The following T-account cost data is for the Lake Company for the current production year. Raw...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following T-account cost data is for the Lake Company for the current production year. Raw Materials Inventory Beg Bal. 80 590 Work-in-Process Inventory 60 Beg Bal. 50 520 End. Bal. 90 Direct Labor Beg Bal. 700 Finished Goods Inventory Beg Bal. 80 End Bal. 70 840 End. Bal. 35 Factory Overhead 60 840 300 280 220 Additional Information: Total Manufacturing Costs = $2,060 Hints: The $60 credit to Raw Materials Inventory is assigned to Factory Overhead, and not a cost for WIP. To calculate some of the you need to put the T-accounts in balance by using the account ending balances. Required: Using the above T-Account data and the additional information, answer the following questions: (a) What was the amount of each of the items (Direct Materials, Direct Labor, and MO) that are considered part of total manufacturing costs of $2,060? (b) What was the amount of cost of goods manufactured? (c) What was the amount of cost of goods available for sale? (d) What was the amount of cost of goods sold? The following T-account cost data is for the Lake Company for the current production year. Raw Materials Inventory Beg Bal. 80 590 Work-in-Process Inventory 60 Beg Bal. 50 520 End. Bal. 90 Direct Labor Beg Bal. 700 Finished Goods Inventory Beg Bal. 80 End Bal. 70 840 End. Bal. 35 Factory Overhead 60 840 300 280 220 Additional Information: Total Manufacturing Costs = $2,060 Hints: The $60 credit to Raw Materials Inventory is assigned to Factory Overhead, and not a cost for WIP. To calculate some of the you need to put the T-accounts in balance by using the account ending balances. Required: Using the above T-Account data and the additional information, answer the following questions: (a) What was the amount of each of the items (Direct Materials, Direct Labor, and MO) that are considered part of total manufacturing costs of $2,060? (b) What was the amount of cost of goods manufactured? (c) What was the amount of cost of goods available for sale? (d) What was the amount of cost of goods sold?
Expert Answer:
Related Book For
Managerial Accounting Tools for Business Decision Making
ISBN: 978-1118856994
4th Canadian edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
Posted Date:
Students also viewed these accounting questions
-
Heaven spent the month of December talking to various suppliers in order to determine her cost structure. She added cost data to the information in Table 1. Heavenly Creations, Inc. opened for...
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
public class Class extends ClassA public classB ( ( Time left 0 0 : 1 2 : 0 3 int init = 1 0 ; super ( 4 0 ) ; O a . . The method super is not defined. b . . No values may be passed to super. O c . ....
-
The financial statements of Eagle Sport Supply are shown in Table 29.17. For simplicity, "Costs" include interest. Assume that Eagle's assets are proportional to its sales. a. Find Eagle's required...
-
State whether the functions represented by graphs A, B, and C in the figure are even, odd, or neither. y.
-
On April 23, 2014, Calvin Loyer admitted his wife, Edeltrud Loyer, to a nursing home administered by Signature Healthcare. During the admissions process, Calvin signed an arbitration agreement...
-
Johnson Cogs wants to set tip a line to serve 60 customers per hour. The work elements and their precedence relationships are shown in the following table. a. What is the theoretical minimum number...
-
You are the COO managing the operations of a robo-advisor and you need to ensure that all the stock holdings in the portfolios under management are kept up to date. Given the following inputs in...
-
Cd(CN)4 complex K,=6.03 108 at 25 C. For the aqueous Suppose equal volumes of 0.0068M Cd(NO,), solution and 0.26M KCN solution are mixed. Calculate the equilibrium molarity of aqueous 2+ ion. 2...
-
The Fast Reader Company supplies bulletin board services to numerous hotel chains nationwide. The owner of the firm is investigating the desirability of employing a billing firm to do her billing and...
-
You are negotiating with your underwriters in a firm commitment offering of 8 million primary shares. You have two options: set the IPO price at $25.00 per share with a spread of 7%, or set the price...
-
Hand-to-Mouth (H2M) is currently cash-constrained, and must make a decision about whether to delay paying one of its suppliers, or take out a loan. They owe the supplier $10,000 with terms of 2/10...
-
Wright Brothers, Inc., sold 4 million shares in its IPO, at a price of $18.50 per share. Management negotiated a fee (the underwriting spread) of 9% on this transaction. What was the dollar cost of...
-
Your start-up company needs capital. Right now, you own 100% of the firm with 10.2 million shares. You have received two offers from venture capitalists. The first offers to invest $2.95 million for...
-
If the price of chocolate-covered peanuts decreases from $1.10 to $0.90 and the quantity demanded increases from 180 bags to 220 bags, this indicates that, if other things are unchanged, the price...
-
Express mass density in kg/m3 and weight density in lb/ft3. 1. Find the mass density of a chunk of rock of mass 215 g that displaces a volume of 75.0 cm3 of water. 2. A block of wood is 55.9 in. x...
-
Waterways Corporation is a private company providing irrigation and drainage products and services for residential, commercial, and public sector projects, including farms, parks, and sports fields....
-
Indicate whether the following statements are true or false. 1. The reasoning behind ABC cost allocation is that products consume activities and activities consume resources. 2. Activity-based...
-
Quality Paints Inc. uses a traditional cost accounting system to apply quality-control costs uniformly to all its products at a rate of 30% of the direct labour cost. The monthly direct labour cost...
-
For several years, the Otis Capital USA Corp has been exploring for gold on its mining claims held on public lands near the Idaho-Montana border. Otis filed a proposal to expand its current...
-
When GTE Sylvania discovered it was losing market share to other television manufacturers, it developed a franchise plan that limited the number of retailers selling its product in each area....
-
Visa, MasterCard, American Express, and Discover control practically all credit card transactions in the United States. The credit card industry is a two-sided market; that is, cardholders benefit...
Study smarter with the SolutionInn App