$365,300 Work-in-process, 1/1$14,000 Direct materials used: $130,000 Manufacturing overhead : Depreciation on plant$64,500 Total manufacturing costs: 368,000= (DM+ DL+ Total Manufacturing Overhead) Total cost of work-in-process: 382,000= (beginning WIP + total manufacturing overhead) Less/MINUS: Cost of goods manufactured: [$14,000 + (($130,000 + $120,900 + ($64,500 + $32,600 + $20,000)) - $16,700 = $365,300][Beg. WIP + ((DM used + DL + (Depr. on plant + Fact. sup. used + Prop. tax on plant)) - End. WIP = COGM] FORMULA: TOTAL MANUFACTURING COSTS (aka direct labour, direct materials used, manufacturing overhead) LESS Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations.
 Q: The following information was drawn from the accounting records of Marlin Manufacturing Co.… A: Product 1 $ Product 2 $ Product 3 $ Total $ Direct material 75,000 80,000 85,000 240,000… Q: The following information was drawn from the accounting records of Marlin Manufacturing Co.… A: Factory overheads: Its a indirect cost which cannot be traceable directly to the product. Its also… Q: Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.… A: SOLUTION- CASE 2- DIRECT MATERIAL- 1-TOTAL MANUFACTURING COST = DIRECT MATERIAL + DIRECT LABOR +… Q: The accounting records of Diego Company revealed the following costs, among others: Direct Material… A: The correct answer will be option d i.e. 66,200. Q: & Poneer Company reported total manufacturing costs of $528,000, manufacturing overhead totaling… A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,… Q: The following is an incomplete manufacturing cost data for Carl Inc. CASE 1 Direct materials used $… A: The cost of goods manufactured is calculated as: Direct material + direct labor + manufacturing… Q: The following cost data were taken from the records of a manufacturing company: Depreciation on… A: Manufacturing costs are costs that are incurred for production and manufacturing of goods. Q: The following information is taken from the financial records of Gunner Manufacturing: Cost of… A: Costs of goods manufactured can be defined as the schedule that shows the total costs of… Q: Use the information below for Jensen Company to answer the question that follow. Direct materials… A: Product costs means costs that can be directly allocated to any specific product. These costs can be… Q: The related data of Amihan Company: Estimated overhead cost… A: Predetermined Overhead rate = Estimated overhead cost / Estimated direct labor hours = P3,000,000 /… Q: The following information is taken from the financial records of Gunner Manufacturing: Cost of… A: Statement of cost of goods manufactured: Cost of goods manufactured can be defined as the total… Q: The Darwin Company reports the following information: Sales $76,500 Direct materials used 7,300… A: Product cost refers to the cost incurred to create a product. It includes direct material, direct… Q: The following cost data were taken from the records of a manufacturing company: P 1,000,000… A: Manufacturing cost consists of three cost i.e direct materials cost, direct labor cost and… Q: (a) Determine the missing amounts for three different situations. Direct Materials Used Direct Labor… A: (1) Thus, the total manufacturing cost is $157,300 Q: The related data of Jean Grey Company: Direct materials… A: Product costs = Direct material costs + Direct Labour costs + Depreciation on Factory Equipment +… Q: The related data of Jean Grey Company: Direct materials… A: Formula: Product costs = Direct materials + Direct labor + Factory overheads Sum of direct materials… Q: Account balances from the Boilermakers Company are as follows: Manufacturing Overhead $240,000… A: Effect of Underapplied Manufacturing Overhead if the amount is immaterial Disposition of… Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most… A: The cost of goods manufactured is a calculation that is used to gain a general understanding of… Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most… A: Schedule of Cost of Goods Manfactured Direct Materials: Raw Material Inventory, Beginning… Q: Consider the following costs incurred in a recent period: Direct Materials $ 33,000 Depreciation… A: Period cost refers to the cost that are incurred by the entity but such costs are not related to the… Q: Consider the following costs incurred in a recent period: Direct Materials $ 33,000… A: Given the following information: Direct Materials: $33,000 Depreciation on factory equipment:… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: The calculation of material used in process has been made as follows: Material used in… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Direct material used = Material purchased + Decrease in raw material = P960,000 + P96,000 =… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Total cost placed in process, P5,000,000; Decrease in raw materials P96,000 Increase in work in… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Total cost placed in process includes: Raw materials used in production. (i.e. Beginning inventory… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Overheads are the costs which are related with production but not attributable to per unit. Thus, in… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Direct material used = Material purchased + Decrease in raw material = P960,000 + P96,000 =… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Raw material means the material purchased and still not enter in to the production lines. Work in… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: The total cost placed comprises of