n September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established: Jan 01 - Accounts payable 125,000.00 - Raw materials 23,000.00 - Work in process 63,000.00 - Finished goods 55,500.00 September 30 - Accounts payable 146,500.00 - Raw materials 28,000.00 - Work in process ? - Finished goods 61,000.00 The following additional information was determined: - Payments for purchases on account - 100,000.00 - Freight on purchases - 12,000.00 - Purchase returns 15,000.00 - Direct labor 42,000.00 - Manufacturing overhead 21,000.00 - Sales from January to June 29 290,000.00 - Sales returns 15,000.00 - Sales discounts 29,000.00 - Gross profit rate based on sales 40% Cost of goods manufactured is

n September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established: Jan 01 - Accounts payable 125,000.00 - Raw materials 23,000.00 - Work in process 63,000.00 - Finished goods 55,500.00 September 30 - Accounts payable 146,500.00 - Raw materials 28,000.00 - Work in process ? - Finished goods 61,000.00 The following additional information was determined: - Payments for purchases on account - 100,000.00 - Freight on purchases - 12,000.00 - Purchase returns 15,000.00 - Direct labor 42,000.00 - Manufacturing overhead 21,000.00 - Sales from January to June 29 290,000.00 - Sales returns 15,000.00 - Sales discounts 29,000.00 - Gross profit rate based on sales 40% Cost of goods manufactured is

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...

