Job 222 started on June 1 and finished on July 15. Total cost on July 1 was $12,400, and the costs added in July were $188,500. The entry for the sale at a price of $310,000 would be: OA. Finished goods inv. OB. Sales Revenue C. Work in process inventory O D. Accounts receivable ti O Cost of goods sold Accounts receivable Cost of goods sold Sales Revenue 200,900 310,000 200,900 310,000 200,900 310,000 200,900 310,000 ja

Job 222 started on June 1 and finished on July 15. Total cost on July 1 was $12,400, and the costs added in July were $188,500. The entry for the sale at a price of $310,000 would be: OA. Finished goods inv. OB. Sales Revenue C. Work in process inventory O D. Accounts receivable ti O Cost of goods sold Accounts receivable Cost of goods sold Sales Revenue 200,900 310,000 200,900 310,000 200,900 310,000 200,900 310,000 ja

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

See similar textbooks

Similar questions

Problem 1.b.: Computation of Costs of Goods Manufactured (COGM).Akari Inc. provided the following information for its work-in-process inventory account at the end of the current month.Work-in-process Inventory (WIP)Accounts $ Accounts $Beginning balance $19,500 COGM ?Direct materials (DM) $76,200Direct labor (DL) $120,000MOH allocated $72,000Ending Balance $24,300Required: Compute the Costs of Goods Manufactured (COGM) at the end of the current month.Solution: Formula:Beginning WIP+ TMC (total manufacturing costs) for the periodDM usedDL incurredMOH allocatedTMC in WIP- Ending WIP= COGM
A manufacturing company reports the following Beginning $ 18,720 10,100 13,160 Ending $ 12,700 11,900 9,330 Inventories Raw materials Work in process Finished goods Activities for the period Raw materials purchases $ 8,800 14,820 9,900 11,740 42,800 Direct materials used Direct labor used Overhead applied Sales 1. Prepare a schedule of cost of goods manufact 2. Compute gross profit. Complete this question by entering your an Required 1 Required 2 Prepare a schedule of cost of goods manufactured Schedule of Cost of Goods Manufactured Direct materials used Direct lahor
Problem 2. Statement of Costs of Goods Manufactured and Income statement. The following information are gathered from the accounting records of Genet Inc. for the current month: Inventory information Beginning balance $ Ending balance $ Raw materials inventory $46,800 $43,600 Work-in-Process inventory $33,400 $35,700 Finished goods inventory $42,500 $31,800 Other information $ Revenue $800,000 Purchase of raw materials $72,100 Indirect materials costs $5,600 Indirect labor costs $20,000 Office staff salaries $28,000 Office equipment depreciation $2,000 Factory machinery maintenance costs $5,000 Environmental compliance costs - factory $1,200 Direct labor - Wages of production line workers $32,000 Sales staff salaries $12,000 Advertising costs $8,000 Miscellaneous manufacturing overhead costs $11,000 Required: a.…
Required: Complete the following (in dollars): a Schedule of Cost of Goods Manufactured b. Cost of Goods c. Income Statement in good form Sales Raw Materials Used Direct Labor Costs Period Costs (Selling and Administrative) Beginning Raw Material Inventory Ending Raw Material Inventory Raw Materials Purchased Beginning Work-in-Process Inventory Ending Work-in-Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Applied Manufacturing Overhead NOTE: All raw materials used were direct materials. $12,000 2,500 1,000 2.500 300 1,000 3,200 0 300 700 400 5,700
Jasper, Inc. reports the following cost information for March: Cost of Goods Manufactured Manufacturing Overhead Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in - Process Inventory, March 1 Work-in-Process Inventory, March 31 Direct Materials Used What is the cost of goods sold for March? OA. $75,800 OB. $78,700 OC. $72,600 OD. $2,300 $74,200 18,900 4,500 2,900 9,900 1,300 26,500
ob cost sheets show the following information: Job January February March Completed Sold AA2 $2,600 $1,000 February Not sold AA4 4,837 January February AA5 3,260 February March AA3 3,411 $2,320 April Not sold Total $7,437 $7,671 $2,320 What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March? Work inProcess FinishedGoods COGS January $fill in the blank 1 $fill in the blank 2 February fill in the blank 3 fill in the blank 4 $fill in the blank 5 March fill in the blank 6 fill in the blank 7 fill in the blank 8
Compute cost of goods sold using the following information. Finished goods inventory, beginning. Work in process inventory, beginning.. $345,000 Cost of goods manufactured.. Finished goods inventory, ending.. $918,700 83,500 283,600 Work in process inventory, ending.. 72,300
Prepare journal entries to record the following production activities. 1. Paid other actual overhead costs of $38,000 in cash. 2. Applied overhead at 100% of direct labor costs. Direct labor costs were $42,000 in the Roasting department Blending department. View transaction list Journal entry worksheet A B Record overhead costs paid. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
A manufacturing company reports the following for the period: Inventories Raw materials Work in process Finished goods Beginning $ 18,520 9,900 12,960 Activities for the period Raw materials purchases Direct materials used Direct labor used Overhead applied Sales Required 1 Required 2 1. Prepare a schedule of cost of goods manufactured. 2. Compute gross profit. Total manufacturing costs Ending $ 12,500 11,700 9,130 Complete this question by entering your answers in the tabs below. $ 8,600 14,620 9,700 Total cost of work in process 11,540 42,000 Prepare a schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured Cost of goods manufactured $ 0 0 0
Prepare journal entries to record the following production activities. 1. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $143,000. 2. Sold $451,000 of goods on credit. Their cost is $166,000. View transaction list Journal entry worksheet O O C
What is the journal entry to record a sale of a completed job for $10,000 with terms of n/60. Group of answer choices debit work in process for $6,000, credit cost of goods sold $10,000 debit finished goods for $10,000; credit cash for $10,000 debit sales for $10,000; credit accounts receivable for $10,000 debit accounts receivable for $10,000, credit sales for $10,000.
Regirock Incorporated a manufacturer of gravel and sand, has provided the following data for the month of March. The balance in the Work in Process inventory account was $55,000 at the beginning of the month and $37,000 at the end of the month. During the month, Regirock incurred direct materials cost of $145,400 and a direct labor cost of $78,700. The actual manufacturing overhead cost incurred was $18,000. The applied manufacturing overhead cost was 75% of direct labor cost. The Work-in-Process for the period was P