In Control produces screens for use in various smartphones. The company reports the following information at December 31. In Control began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. Requirement 1. What is the cost of direct materials used? The cost of direct materials used is More info Work in Process Inventory Wages Payable Manufacturing Overhead 27,000 128,000 70,000 70,000 6,500 43,000 60,000 10,000 43,000 Balance 0 42,000 Print Done Finished Goods Inventory 128,000 115,000 Raw Materials Inventory 54,000 33,500 - X

In Control produces screens for use in various smartphones. The company reports the following information at December 31. In Control began operations on January 31 earlier that same year. (Click the icon to view additional information.) Read the requirements. Requirement 1. What is the cost of direct materials used? The cost of direct materials used is More info Work in Process Inventory Wages Payable Manufacturing Overhead 27,000 128,000 70,000 70,000 6,500 43,000 60,000 10,000 43,000 Balance 0 42,000 Print Done Finished Goods Inventory 128,000 115,000 Raw Materials Inventory 54,000 33,500 - X

Name: In Control produces screens for use in various smartphones. The compa
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: In Control produces screens for use in various smartphones. The company reports the following information at December 31. In Control began operations on January 31 earlier that same year.(Click the icon to view additional information.)Read the requi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 1(Click the icon to view account balances.) 2(Click the icon to view other information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory $42,000 Direct Materials Used: Beginning Direct Materials $21,000 Purchases of Direct Materials 78,000 Direct Materials Available for Use 99,000 Ending Direct Materials (33,000) Direct Materials Used $66,000 Direct Labor 81,000 Manufacturing Overhead 41,000 Total Manufacturing Costs Incurred during the Year 188,000 Total Manufacturing Costs to Account For 230,000 Ending Work-in-Process…
The following information has been extracted from the cost accounting information system database for Victoria Furnitures Ltd. The company manufactures different types of furniture’s, including tables; The company manufactured 1,000 tables during the year 2020. Required: Using the information provided in the above table identify and explain how you classify each of the above costs according to the functional approach; Use the tables as the cost object in the classification of the costs.
The following account balances are from Woods Corporation accounting records for the yearended December 31, 2008.Required:1. Determine the amount of Direct materials used in production2. Determine the amount of factory overhead costs3. Determine the prime cost & conversion costs4. A schedule for factory/manufacturing overhead costs5. A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost andtotal manufacturing cost to account for6. An Income Statement for Woods Corporation for the year ended December 31,20087. During the year Woods corporation produced 20,000 pieces of furniture. What was the unitproduct cost?8. How does the format of the income statement for a manufacturing concern differ from theincome statement of a merchandising business?Advertising expense $ 85,000Amortization expense – Patents 16,000Special Design Cost 10,000Bad Debts expense 28,000Depreciation expense – Office equipment 37,000Depreciation expense – Factory Building…
Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect materials used by Pro-Leather Company 3) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4) Determine the prime cost & conversion cost of the cases manufactured. 5) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? 8) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? thank you very much
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
Umbria, Inc. has compiled the following data: View the data. Compute the amount of direct materials used. I = Direct Materials Used Data Purchases of Direct Materials Freight In Property Taxes Ending Direct Materials Beginning Direct Materials Print Done O $ 6,600 800 1,400 1,600 4,400 X
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view account balances.) (Click the icon to view other information.) Data table Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Print Beginning S 21,000 $ 44,000 14.000 Done Ending 32,000 30,000 23,000 - X ... Data table Other information: Purchases of direct materials Direct labor Manufacturing overhead Print S Done 71,000 84.000 45,000 - X
I need help solving this problem. The picture attached is the information which was given. I copy and pasted the part of the provkem I need help completing which is asking for the statement of cost of goods manufactured. Thanks! 2. Prepare On Company's statement of cost of goods manufactured for December. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 $ Direct materials: $ $ $ Total manufacturing costs incurred during December Total manufacturing costs $ $
Required:a) Calculate the raw material used by Personal Protective Gears & More. b) Calculate the factory supplies used by Personal Protective Gears & More. c) What is the total factory overhead costs incurred by Personal Protective Gears & More during theperiod? d) Determine the prime cost & conversion cost of the masks manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showingtotal manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021.List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for theperiod under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the incomestatement of a merchandising entity?
The following are available in the general ledger account of Clothes Manufacturing Company: Raw Materials, beg. P100,000; Purchases – raw materials, P300,000; Raw Materials, end P50,000; Direct Labor P200,000; Manufacturing Overhead P150,000; Work in Process beg. P200,000; Work in Process end P100,000; Finished Goods beg. P50,000; and Finished Good end P100,000. How much is the total cost of goods placed in process? How much is the total cost of goods manufactures?
1. Calculate the raw material used by Pro-Leather Company. 2. Calculate the indirect materials used by Pro-Leather Company. 3. What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] Note: Assume all raw materials were used as direct materials. Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Beginning of Year End of Year $ 6,000 12,000 8,000 $ 123,000 94,000 39,000 Cost of Direct Material Used is Computed as: $ 7,000 9,000 5,000 QS 14-16 (Static) Computing direct materials used LO P2 Compute the cost of direct materials used for the current year.