Question
In: Accounting
Vega Manufacturing Company developed the following data: Beginning work in process inventory: $900,000 Direct materials used:...
Vega Manufacturing Company developed the following data: Beginning work in process inventory: $900,000 Direct materials used: $800,000 Actual overhead: $1,000,000 Overhead applied: $800,000 Direct labor: $1,300,000 Ending work in process: $1,600,000 Vega's total manufacturing costs for the period is
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Expert Solution
| Statement of Cost of Goods Manufactured | ||
| Amount | Amount | |
| Manufacturing Cost | ||
| Direct Material used during the year | $ 8,00,000 | |
| Direct Labor | $ 13,00,000 | |
| Overhead applied | $ 8,00,000 | |
| Total Manufacturing Cost | $ 29,00,000 | |
| Add: Opening Work-in-process, | $ 9,00,000 | |
| Total costs in process | $ 38,00,000 | |
| Less: Ending Work-in-process | $ 16,00,000 | |
| Cost of goods manufactured | $ 22,00,000 | |
| Answer = Cost of Goods Manufactured | $ 22,00,000 | |
| Note: Overhead expenses taken for manufacturing cost is overhead applied | ||
| So taken $800,000 only in manufacture cost | ||
ekkarill92 answered 1 year agoRelated Solutions
i. Cheaper manufacturing company developed the following data: Beginning work in process inventory $6000 Direct material...
i. Cheaper manufacturing company developed the following
data:
Beginning work in process inventory
$6000
Direct material used 360,000
Actual overhead 420,000
Overhead applied 405,000
Total manufacturing cost 960,000
Ending work in process 45,000
How much are the direct labour costs
for the period?
a. $175,000
b. $195,000
c. $200,000
d. $180,000
ii. What is the production cost report used for?
a. It is an external report provided to shareholders.
b. It shows costs charged to a department and costs accounted...
Manufacturing Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials...
Manufacturing Company reported the following year-end
information: Beginning work in process inventory $1,080,000
Beginning raw materials inventory 300,000 Ending work in process
inventory 900,000 Ending raw materials inventory 480,000 Raw
materials purchased 960,000 Direct labor 900,000 Manufacturing
overhead 720,000 Laflin Manufacturing Company's cost of goods
manufactured for the year is $2,400,000 $2,580,000 $2,220,000
$2,760,000. Please, I need a help? Thanks.
Materials are added at the beginning of a production process, and ending work in process inventory...
Materials are added at the beginning of a production process,
and ending work in process inventory is 40% complete with respect
to conversion costs. Use the information provided to complete a
production cost report using the weighted-average method.
Costs to Account For
Beginning inventory: materials
$11,000
Beginning inventory: conversion
20,000
Direct material
46,200
Direct labor
75,000
Applied overhead
42,340
Total costs to account for
$194,540
Units to Account For
Beginning work in process
4,000
Units started into production
22,000
Transferred...
The following information was taken for the records of Hickory Manufacturing Company: Beginning Work-in-Process Inventory 800...
The following information was taken for the records of Hickory
Manufacturing Company:
Beginning Work-in-Process Inventory
800
Units Completed
1,600
Ending Work-in-Process Inventory
400
Ending Work-in-Process Inventory was 100% complete as the
materials and 20% complete as the conversion costs.
Cost Information:
Materials
Conversion
Beginning Work-in-Process
$6,400
$4800
Added during period
9,600
12,000
Prepare a cost of production report based on the above
information.
Please provide a step-by-step answer for the following
problem:
The following information was taken for the records of Hickory Manufacturing Company: Beginning Work-in-Process Inventory 800...
The following information was taken for the records of Hickory
Manufacturing Company:
Beginning Work-in-Process Inventory
800
Units Completed
1,600
Ending Work-in-Process Inventory
400
Ending Work-in-Process Inventory was 100% complete as the
materials and 20% complete as the conversion costs.
Cost Information:
Materials
Conversion
Beginning Work-in-Process
$6,400
$4800
Added during period
9,600
12,000
Prepare a cost of production report based on the above
information.
SHOW STEPS PLEASE
Roofing Manufacturers had a beginning work-in-progress of $500,000. The company used $300,000 in direct materials and...
Roofing Manufacturers had a beginning
work-in-progress of $500,000. The company used $300,000 in direct
materials and $500,000 in labor and applied factory overhead at
200% of direct materials. At the end of the month, the company had
an ending work-in-progress of $750,000. Record necessary journal
entries to record the (1) direct materials used, (2) direct labor
used, (3) applied overhead and (4) the transfer of completed
work-in-progress from molding department to finishing department.
(20 Points)
1. Marigold Corp.reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials...
1. Marigold Corp.reported the following year-end
information:
Beginning work in process inventory
$1080000
Beginning raw materials inventory
300000
Ending work in process inventory
900000
Ending raw materials inventory
480000
Raw materials purchased
1020000
Direct labor
820000
Manufacturing overhead
820000
1Marigold Corp.'s cost of goods manufactured for the year is
a.
$2480000.
b.
$2300000.
c.
$2840000.
d.
$2660000.
2. Crane Company reported the following year-end information:
beginning work in process inventory, $70000; cost of goods
manufactured, $650000; beginning finished goods inventory,...
Crane Company has beginning work in process inventory of $124000 and total manufacturing costs of $286000....
Crane Company has beginning work in process inventory of $124000
and total manufacturing costs of $286000. If cost of goods
manufactured is $260000, what is the cost of the ending work in
process inventory?
$170000.
$150000.
$98000.
$130000.
* A department had 250 units of beginning work-in-process, which are 90% as to direct materials...
* A department had 250 units of beginning work-in-process, which
are 90% as to direct materials
and 70% complete as to conversion.
* The department started 430 units during a given period.
* The department completed and transferred out 380 units.
* At the end of the period, there are 300 units remaining
unfinished with 100% complete as to direct materials
and 40% complete as to conversion.
* The following cost information is given for the
department:
...
Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,300 units, 1/10 complete...
Manufacturing Costs
Production Data
Beginning work in process
Beginning work in process
15,300
units, 1/10 complete
Materials
$17,500
Units transferred out
54,500
Conversion costs
14,160
$31,660
Units started
50,800
Materials
227,731
Ending work in process
11,600
units, 1/5 complete
Labor
67,200
Overhead
80,577
Exercise 3-13 The Welding Department of Healthy Company has the
following production and manufacturing cost data for February 2017.
All materials are added at the beginning of the process.
Manufacturing Costs Production Data Beginning work in process...
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