Question
In: Accounting
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:
Solutions
Expert Solution
Since the method to be used to prepare the cost of production report has not been specified in the question, average-cost method is being used to prepare the report.
The cost of production report will be prepared using average-cost method as follows:
Above figures have been calculated in the following manner:
ekkarill92 answered 1 year agoRelated Solutions
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
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.
The following trial balance was taken from the records of Gibson Manufacturing Company at the beginning...
The following trial balance was taken from the records of Gibson
Manufacturing Company at the beginning of Year 3:
Cash
$
9,430
Raw materials inventory
810
Work in process inventory
1,280
Finished goods inventory
2,110
Property, plant, and equipment
7,750
Accumulated depreciation
$
3,200
Common stock
8,000
Retained earnings
10,180
Total
$
21,380
$
21,380
Transactions for the Accounting Period
Gibson purchased $6,100 of direct raw materials and $360 of
indirect raw materials on account. The indirect materials are...
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning...
The following trial balance was taken from the records of
Fairport Manufacturing Company at the beginning of 2019:
Cash
$
20,000
Raw materials
inventory
1,800
Work in process
inventory
2,400
Finished goods
inventory
4,200
Property, plant,
and equipment
15,000
Accumulated
depreciation
$
6,000
Common
stock
16,800
Retained
earnings
20,600
Total
$
43,400
$
43,400
Transactions for the Accounting Period:
Fairport purchased $11,400 of direct raw materials and $600 of
indirect raw materials on account. The indirect materials are
capitalized in...
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
6,300
units @ $11.00
Purchases:
9/7
4,200
units @ $11.60
9/25
10,500
units @ $12.20
Sales:
9/10
5,000
units
9/29
6,000
units
10,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
7,000
units @ $10.00
Purchases:
9/7
3,000
units @ $11.00
9/25
10,000
units @ $11.50
Sales:
9/10
4,000
units
9/29
5,000
units
11,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
W Company uses process costing has the following information available for November. Beginning Work-in-Process Inventory was...
W Company uses process costing has the following information
available for November. Beginning Work-in-Process Inventory was
7,000 units that were 100% complete as to materials and 40%
complete as to conversion. There were 32,000 units started during
the period. Ending Work-in-Process Inventory was 2,500 units that
were 100% complete as to materials and 25% complete as to
conversion. The Equivalent Units of production for material using
the FIFO method would be _____.
Group of answer choices
A) 34,500
B) 36,800...
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...
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
The following information was taken from the accounting records of Dunbar Mifflin Company in 2018. Beginning...
The following
information was taken from the accounting records of Dunbar Mifflin
Company in 2018.
Beginning
of 2018Ending
of 2018
Direct
materials inventory135,00083,000
Work-in-process
inventory185,000154,000
Finished-goods
inventory255,000216,000
Purchases of
direct materials270,000
Direct
manufacturing labor225,000
Indirect
manufacturing labor103,000
Plant
insurance11,000
Depreciation-plant,
building, and equipment48,000
Plant
utilities29,500
Repairs and
maintenance-plant13,500
Equipment
leasing costs66,800
Marketing,
distribution, and customer-service costs129,500
General and
administrative costs72,500
Required:
1.
Prepare a
schedule of cost of goods manufactured.
Question 2(Total:
38 marks)
Following are
the account balances for...
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