COMPUTE THE COST OF GOODS SOLD HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?
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- COMPUTE THE COST OF GOODS SOLD
- HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?
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- From beginning to end, place these items in the order of the flow of goods. A. cost of goods sold B. raw materials inventory C. finished goods inventory D. work in process inventoryFor each cost pool, identify an appropriate cost driver. A. order department B. accounts receivable processing C. catering D. raw material inventoryMaterials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
- The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.In a job order cost system, raw materials purchased are debited to which account? A. raw materials inventory B. work in process inventory C. finished goods inventory D. cost of goods soldn the Raw Materials Inventory T-account, insert amounts for beginning and ending balances along with purchases and indirect materials used. Solve for direct materials used in the period. Compute the cost of direct labor used for the period. In the Work in Process Inventory T-account, insert amounts for beginning and ending balances along with direct materials used (from part 1), direct labor used (from part 2), and applied overhead. Solve for cost of goods manufactured in the period. In the Finished Goods Inventory T-account, insert amounts for beginning and ending balances along with cost of goods manufactured (from part 3). Solve for cost of goods sold in the period (do not consider any under- or overapplied overhead). In the Factory Overhead T-account, insert amounts for indirect materials used, indirect labor used, other overhead costs, and applied overhead. Solve for underapplied or overapplied overhead.
- Cost of Goods Sold that are NOT part of Goods Available for Sale are included in A. Work-in-Process Inventory beginning balance B. Work-in Process Inventory ending balance C. Direct Labor D. Finished Goods Inventory ending balance Given the following data, what is the cost of goods manufactured? Beginning Raw Materials Inventory Ending Raw Materials Inventory Beginning Work-in-Process Inventory Ending Work-in-Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Manufacturing Overhead Direct Labor Raw Materials used in production A. $125,000 B. $141,000 12:03 C. $146,000 D. $151,000 $6,000 9,000 12,000 17,000 3,000 5,000 21,000 30,000 95,000 12:03Assess raw materials inventory management using raw materials inventory turnover and days’ sales in raw materials inventory.Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
- The categories of manufacturing costs comprising the total cost of work in process inventory are which of the following? Group of answer choices Selling expenses Direct costs General and administrative expenses Direct labor, direct materials, and manufacturing overheadUnder a standard cost system, when recording the use of direct materials in the production process, the debit to Work-in-Process Inventory is A. actual quantity times actual cost per unit of direct materials B. actual quantity times standard cost per unit of direct materials C. standard quantity for actual production times actual cost per unit of direct materials D. standard quantity for actual production times standard cost per unit of direct materialsShow how to prepare a journal entry to enter direct materials costs into the WIP Inventory account for the first department in a sequential production process. Show how to prepare the journal entry recording the transfer of goods from the first to the second department.