2. Diversified Product Corp has the following cost information for 2016: 2016 Raw materials inventory-beg balance...

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2. Diversified Product Corp has the following cost information for 2016: 2016 Raw materials inventory-beg balance Work in process inventory - beg balance Finished goods inventory - beg balance Direct materials purchased Prime costs Direct labor Cost of Goods Available for Sale Overhead costs Sales revenue Diversified gross profit percentage is 20%. Calculate: $ 16,000 $ 34,000 $ 30,000 $ 160,000 $ 294,000 $ 180,000 $ 2,000 40% of conversion costs $500,000 (a) Ending balance in Raw Materials Inventory (b) Ending balance in WIP Inventory (c) Ending balance in Finished Goods Inventory 3. Data from the financial records of Beck Manufacturing, Inc. FYE December 31, 2016: Beg Balance End Balance $8,200 $9,000 $6,600 $5,550 $4,450 $4,050 2016 Raw materials inventory Work in process inventory Finished goods inventory Indirect materials Direct labor Indirect labor Property tax-plant Sales revenue General and administrative costs Depreciation expense-plant building Commissions on sales Utilities-plant Purchases of raw materials Calculate: For the month ended April 30, 2017 Raw materials inventory Work in process inventory Finished goods inventory Prime costs Indirect materials used in production Indirect labor Utilities related to production Purchases of raw materials $ 2,150 $ 16,300 $ 6,200 $ 3,700 (a) Prime costs (b) Conversion costs (c) Cost of Goods Manufactured (COGM) (d) Cost of Goods Sold (COGS) (e) Operating Income for Beck Manufacturing FYE December 31, 2016 (use I/S format) 4. The following information is from Andrews Equipment Corporation for the month of April, 2017. Calculate: $97,200 $21,550 $12,500 $7,100 $10,750 $10,150 $ 3,500 $300 (a) Direct materials issued to production (b) Direct labor costs for April $ 200 $ 700 $1,800 (c) Overhead costs incurred in April (d) Cost of Goods Manufactured (COGM) (e) Cost of Goods Sold (COGS) Beg Balance $1,000 $ 200 $200 End Balance $ 500 $400 $600 2. Diversified Product Corp has the following cost information for 2016: 2016 Raw materials inventory-beg balance Work in process inventory - beg balance Finished goods inventory - beg balance Direct materials purchased Prime costs Direct labor Cost of Goods Available for Sale Overhead costs Sales revenue Diversified gross profit percentage is 20%. Calculate: $ 16,000 $ 34,000 $ 30,000 $ 160,000 $ 294,000 $ 180,000 $ 2,000 40% of conversion costs $500,000 (a) Ending balance in Raw Materials Inventory (b) Ending balance in WIP Inventory (c) Ending balance in Finished Goods Inventory 3. Data from the financial records of Beck Manufacturing, Inc. FYE December 31, 2016: Beg Balance End Balance $8,200 $9,000 $6,600 $5,550 $4,450 $4,050 2016 Raw materials inventory Work in process inventory Finished goods inventory Indirect materials Direct labor Indirect labor Property tax-plant Sales revenue General and administrative costs Depreciation expense-plant building Commissions on sales Utilities-plant Purchases of raw materials Calculate: For the month ended April 30, 2017 Raw materials inventory Work in process inventory Finished goods inventory Prime costs Indirect materials used in production Indirect labor Utilities related to production Purchases of raw materials $ 2,150 $ 16,300 $ 6,200 $ 3,700 (a) Prime costs (b) Conversion costs (c) Cost of Goods Manufactured (COGM) (d) Cost of Goods Sold (COGS) (e) Operating Income for Beck Manufacturing FYE December 31, 2016 (use I/S format) 4. The following information is from Andrews Equipment Corporation for the month of April, 2017. Calculate: $97,200 $21,550 $12,500 $7,100 $10,750 $10,150 $ 3,500 $300 (a) Direct materials issued to production (b) Direct labor costs for April $ 200 $ 700 $1,800 (c) Overhead costs incurred in April (d) Cost of Goods Manufactured (COGM) (e) Cost of Goods Sold (COGS) Beg Balance $1,000 $ 200 $200 End Balance $ 500 $400 $600

Answer rating: 100% (QA)

SOLUTION To calculate the ending balance in Raw Materials Inventory we need to start with the beginning balance and add the direct materials purchased for the year and then subtract the raw materials ... View the full answer