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28 Sep 2019
The following beginning and ending inventory balances apply toXYZâs 2009 accounting period:
Numbers are shown as Beginning, Ending
Raw Materials Inventory $24,000, $22,000
Work in Process Inventory $32,000, $33,000
Finished Goods Inventory $20,000, $17,000
During 2009, the company purchased $234,000 of direct rawmaterials. It incurred $180,000 of direct labor costs for the yearand allocated $260,000 of manufacturing overhead costs to work inprocess. There was no overapplied or underapplied overhead. Revenuefrom goods sold during the year was $800,000.
The amount of cost of goods manufactured (amount transferred fromWIP to Finished Goods) was what?
The following beginning and ending inventory balances apply toXYZâs 2009 accounting period:
Numbers are shown as Beginning, Ending
Raw Materials Inventory $24,000, $22,000
Work in Process Inventory $32,000, $33,000
Finished Goods Inventory $20,000, $17,000
During 2009, the company purchased $234,000 of direct rawmaterials. It incurred $180,000 of direct labor costs for the yearand allocated $260,000 of manufacturing overhead costs to work inprocess. There was no overapplied or underapplied overhead. Revenuefrom goods sold during the year was $800,000.
The amount of cost of goods manufactured (amount transferred fromWIP to Finished Goods) was what?
Numbers are shown as Beginning, Ending
Raw Materials Inventory $24,000, $22,000
Work in Process Inventory $32,000, $33,000
Finished Goods Inventory $20,000, $17,000
During 2009, the company purchased $234,000 of direct rawmaterials. It incurred $180,000 of direct labor costs for the yearand allocated $260,000 of manufacturing overhead costs to work inprocess. There was no overapplied or underapplied overhead. Revenuefrom goods sold during the year was $800,000.
The amount of cost of goods manufactured (amount transferred fromWIP to Finished Goods) was what?
Irving HeathcoteLv2
28 Sep 2019
Related questions
| Pirkl Corporation has providedthe following data for the month of March: |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 24,000 | $ | 39,000 |
| Work in process | $ | 13,000 | $ | 20,000 |
| Finished goods | $ | 46,000 | $ | 35,000 |
Additional Information:
| Raw materialspurchases | $ | 78,000 |
| Direct laborcost | $ | 84,000 |
| Manufacturingoverhead cost incurred | $ | 43,000 |
| Indirect materialsincluded in manufacturing overhead cost incurred | $ | 6,400 |
| Manufacturingoverhead cost applied to work in process | $ | 44,600 |
| Required: | |
| Prepare a Schedule ofCost of Goods Manufactured and a Schedule of Cost of Goods Sold.(Input all amounts as positive values. Omit the "$" sign inyour response.) |
| Schedule of Cost of Goods Manufactured | ||
| Directmaterials: | ||
| (Click to select)Beginning work inprocess inventoryBeginning finished goods inventoryEnding rawmaterials inventoryBeginning materials inventoryEnding work inprocess inventory | $ | |
| (Click to select)DeductAdd : (Clickto select)Ending work in process inventoryBeginning work in processinventoryFinished goods inventory, beginningPurchases of rawmaterialsRaw materials inventory, ending | ||
| Raw materials available for use | ||
| (Click to select)DeductAdd : (Clickto select)Ending work in process inventoryPurchases of rawmaterialsBeginning materials inventoryEnding raw materialsinventoryBeginning work in process inventory | ||
| Raw materials used in production | ||
| (Click to select)DeductAdd : (Clickto select)Beginning work in process inventoryindirect materialsincluded in manufacturing overhead incurredRaw materials inventory,endingEnding work in process inventoryRaw materials inventory,beginning | ||
| (Click toselect)Direct laborDirect materialsIndirect materialsIndirectlaborPurchase of raw materials | $ | |
| (Click to select)Rawmaterials inventory, endingEnding work in process inventoryRawmaterials inventory, beginningDirect laborPurchases of rawmaterials | ||
| (Click toselect)Manufacturing overhead applied to work in processinventoryBeginning work in process inventoryPurchases of rawmaterialsRaw materials inventory, beginningRaw materials inventory,ending | ||
| Total manufacturingcosts | ||
| (Click toselect)AddDeduct : (Click to select)Raw materials inventory,beginningRaw materials inventory, endingPurchases of rawmaterialsEnding work in process inventoryBeginning work in processinventory | ||
| (Click toselect)DeductAdd : (Click to select)Beginning work in processinventoryRaw materials inventory, beginningRaw materials inventory,endingPurchases of raw materialsEnding work in processinventory | ||
| Cost of goodsmanufactured | $ | |
| Schedule of Cost of Goods Sold | |
| (Click toselect)Cost of goods manufacturedCost of goods available forsaleFinished goods inventory, endingOverapplied overheadFinishedgoods inventory, beginning | $ |
| (Click toselect)DeductAdd : (Click to select)Unadjusted cost of goodssoldOverapplied overheadCost of goods manufacturedCost of goodsavailable for saleUnderapplied overhead | |
| (Click toselect)Unadjusted cost of goods soldCost of goods available forsaleCost of goods manufacturedFinished goods inventory,beginningFinished goods inventory, ending | |
| (Click toselect)AddDeduct : (Click to select)Overapplied overheadCost ofgoods manufacturedEnding finished goods inventoryUnderappliedoverheadCost of goods available for sale | |
| (Click toselect)Finished goods inventory, beginningUnderappliedoverheadFinished goods inventory, endingUnadjusted cost of goodssoldCost of goods manufactured | |
| (Click toselect)AddDeduct : (Click to select)Overapplied overheadCost ofgoods manufacturedUnderapplied overheadFinished goods inventory,endingCost of goods available for sale | |
| Adjusted cost ofgoods sold | $ |
Primare Corporation has provided the following data concerninglast monthâs manufacturing operations.
| Purchases of raw materials | $ | 32,000 |
| Indirect materials included inmanufacturing overhead | $ | 4,530 |
| Direct labor | $ | 59,300 |
| Manufacturing overhead appliedto work in process | $ | 87,600 |
| Underapplied overhead | $ | 4,060 |
| Inventories | Beginning | Ending | ||
| Raw materials | $ | 11,400 | $ | 19,300 |
| Work in process | $ | 54,400 | $ | 66,300 |
| Finished goods | $ | 33,800 | $ | 43,300 |
Required:
1. Prepare a schedule of cost of goods manufactured for themonth.
2. Prepare a schedule of cost of goods sold for the month.Assume the underapplied or overapplied overhead is closed to Costof Goods Sold.
Prepare a schedule of cost of goods manufactured for themonth.
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Prepare a schedule of cost of goods sold for the month. Assumethe underapplied or overapplied overhead is closed to Cost of GoodsSold.
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