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On September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories contained therein were razed by fire. Amounts for the following accounts have been established:Jan 01- Accounts payable 125,000.00- Raw materials 23,000.00- Work in process 63,000.00- Finished goods 55,500.00September 30- Accounts payable 146,500.00- Raw materials 28,000.00- Work in process ?- Finished goods 61,000.00The following additional information was determined:- Payments for purchases on account - 100,000.00- Freight on purchases - 12,000.00- Purchase returns 15,000.00- Direct labor 42,000.00- Manufacturing overhead 21,000.00- Sales from January to June 29 290,000.00- Sales returns 15,000.00- Sales discounts 29,000.00- Gross profit rate based on sales 40%Work in Process at September 20x1 is
At year-end, Frenzy Company had a fire which completely destroyed the goods in process inventory. A physical 4. What amount should be reported as cost of goods in Problem 13-15 (AICPA Adapted) destroyed the goods in process inventory. A physical inventory was taken after the fire. January 1 December 31 6,000,000 4,300,000 1,700,000 500,000 4,500,000 Finished goods Goods in process Raw materi 2,000,000 400,000 Factory supplies During the year, the entity reported sales P20,000,000 purchases P3,800,000, freight P200,000, direct labor P5,000,000 and manufacturing overhead at 60% of direet labor. The average gross profit rate is 30% on sales. 1. What amount should be reported as cost of raw materials used? a. 5,700,000 b. 3,700,000 c. 3,800,000 d. 3,600,000 2: What amount should be reported as total manufacturing cost? а. 13,000,000 b. 11,800,000 c. 11,700,000 d. 11,600,000 3. What amount should be reported as cost of goods sold? a. 12,000,000 b. 16,000,000 с. 13,000,000 d. 14,000,000…
On February 20, 2013, a flood completely destroyed the goods in process inventory and half the raw materialsinventory of the Climb Company. There was no damage to the finished goods inventory. A physical inventory takenafter the flood indicated the following values:Raw materialsP35,000Finished goodsP 75,000A review of the accounting records indicated the following:Inventories, December 31, 2013Raw materialsP 65,000Raw materials purchasesP 20,000Goods in process80,000Direct labor cost30,000Finished goods72,000Manufacturing overhead cost15,000Sales (to February 20)40,000Gross profit rate (on sales)40%The value of the inventory destroyed by flood isA.113,000B.148,000C.156,000D.183,000
On June 30, 2011, a tornado damaged Jensen Corporations warehouse and factory destroying the work-in-process inventory. Neither the raw materials nor finished goods inventories were damaged. A physical inventory is taken after the tornado revealed the following valuations: Raw materials $ 87,000 Work-in-process 0 Finished goods 151,000 $238,000 The inventory of January 1, 2011, consisted of the following: Raw materials $ 41,000 Work-in-process 128,000 Finished goods 173,000 $342,000 A review of the books and records disclosed that the gross profit margin historically approximated 28% of sales. The sales total for the first six months of 2011 was $405,000. Raw material purchases totaled $150,000. Direct labor costs for this period were $112,000, and manufacturing overhead has historically been applied at 50% of direct labor. Required: Compute the value of the work-in-process inventory lost on June 30, 2011. Show supporting computations.
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials purchased?
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10,500 Work-in-Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning ? Direct Materials Used ? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of total manufacturing cost?
On June 30, 2016, a flash flood damaged the warehouse and factory of Padway Corporation, completely destroying the work-in-process inventory. There was no damage to either the raw materials or finished goods inventories. A physical inventory taken after the flood revealed the following valuations: Raw materials $ 62,000 Work in process 0 Finished goods 119,000 The inventory on January 1, 2016 consisted of the following: Raw materials $ 30,000 Work in process 100,000 Finished goods 140,000 $270,000 A review of the books and records disclosed that the gross profit margin historically approximated 25% of sales. The sales for the first six months of 2016 were $340,000. Raw material purchases were $115,000. Direct labor costs for this period were $80,000, and manufacturing overhead was historically applied at 50% of direct labor.
On June 30, 2019, a flash flood damaged the warehouse and factory of Padway Corporation, completely destroying the work-in-process inventory. There was no damage to either the raw materials or finished goods inventories. A physical inventory taken after the flood revealed the following valuations: Raw materials $ 62,000 Work in process 0 Finished goods 119,000 The inventory on January 1, 2019, consisted of the following: Raw materials $ 30,000 Work in process 100,000 Finished goods 140,000 $270,000 A review of the books and records disclosed that the gross profit margin historically approximated 25% of sales. The sales for the first six months of 2019 were $340,000. Raw material purchases were $115,000. Direct labor costs for this period were $80,000, and manufacturing overhead was historically applied at 50% of direct labor. Required: Compute the value of the work-in-process inventory lost at June 30, 2019.
10) Conrad, Incorporated recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods Sold $ 65,000 Work-in-Process Inventory, Beginning 10, 500 Work - in - Process Inventory, Ending 9,000 Selling and Administrative Expense 15,000 Finished Goods Inventory, Ending 15,000 Finished Goods Inventory, Beginning? Direct Materials Used? Factory Overhead Applied 12,000 Operating Income 14,000 Direct Materials Inventory, Beginning 11,000 Direct Materials Inventory, Ending 6,000 Cost of Goods Manufactured 60,000 Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The Chief Financial Officer of Conrad, Incorporated has asked you to recalculate the following accounts and to report to him by the end of the day. What is the amount of direct materials purchased?
On October 1, 20x1, the warehouse of ABC Co. and all the inventories contained therein were razed by fire. Off-site back up of data base shows the following information: Inventory, Jan. 1 20,000 Net purchases 190,000 Net sales from Jan. to Sept. 240,000 Gross profit rate based on cost 25% Twenty percent of the inventory contained in the warehouse has been salvaged from the fire, while half is partially damaged and can be sold as scrap at thirty percent of its cost. How much is the inventory loss due to the fire?
On September 30, 2019, a flash flood damaged the warehouse and factory Of Waltermart, Inc. completely destroying its work in process inventory. There was no damage to either raw materials or finished goods since these were stored in an elevated section of the warehouse. A physical inventory taken immediately after the flood subsided showed the following: Raw materials — P740,000; Finished goods — P1,310,00. Inventories at January 1, 2019 consisted of the following: Raw Materials — P400,000; Work in Process — P1,100,000; Finished Goods - P1,500,000. The company's profit margin for the last several years is 25%. Sales for the first nine months of 2019 were P4,000,000. Raw materials purchases were P1,280,000. Direct labor cost for the period amounted to P960,000. Manufacturing overhead is applied at 50% of direct labor cost. What is the value of the work in process lost from flood at September 30, 2019? a. P580,000 b. P640,000 c. P670,000 d. P720,000 WITH EXPLANATION PLS!
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory Beg. Bal. 8,900 ? Transferred Out Purchases ? End. Bal. 7,300 Cost of Goods Sold 66,000 Work-in-Process Inventory Beg. Bal. 8,400 ? Transferred Out Materials 19,800 Labor 14,400 Overhead 8,900 End. Bal. ? Finished Goods Inventory Beg. Bal. ? ? Transferred Out Transferred in 40,400 End. Bal. 5,100 What is the value of the ending Work-in-Process inventory balance? 1 8900 2 11100 3 5100 4 0