(7)
?
(2)
15,000
(4)
18,000
(6)
31,000
Finished Goods
Debit
Credit
Balance
18,000
(7)
62,000
15,000
Manufacturing Overhead
Debit
Credit
(2)
9,000
(6)
31,000
(3)
16,000
(4)
8,000
(5)
5,000
Accumulated Depreciation--Factory
Debit
Credit
Balance
82,000
(3)
16,000
Sales Salaries Expense
Debit
Credit
(4)
11,000
Accounts Payable
Debit
Credit
Balance
(1)
19,000
(5)...
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