4. Assume the estimated finished goods inventory on January 1, 201X was $54,000. Desired finishedgoods inventory for December 31, 201X is $50,000. Assume the estimated WIP inventory onJanuary 1, 201X was $47,000 while the desired WIP inventory on December 31, 201X is $49,000.After careful consideration and calculation, Platinum Trophy determines the Factory Overheadbudget for 201X is $126,000. Based on the Direct Materials purchases budget and the direct laborcost budgets from above, create a Cost of Goods Sold budget for Platinum Trophy.

The Cost of Goods Sold (COGS) budget is a financial plan that helps a company like Platinum Trophy…

Answered: 4. Assume the estimated finished goods…

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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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
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Cruz Company presented the following costs on three processes: what is the unit cost of inventory transferred out from Department C? P19.80 P19.83 P28.70 P28.77
3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses), 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000
In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Cruz Company presented the following costs on three processes: what is the cost of inventory transferred out from Department B? P1,943,390 P2,002,830 P2,061,122 None of the above
PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average
How is materials inventory computed.? a) Cost of materials used in production during the period/ Average materials inventoryb) Cost of the goods produced during the period/ average materials inventoryc) Cost of good sold / average materials inventoryd) Net sales / average materials inventory To calculate the raw materials inventory, add the cost of the direct materials in production with the manufacturing overhead. In this case your raw materials inventory is valued at $6,000.
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.
Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
[The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 24,553 8,005 145,832 72,740 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,800 units 19,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs. Complete this question by entering your answers in the tabs below. Required A Required B Compute the cost per equivalent…
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…

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