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In: Accounting

18. Marigold Corp.'s accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw...

18. Marigold Corp.'s accounting records reflect the following inventories:

	Dec. 31, 2019	Dec. 31, 2020
Raw materials inventory	$30000	$ 87000
Work in process inventory	66000	84000
Finished goods inventory	60000	48000

During 2020, Marigold purchased $890000 of raw materials, incurred direct labor costs of $175000, and incurred manufacturing overhead totaling $224000.
How much is total manufacturing costs incurred during 2020 for Marigold?

$1289000

$1244000

$1232000

$1295000

17. Gulick Company developed the following data for the current year:

Beginning work in process inventory	$240,000
Direct materials used	144,000
Actual overhead	288,000
Overhead applied	216,000
Cost of goods manufactured	264,000
Total manufacturing costs	720,000

Gulick Company's ending work in process inventory is

$216,000.

$480,000.

$456,000.

$696,000.

16. Bramble Corp. developed the following data for the current year:

Beginning work in process inventory	$330000
Direct materials used	224000
Actual overhead	368000
Overhead applied	296000
Cost of goods manufactured	344000
Total manufacturing costs	970000

Bramble Corp.'s ending work in process inventory is

$296000.

$640000.

$956000.

$626000.

Expert Solution

Q18.
Answer is $1232,000
Explanation:
Beginning inventory of material	30000.0
Add: Purchase		890000.0
Material available		920000.0
Less: Ending inventory of material	87000.0
Material consumed			833000
Direct labor cost			175000
Manufacturig overheads		224000
Total Manufacturing cost		1232000

Q17.
Answer is $696,000
Explanation:
Beginning WIP inventory		2,40,000
Add: Total manufacturing cost		720000
Total cost of goods manufacturing	960000
Less: Cost of goods manufactured	264000
Ending inventory of WIP		6,96,000

Q16.
Answer is $956,000
Explanation:
Beginning WIP inventory		3,30,000
Add: Total manufacturing cost		970000
Total cost of goods manufacturing	1300000
Less: Cost of goods manufactured	344000
Ending inventory of WIP		9,56,000

ekkarill92 answered 3 years ago

Myles Manufacturing Company's accounting records reflect the following inventories: &

Myles Manufacturing Company's accounting records reflect the following inventories: Dec. 31, 2014 Dec. 31, 2013 Raw materials inventory $620,000 $820,000 Work in process inventory 300,000 220,000 Finished goods inventory 380,000 100,000 During 2014, $900,000 of raw materials were purchased, direct labor costs amounted to $1,000,000, indirect labor costs amounted to $300,000, and manufacturing overhead was $960,000. Based upon the above information, cost of goods sold for the year is:

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