Requirements: a) What was the amount of direct materials used in production? b) What was the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Requirements: a) What was the amount of direct materials used in production? b) What was the amount of manufacturing overhead costs? c) What was the amount of manufacturing costs incurred during the year? d) What was the amount of the cost of goods manufactured for the year? Beginning balance work in process inventory Ending balance work in process inventory Beginning balance-direct materials inventory Ending balance direct materials inventory Purchases-direct materials Direct labor Indirect materials Indirect labor Depreciation on factory plant & equipment Plant utilities & insurance $12,000 $28,000 $42,000 $30,000 $180,000 $235,000 $23,500 $9,500 $12,000 $135,000 Requirements: a) What was the amount of direct materials used in production? b) What was the amount of manufacturing overhead costs? c) What was the amount of manufacturing costs incurred during the year? d) What was the amount of the cost of goods manufactured for the year? Beginning balance work in process inventory Ending balance work in process inventory Beginning balance-direct materials inventory Ending balance direct materials inventory Purchases-direct materials Direct labor Indirect materials Indirect labor Depreciation on factory plant & equipment Plant utilities & insurance $12,000 $28,000 $42,000 $30,000 $180,000 $235,000 $23,500 $9,500 $12,000 $135,000
Expert Answer:
Answer rating: 100% (QA)
SOLUTION 1 Calculation of direct materials used in production Direct materials used in production Be... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
1. What was the amount of direct materials charged to JO#2AB? 2. Annual demand for product AB is 50,000 units, and carrying costs amount to P2 per unit. Order costs for the company amount to P5. What...
-
What is a personal allowance? What was the amount of a personal allowance for 2016?
-
What is a personal allowance? What was the amount of a personal allowance for 2017?
-
Communication: What are the characteristics of effective communication relevant to your team project submission? Relate to theory. Provide a minimum of 4. ( 8 ) Assess your communication...
-
Which one of the following statements best describes the reason DuPont developed return on investment (ROI) into an important management technique? a. A bankruptcy court trustee required DuPont to...
-
A student's lab report concludes, "The speed of sound in air is 327." What is wrong with that statement?
-
237 Use divisibility rules to determine if each of the following is divisible by 5 .
-
1. What are the roles of comparative and competitive advantages in Hyundais success? Illustrate your answers by providing specific examples of natural and acquired advantages that Hyundai employs to...
-
Comparing Three Depreciation MethodsDexter Industries purchased packaging equipment on January 8 for$617,400. The equipment was expected to have a useful life of fouryears, or 9,600 operating hours 2...
-
On September 1, 2024, a company decides to lease office space in a building. The buildings owner offers the company the following options, with the first monthly payment beginning September 30, 2024:...
-
If humans used RNA instead of DNA, how would it affect the formation of chromosomes? Also, what do you think will happen to chromosomal structure if the nucleic acids were dideoxy nucleic acids?
-
What are IBFs? Where did the initial growth of IBF business come from?
-
What would be the impact on world trade and investment if there were only one currency?
-
In Exercises 1316, classify the histogram as skewed to the left, skewed to the right, or approximately symmetric. Frequency 50 50 40 30- 20 T 10 10 2 6 10 14 18 22 26 26 30 34
-
How important is the creation of international banking facilities to the international competitiveness of the U.S. banking industry?
-
How might debt/equity swaps help solve an international debt problem? Point out the benefits and drawbacks from the viewpoint of the debtor country. Why do you think the debt/ equity swap market has...
-
can you reword A separate capital budget is needed because capital expenditures typically involve large amounts of money and have a significant impact on the financial health of the organization....
-
State whether each statement is true or false. If false, give a reason. {purple, green, yellow} = {green, pink, yellow}
-
OBrien Company manufactures and sells one product. The following information pertains to each of the companys first three years of operations: Variable costs per unit: Manufacturing: Direct materials...
-
From a decision-making point of view, should joint costs be allocated among joint products?
-
Munchak Company's relevant range of production is 9,000-11,000 units. Last month the company produced 10,000 units. Its total manufacturing cost per unit produced was $70. At this level of activity...
-
Terms frequently used in accounting for income tax along with descriptions of the terms are included in the following two lists. Terms - 1. Deferred tax asset _ 2. Taxable temporary difference - 3....
-
Would you rather receive \($1,000\) today or \($2,000\) in 10 years if the discount rate is 8 percent?
-
The government has issued a bond that will pay \($1,000\) in 25 years. The bond will pay no interim coupon payments. What is the present value of the bond if the discount rate is 10 percent?
Study smarter with the SolutionInn App