I have a problem that I need help with. I need: 1. Total manufacturing costs and 2. Cost of goods manufactured =============== Raynor Manufacturing Company has the following data: Compute (a) total manufacturing costs and (b) cost of goods manufactured.... Direct labor $46,000 Direct materials used 84,000 Total
I have attached an incomplete Cost of goods manufactured schedule. I need help with the highlighted cells, please. (See attached Excel file)
Can you help me get started with this assignment? Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. a. $94,000 in raw materials were purchased for cash b. $89,000 in raw materials were requisitioned for use in production. Of this amount, $78,000
1. Zimmerman Laboratories processes and refines fertilizer. From this fertilizer they have contemplated producing two additonal products as a result of further processing. One product is a high power fuel that can be used in peformance aircraft and/or single-stage rockets. The second potential product is a highly explosive compo
Mink Co. purchased Norton Inc. on January 5, 2008. During 2008, Mink sold Norton $400,000 worth of goods which cost $250,000. Norton still owned thirty percent of the goods at the end of the year. Cost of goods sold was $1,950,000 for Mink and $1,080,000 for Norton. What is the consolidated cost of goods sold on December 31,
Dillo Vineyards, a large winery in Texas, produces a full line of varietal wines. The company, whose fiscal year begins on November 1, has just completed a record-breaking year. Its inventory account balances on October 31 of this year were Materials Inventory $1,803,800 Work In Process Inventory $2,764,500 Finished Goods
During August, Rao Company's purchases of direct materials totaled $139,000; direct labor for the month was 3,400 hours at $8.75 per hour. Rao also incurred the following overhead costs: utilities $5,870, supervision $16,600, indirect materials $6,750, depreciation $6,200, insurance $1,830, and miscellaneous $1,100. Beginnin
6. Under STATEMENT OF FINANCIAL ACCOUNTING CONCEPTS NO. 5, which of the following, in the most precise sense, means the process of convert- ing noncash resources and rights into cash or claims to cash? a. Recognition b. Measurement c. Realization d. Allocation 7. The acco
Information for Gifford, Inc., as of December 31 follows: Prepare a manufacturing statement for the year ended December 31. Please help explaine this problem.
8. From PE 18-4A (a) what type of cost is maintenance on printing machines? Product Period Both None of the above 9. From 18-5A what is the cost of goods sold for August? Nantahala company has the following information for August Cost of direct materials used in production $30,000
Last year Cummins Company reported a cost of goods sold of $48,600. Inventories increased by $10,000 during the year, and accounts payable increased by $2,000. The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows. The cost of goods sold adjusted to a cash ba
Jason Company determined that the budgeted cost of producing a product is $1.20 per unit. On June 1, there were 11,000 units on hand. The sales department budgeted sales of 320,000 units in June. The company desires to have 8,000 units on hand on June 30. How much is the budgeted cost of goods manufactured for June? A) $380,4
Market Makeup produces face cream. Each bottle of face cream costs $10 to produce and can be sold for $13. The bottles can be sold as is, or processed further into sunscreen at a cost of $14 each. Market Makeup could sell the sunscreen bottles for $23 each. A) Face cream must be further processed because its profit is $9 each
Prepare a cost of goods manufactured schedule and partial financial statements. (SO 2, 5) At May 31, 2005, the accounts of Yellow Knife Manufacturing Company show the following. 1. May 1 inventories?finished goods $12,600, work in process $14,700, and raw materials $8,200 2. May 31 inventories?finished goods $11,500, wor
Jansen company has a job order costing system. The company applies manufacturing overhead to jobs using a predetermined overhead rate based on direct labor cost. The information below has been taken from the cost records of the Jansen company for the past year: Direct materials use in production
Using the sample format, the vice president asks you to evaluate the operating performance for UFI for 2004 and 2005 by determining the variable cost per unit sold for each year. Complete the contribution margin Excel spreadsheet. Provide an explanation of your calculations in a memo to the vice president.
For the year that just ended, Redux Corporation's manufacturing costs (raw materials, direct labor, manufacturing overhead) totaled $1,570,000. Ending and beginning work-in-progress inventories were $83,000 and $67,000 respectively. Redux's balance sheet also revealed respective beginning and ending finished goods inventories o
The following inventory balances have been provided for the most recent year: Beginning Ending Raw materials $20,600 $16,000 Work in process $19,000 $29,800 Finished goods $60,000 $33,000 The cost of goods manufactured was $725,000. What was the cost of goods sold? (a) $864,000 (b) $802,000 (c) $752
Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $51,200 and at the end of the month was $30,100. The cost of goods manufactured for the month was $211,000. The actual manufacturing overhead cost incurred was $55,700 and t
Wayne Company's beginning and ending inventories for the month of June were as follows: June 1 June 30 Direct Materials $67,200 $62,400 Work in Process $144,900 $171,100 Finished Goods $84,500 $78,100 Production data for the month follow: Direct labor cost incurred $200,400 Direct labor-hours 24,900 Actual ma
Question: Gaeddert Corporation reported the following data for the month of July: Inventories............Beginning.........Ending Raw Materials.......$35 200..........$27 200 Work in Process....$12 600.........$15 300 Finished Goods.....$36 200.........$41 000 Additional Information: Sales...........................
See attached Excel file. Harmony Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information: Units Dollars Sales (budgeted) 150,000 $12,150,000.00 Finished goods inventory, Jan. 1 (actual) 30,000
November 1: November 30: Direct materials $67,000. Direct Materials $62,000 work in process $145,000. Work in process $171,000 finished goods $85,000. Finished goods $ 78,000 Production data for the month: Direct labor cost incurred: $200,000
Computing Cost of Goods Manufactured Using the following information, compute cost of goods manufactured, which is the cost of inventory transferred to Finished Goods Inventory. Work-in-process inventory, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,425 Work-in-process in
For this question, we will be looking at the following data for Ace Manufacturing: Beginning raw materials inventory .................$53 200 Beginning goods in process, inventory ..........78 400 Ending raw materials inventory ......................58 100 Ending goods in process, inventory ...............98 000 Direct l
A company incurred $30,000 of fixed cost and $40,000 of variable cost when 2,000 units of product were made and sold. If the company's volume increases to 2,500 units, what will the company's total cost be?
On December 31 of last year, Barton Air Filters had in inventory 600 units of its product, which costs $28 per unit to produce. During January, the company produced 1,200 units at a cost of $32 per unit. Assuming Barton Air Filters sold 1,500 units in January, what was the cost of goods sold (assume FIFO inventory accounting)?
An incomplete cost of goods manufactured schedule is presented below. Toss And Wilson MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2005 Work in process (1/1) $210,000 Direct materials Raw materials inventory (1/1) ? Add: Raw materials purchases $ 158,000 Total raw materials
Below is a series of cost of goods sold for companies X, L, F, and S X L F S Beginning inventory $ 250 120 1000 $ (J) Purchases $ 1500 1080 (G) 43,590 Purchase returns and allowances $ 40 (D
Please see attached file.