beginning WIP, direct material used, direct labor and… Q: 1. The accounting records of Dela Cruz Corporation revealed the following costs direct material… A: Formula: Prime cost = Direct materials used + Direct labor used Sum of both direct materials used… Q: he following cost data were taken from the records of a manufacturing company: P 1,000,000 500,000… A: Manufacturing costs: These include all the expenses or costs that are incurred in the process of… Q: The following cost data were taken from the records of a manufacturing company: P 1,000,000 500,000… A: Manufacturing costs: Manufacturing costs are the costs which are involved in converting the raw… Q: The following cost data were taken from the records of a manufacturing company: P 1,000,000 500,000… A: Costs incurred in producing or manufacturing the products is called as manufacturing costs. Total… Q: The following cost data were taken from the records of a manufacturing company: P 1,000,000 500,000… A: Formula: Manufacturing costs also called as factory costs. Manufacturing costs = Direct materials +… Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in… A: Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed… Q: Determine the missing amounts for three different situations. Direct Materials Direct Total Labor… A: Manufacturing Costs = Direct Materials + Direct Labour + Factory Overheds Cost of goods manufactured… Q: Use the information that is given below and calculate the Period Cost.… A: Since you have asked multiple question, we will solve the first question for you. If you want any… Q: The following cost data relate to the manufacturing activities of Chang Company during the just… A: The cost of goods manufactured is computed as total cost incurred on production during year. Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most… A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a… Q: he following information was taken from the record of Jenny Manufacturing Inc.: Increase in… A: Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed… Q: Using the data below, what is the total for product costs? Administrative salaries $83,000… A: Meaning of Product Cost :- Product cost refers to the costs incurred to create a product. These… Q: Use the cost information below for Sundar Company to determine the total manufacturing costs added… A: This question deals with the total cost of manufacturing. Total manufacturing cost is a total of… Q: :XYZ Company had the following information for the year 110,000 OMR Direct materials used 150,000… A: Cost of goods manufactured = Direct material cost + Direct labour cost + Applied manufacturing… Q: X Company reported total manufacturing costs of $300,000, manufacturing overhead totaling $52,000,… A: Total Manufacturing Cost = Direct Materials + Direct Labor + Manufacturing Overheads Q: 3. The Selected data concerning the past fiscal year's operations of the Eyoha Manufacturing Company… A: Direct materials used = Opening balance of materials + Direct materials purchased - Closing balance… Q: Statement of cost of goods manufactured and income statement for a manufacturing companyThe… A: The pay proclamation seems, by all accounts, to be a fiscal summary that shows the benefits and… Q: Manufacturing overhead was estimated to be OMR 400,000 for the year along with estimated 20,000… A: Manufacturing overhead includes all manufacturing costs related to the manufacturing operations. Q: he following cost data relate to ABC Products Company for the year ended June 30, 2005. Direct… A: Manufacturing Cost:-It is a cost that includes Direct material, direct labor, and factory overhead…
Knowledge Booster Learn more about Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below. The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit? The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit? The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit? Roper Furniture manufactures office furniture and tracks cost data across their process. The following are some of the costs that they incur. Classify these costs as fixed or variable costs, and as product costs or period costs. Wood used to produce desks ($125,00 per desk) Production labor used to produce desks ($15 per hour) Production supervisor salary ($45,000 per year) Depreciation on factory equipment ($60,000 per year) Selling and administrative expenses ($45,000 per year) Rent on corporate office ($44,000 per year) Nails, glue, and other materials required to produce desks (varies per desk) Utilities expenses for production facility Sales staff commission (5% of gross sales) A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion? Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the companys process cost summary for the month. During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cool Pool has these costs associated with production of 20,000 units of accessory products: direct materials, $70; direct labor, $110; variable manufacturing overhead, $45; total fixed manufacturing overhead, $800,000. What is the cost per unit under both the variable and absorption methods? What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)? Recommended textbooks for you Principles of Accounting Volume 2 ISBN:9781947172609 Author:OpenStax Publisher:OpenStax College Managerial Accounting: The Cornerstone of Busines... ISBN:9781337115773 Author:Maryanne M. Mowen, Don R. Hansen, Dan L. 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Presented below are incomplete manufacturing cost data Determine the missing amounts
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