The following T accounts summarize the flow of manufacturing costs during the current year through the ledger
Question:
The following T accounts summarize the flow of manufacturing costs during the current year through the ledger accounts of Payback Corporation:
Instructions
From the data supplied above, indicate the following amounts. Some amounts are shown in the T accounts above; others require short computations. (Show all computations.)
a. Purchases of direct materials during the year.
b. The cost of direct materials used.
c. Direct labor payrolls paid during the year.
d. Direct labor costs assigned to production.
e. The overhead assigned to production as a percentage of direct labor costs.
f. Total manufacturing costs charged to the Work in Process Inventory account during the current year.
g. The cost of finished goods manufactured.
h. The cost of goods sold.
i. The total costs to be classified as inventory in the year-end balancesheet.
Materials Inventory Work in Process Inventory Beg. balance 20,000 Beg. balance 18,000 360,000 Ending balance $14,000 230,000 400,000 Ending balance 25,000 Direct Labor Finished Goods Inventory $225,000 $230,000Beg. balance 98,000 Ending balance5,0001? Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000
Step by Step Answer:
a Purchases of direct materials 360000 b Cost of direct materials used Materials inventory beginning ...View the full answer
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Students also viewed these Managerial Accounting questions
-
The following T accounts show transactions that were recorded by Housing Locators, a firm that specializes in local housing renting. The entries for the first transaction are labeled with the letter...
-
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the...
-
The following T accounts summarize entries made to selected general ledger accounts of Cooper & Company. Certain entries, dated December 31, are closing entries. Prepare the closing entries that were...
-
In Exercises use the Ratio Test to determine the convergence or divergence of the series. 00 n=1 n! n3n
-
For each pair of event , discuss whether they are independent and whether they are mutually exclusive. (A) E1 and E3 (B) E3andE4
-
Southern California casinos were given location values based on how close they are to households of various income levels and the location of competing casinos. A casino has a higher location value...
-
What are some potential roles for advisory councils? How can organizations use these groups effectively?
-
Nexcare (Ltd) operate a number of car washes and auto valet services. The company has experienced a reasonable trading year. They are deciding whether to pay out R248 000 in accumulated cash in the...
-
Item 12/20 12/21 12/22 Operating Revenue 15,175,600,000 21,420,900,000 38,245,400,000 COGS -14,200,500,000 -19,389,800,000 -35,679,600,000 Gross Profit 975,100,000 2,031,100,000 2,565,800,000 Other...
-
Please solve this problem using C language Hacker Industries has a number of employees. The company assigns each employee a numeric evaluation score and stores these scores in a list. A manager is...
-
The flow of manufacturing costs through the ledger accounts of ISP, Inc., in the current year is illustrated below in summarized form: Instructions Indicate the amounts requested below. Some amounts...
-
The balances in the perpetual inventory accounts of Valleyview Manufacturing Corporation at the beginning and end of the current year are as follows: Total dollar amounts debited and credited during...
-
Discuss the differences between rigid and nonrigid containers. Discuss the role of load securing in unitization.
-
Swifty Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per gallon. The following are required for production of a 50-gallon batch. 2,880 ounces of grape...
-
Explain the history of IBM's OS/2, Unix, the introduction of Linux and the comparison of the Mac OS to both. Please be clear, coherent, and lengthy in the explanation of each OS. What is their...
-
Give some of the differences in how Windows OS, Mac OS, and Linux OS work, how do these differences translate into the methods and technology used to secure these systems? The subject is OS-Based...
-
While tuning a piano, the tuner observes 5 beats per second when he sounds the second harmonic (512 Hz) of the middle C string along with the upper C string. What are the possible frequencies of the...
-
A portfolio contains four assets. Asset 1 has a beta of 0.8 and comprises 30% of the portfolio. Asset 2 has a beta of 1.1 and comprises 25% of the portfolio. Asset 3 has a beta of 1.5 and comprises...
-
A disadvantage of the general monoalphabetic cipher is that both sender and receiver must commit the permuted cipher sequence to memory. A common technique for avoiding this is to use a keyword from...
-
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2019 appear below. Net income of ¬34,000 was reported, and dividends of ¬23,000 were paid...
-
The Federal Open Market Committee (FOMC) holds eight regularly scheduled meetings during the year and also holds other meetings as needed. From your local paper, bloomberg.com, cnn.com, or another...
-
Bill Gladstone has owned and operated Gladstones Service Station for over 30 years. The business, which is currently the towns only service station, has always been extremely profitable. Gladstone...
-
Beta Co. sold 10,000 shares of common stock, which has a par value of $25, for $28 per share. The company also sold 1,000 shares of $100 par value preferred stock for $110. Assume the balance in...
-
Prudent cash management is an important function in any business. Large amounts of cash sitting idle in non-interest-bearing checking accounts can cost a company thousandseven millionsof dollars...
-
Create a SCATTER PLOT that illustrates how Sale_amount(Y) is influenced by Beds (X) What proportion of variability in Sale_amount is explained by the model ? What is the predicted Sale_amount for a...
-
< Question 2, P 2-4 (similar to) Part 1 of 6 7 HW Score: 3.33%, 1 of 30 points Points: 0 of 2 Save Consider the following potential events that might have occurred to Global on December 30, 2022. For...
-
2 . A bond matures in 5 years and pays a 4 percent annual coupon. The bond has a face value of $ 1 , 0 0 0 and currently sells for $ 8 8 7 . What is the bond s current yield? a . 7 . 7 3 % b . 9 7 ....
Study smarter with the SolutionInn App