Green Company is considering using the throughput costing method of valung inventories. The towing manufacturing costs were incurred during the current period Direct materials $100,000 Direct labor 400,000 Vanable overhead 75,000 Fixed overhead 350,000 10 17 Assuming no units were sold during this period and using the throughput costing method, the inventory value would be Calculator 12 13 A $100,000 14 15 B $500.000 16 This page requires scrolling O 17 C $575,000

Green Company is considering using the throughput costing method of valung inventories. The towing manufacturing costs were incurred during the current period Direct materials $100,000 Direct labor 400,000 Vanable overhead 75,000 Fixed overhead 350,000 10 17 Assuming no units were sold during this period and using the throughput costing method, the inventory value would be Calculator 12 13 A $100,000 14 15 B $500.000 16 This page requires scrolling O 17 C $575,000

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 13P: Webster Company uses backflush costing to account for its manufacturing costs. The trigger points...

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signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Calculator Production data show 35,820 units were transferred out of a stage of production and 6,200 units remained in ending WIP inventory that was 100% complete to material and 40% complete to conversion. The unit material cost is $5 for material and $7 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory? Transferred out $ 429,840 Ending inventory $ 48,360 Previous Email Instructor Submit Test for Grading All work saved. 5:39 PM 3. 10/2/2020 中ツ

Understanding the Relationship between Cost Flows, Inventories, and Cost of Goods Sold Ivano Company has collected cost accounting information for the following subset of items for Years 1 and 2. Required: Calculate the values of the missing items. Year 1 Year 2 Item: Direct materials used in production $ ? $50,000 Direct materials: Beginning inventory $10,000 $? Direct materials purchases 45,000 $? Direct materials: Ending inventory 15,000 17,000 Direct labor used in production $? 53,000 Manufacturing overhead costs used in production 80,000 76,000 Work in process: Beginning inventory 17,000 14,000 Work in process: Ending inventory 14,000 19,000 Finished goods: Beginning inventory 8,000 7,000 Finished goods: Ending inventory 7,000 11,000 Cost of goods sold 169,000 $?
Cheap Sheep Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product Cost $ 70,000 50,000 100,000 NRV $ 75,000 48,000 102,000 C After Cheap Sheep Company values its inventory at the lower of cost or net realizable value, the value of the inventory reported on the balance sheet would be $ 220,000 $ 227,000. $ 218.000. $ 225,000
From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in beginning Work-in-Progress (WIP) Inventory $78500.00Costs added to units in beginning WIP Inventory this period 19500.00Costs of units started and completed 153000.00Cost of units started and incomplete 57500.00 Cost of units in ending WIP inventory 57500.00 A. $269500.00 B. $251000.00 C. $268000.00D. $308500.00
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
XYZ Company developed the following data for the current year: Ending work in process inventory OMR225,000; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000; Cost of goods manufactured OMR350,000; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: a. None of the answers given O b. OMR120,000 O c. OMR355,000 O d. OMR605,000 O e. OMR95,000
XYZ Company developed the following data for the current year: Ending work in process inventory OMR250,000 ; Direct materials used OMR96,000 ; Manufacturing Overhead applied OMR144,000 ; Cost of goods manufactured OMR350,000; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: O a. OMR380,000 O b. None of the answers given O c. OMR120,000 O d. OMR145,000 O e. OMR580,000
Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units
Bonita Industries reported the following year-end information: beginning work in process inventory, $72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000: ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000
Use this information about Carmelita Inc. to answer the question that follow. Carmelita Inc. has the following information available: Costs from Beginning Inventory Costs from Current Period Direct materials $4,700 $20,100 Conversion costs 6,300 159,400 At the beginning of the period, there were 500 units in process that were 43% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,200 units were started and completed. Ending inventory contained 300 units that were 29% complete as to conversion costs and 100% complete as to materials costs. Assume that the company uses the FIFO process cost method. Round cost per unit figures to the nearest cent when calculating total costs. The total costs transferred into Finished Goods for units started and completed were a.$167,752 b.$228,885 c.$119,104 d.$177,430
What is the measurement of the work in process inventory? Cake Company uses the lower of cost or net realizable value method to value inventory. Data regarding the items in work in process inventory are presented below. Historical cost Selling price Estimated cost to complete Replacement cost Chocolate 240,000 360,000 48.000 208.000 25% Normal profit margin as a % of selling price What is the measurement of the work in process inventory? Strawberry 188.000 250.000 50,000 168.000 Mocha 300,000 360,000 68.000 318.000 10%