Question

In: Accounting

1. Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory...

1.

Use the following data to determine the cost of goods manufactured:

Beginning finished goods inventory $ 12,600
Direct labor used 32,400
Beginning work in process inventory 9,000
General and administrative expenses 15,300
Direct materials used 42,300
Ending work in process inventory 10,800
Indirect labor 8,100
Ending finished goods inventory 11,300
Indirect materials 15,300
Depreciation—factory equipment 9,300

2.

Current information for the Healey Company follows:

Beginning raw materials inventory $ 31,200
Raw material purchases 76,000
Ending raw materials inventory 32,600
Beginning work in process inventory 38,400
Ending work in process inventory 44,000
Direct labor 58,800
Total factory overhead 46,000


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

  • $171,000.

  • $176,600.

  • $173,800.

  • $179,400.

  • $185,000.

Solutions

Expert Solution

Answer- 1)- The cost of goods manufactured =$105600.

Explanation-

COST OF GOODS MANUFACTURED
PARTICULARS AMOUNT AMOUNT
$ $
Raw Materials Used in production 42300
Direct Labor 32400
Manufacturing Overhead:- 32700
Indirect materials 15300
Depreciation-factory equipment 9300
Indirect labor 8100
Total current manufacturing costs 107400
Add- Beginning Work in Process Invenotry 9000
Total work in process 116400
Less- Ending Work in Process Invenotry 10800
Cost of goods manufactured 105600

Answer-2)- Healey Company's cost of goods manufactured for the year is=$173800.

Explanation-

COST OF GOODS MANUFACTURED
PARTICULARS AMOUNT AMOUNT
$ $
Beginning Raw Materials Invenotry 31200
Add- Raw Material Purchases 76000
Total raw materials available 107200
Less-Ending Raw Material Inventory 32600
Raw Materials Used in production 74600
Direct Labor 58800
Total factory Overhead 46000
Total current manufacturing costs 179400
Add- Beginning Work in Process Invenotry 38400
Total work in process 217800
Less- Ending Work in Process Invenotry 44000
Cost of goods manufactured 173800

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

1.The finished goods beginning inventory = $100,000; The finished goods ending inventory = $50,000; The work...
1.The finished goods beginning inventory = $100,000; The finished goods ending inventory = $50,000; The work in process inventory at the beginning of the year was $150,000 and at the end of the year $50,000; The raw materials inventory at the beginning of the year $80,000 and at the end of the year was $40,000. Manufacturing costs and selling and administrative expenses were as follows: indirect materials = $10,000; factory utilities = $20,000; raw material purchases = $30,000 in June...
1.The following inventory data relate to the Reta Company: INVENTORIES Beginning Ending Finished goods $80,000 $100,000...
1.The following inventory data relate to the Reta Company: INVENTORIES Beginning Ending Finished goods $80,000 $100,000 Work in process 65,000 70,000 Direct materials 60,000 64,000 Revenues and costs for the period: Sales $740,000 Cost of goods available for sale 650,000 Total manufacturing costs 575,000 Factory overhead 154,000 Direct materials used 164,000 Selling and administrative expenses 51,000 a. Direct materials purchased b. Direct labor costs incurred c. Cost of goods sold e. How does cost of goods sold statement differ from...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an Income Statement. Listed below is information related to RRR Co’s manufacturing activities for the month of October 2020. Ending Balance                       Beginning Balance Materials Inventory                                                                 $197,000                                    $ 211,000 Work in Process Inventory                                                       59,000                                         78,000                     Finished Goods Inventory                                                        91,000                                           82,000 During October 2020, RRR Company purchased $105,000 of raw materials and incurred direct labor costs of $77,100. The...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an Income Statement. Listed below is information related to Danbury Co’s manufacturing activities for the month of July 2016. Ending Balance Beginning Balance Materials Inventory $7,500 $ 6,000 Goods in Process Inventory 11,000 2,000 Finished Goods Inventory 10,000 9,000 During July 2016, Danbury Company purchased $20,000 of raw materials and incurred direct labor costs of $14,160. The company applies overhead at a rate of 50%...
Beginning finished goods inventory $ 14,500 $ 16,300 Beginning work in process inventory 15,900 19,650 Beginning...
Beginning finished goods inventory $ 14,500 $ 16,300 Beginning work in process inventory 15,900 19,650 Beginning raw materials inventory 10,500 14,400 Rental cost on factory equipment 28,750 26,500 Direct labor 25,000 42,600 Ending finished goods inventory 20,000 13,000 Ending work in process inventory 23,500 19,600 Ending raw materials inventory 7,200 8,800 Factory utilities 9,150 12,250 Factory supplies used 11,500 5,400 General and administrative expenses 32,500 44,500 Indirect labor 2,350 7,960 Repairs—Factory equipment 6,140 2,600 Raw materials purchases 37,000 59,000 Selling...
Under applied over head 14,000 Finished goods inventory, beginning 310,000 Finished goods inventory, ending 380,000 Raw...
Under applied over head 14,000 Finished goods inventory, beginning 310,000 Finished goods inventory, ending 380,000 Raw materials inventory, beginning 110,000 Raw materials inventory, ending 95,000 Work in process inventory, beginning 105,000 Work in process inventory, ending 85,000 Selling expenses 180,000 Manufacturing overhead Applied 490,000 Direct labor 390,000 Administrative expenses 385,000 Purchases of raw materials 295,000 Sales 2,885,000 Required: 1) Prepare a schedule of Cost of Goods Sold for the year in good form? (Use the table given in the answer...
If finished goods inventory increases between the beginning and the end of the year, then the...
If finished goods inventory increases between the beginning and the end of the year, then the cost of goods sold is smaller than the cost of goods manufactured. true or false
When there are no units in the beginning Finished Goods Inventory and the units produced are...
When there are no units in the beginning Finished Goods Inventory and the units produced are more than the units​ sold, the operating income will be higher under variable costing than absorption costing.
1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the...
1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information: IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT Beginning Raw Materials Inventory $1,000 Beginning Work-In-Process Inventory $2,000 Beginning Finished Goods Inventory $3,000 Ending Raw Materials Inventory $1,500 Ending Work-In-Process Inventory $2,500 Ending Finished Goods Inventory $3,500 Raw Materials Purchases $1,250 Direct Labor $750 Factory Overhead $750 2) Prepare journal entries, if necessary, for the following as of the...
Given the following data, determine the cost of goods manufactured. Office supplies $ 11,000 Depreciation, factory...
Given the following data, determine the cost of goods manufactured. Office supplies $ 11,000 Depreciation, factory equipment 38,000 Direct materials 86,000 Beginning Work in Process 33,000 Utilities, factory 11,000 Utilities, office 9,000 Direct labor 134,000 Ending Work in Process 35,000 Rent, factory building 58,000 $325,000 $336,000 $345,000 $305,000
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT