Armidale Innovations deals in the manufacture of iPads. For 2016, the books of Armidale Innovations reveal the following information: Opening inventory of Direct materials for the year was $47000, while the closing inventory was $27800 and the Procurement manager purchased Direct materials worth $130200 during the year. Additional information from the companyâs books for the year are given below ($): Total payments to Direct labour (manufacturing) 39,000 Indirect Manufacturing costs (overhead) 31,000 Work-in-process Opening inventory 8,600 Work-in-process Closing inventory 15,000 Finished goods Opening inventory 55,000 Finished goods Closing inventory 39,000 Required: Work out the following, showing all supporting calculations/working: a.During 2016 how much of the direct materials were used in production? b.For 2016, how much was the cost of goods manufactured? c.For 2016, how much was the cost of goods sold? d.How much of Prime Costs was recorded for year? e.How much of Conversion Costs was recorded for year?
Armidale Innovations deals in the manufacture of iPads. For 2016, the books of Armidale Innovations reveal the following information: Opening inventory of Direct materials for the year was $47000, while the closing inventory was $27800 and the Procurement manager purchased Direct materials worth $130200 during the year. Additional information from the companyâs books for the year are given below ($): Total payments to Direct labour (manufacturing) 39,000 Indirect Manufacturing costs (overhead) 31,000 Work-in-process Opening inventory 8,600 Work-in-process Closing inventory 15,000 Finished goods Opening inventory 55,000 Finished goods Closing inventory 39,000 Required: Work out the following, showing all supporting calculations/working: a.During 2016 how much of the direct materials were used in production? b.For 2016, how much was the cost of goods manufactured? c.For 2016, how much was the cost of goods sold? d.How much of Prime Costs was recorded for year? e.How much of Conversion Costs was recorded for year?
Related questions
The following balances are from the accounts of CrabtreeMachining Company:
| January 1 (Beginning) | December 31 (Ending) | |||||
| Direct materials inventory | $ | 98,500 | $ | 110,700 | ||
| Work-in-process inventory | 107,200 | 105,100 | ||||
| Finished goods inventory | 43,100 | 46,400 | ||||
Direct materials purchased during the year amount to $513,400,and the cost of goods sold for the year was $1,870,000.
Required:
Prepare a cost of goods sold statement.
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************I HAVE FIGURED OUT EVERY NUMBER BESIDES THE OTHERMANUFACTURING COST!!!! HOW DO I FIGURE OUT THATNUMBER???????????????????? ONCE I FIGURE OUT THAT NUMBER IT WILLCHANGE THE OTHER NUMBERS, SO THE PROBLEM WILL BE CORRECT.
Passera Inc. manufactures a single product in a continuousprocessing environment. All materials are added at the beginning ofthe process, and conversion costs are applied evenly throughout theprocess. To assign costs to inventories, the company usesweighted-average process costing.
The following information was available for 2016:
| Sales (selling price per unit, $40) | $4,080,000 | |
| Actual manufacturing overhead | 660,000 | |
| Selling and administrative expenses | 328,000 |
| Unit costs of production: | ||
| Direct materials (1 kilogram) | $ 6.00 | |
| Direct labour (1/2 hour) | 8.00 | |
| Overhead | 9.00 | |
| Total | $23.00 |
| Units transferred to finished goods | 140,000 units | |
| Materials purchased | 125,000 kilograms | |
| Materials used in process | 136,000 kilograms |
An inventory count at year end (December 31, 2016) revealed thatthe inventories had the following balances:
| Raw materials | 8,000 kilograms | |
| Work in process (45% complete) | 22,000 units | |
| Finished goods | 45,000 units |
The January 1, 2016, work in process units are 70% complete. Theunit cost of production was the same in 2016 as it was in2015.
Calculate the following amounts for Passera Inc.:
1.The opening (January 1, 2016) balance in units and costs of(1) raw materials, (2) work in process, and (3) finished goods.
2.The equivalent units for 2016 for (1) materials and (2)conversion costs.
3.The total cost for 2016 for (1) materials used and (2)conversion applied.
4.Thecost of ending work in process for 2016.
5.The cost of units completed and transferred to finishedgoods.
