Exercise 1: The balances in the perpetual inventory accounts of Dahl Manufacturing Corporation at the beginning and end of the current year are as follows: Inventories OB EB DM 51,0 € 21,0 € WIP 5,0 € 11,0 € FG 40,0 € 53,0 € The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows: Activity db cr DM 465,0 € DL pay 197,0 € 202,0 € MOH 454,5 € 454,5 € WIP FG Instructions: a) Using these data, state, or compute for the year the following amounts: 1. Direct materials purchased. 2. Direct materials used. 3. Payments of direct labor payrolls. 4. Direct labor cost assigned to production. 5. Total manufacturing costs charged to the Work in Process Inventory account during the year. 6. The cost of finished goods manufactured. 7. Cost of goods sold. 8. The total amount to be classified as inventory in the year-end balance sheet. b) Prepare a schedule of the cost of finished goods manufactured
Added by Ryan H.
Close
Step 1
Direct materials purchased: To calculate the direct materials purchased, we need to find the difference between the ending and beginning balances of the direct materials inventory. Direct materials purchased = Ending balance of direct materials inventory - Show more…
Show all steps
Your feedback will help us improve your experience
Croup Chais and 95 other Principles of Accounting educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Recommended Videos
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 the year to the accounts used in recording manufacturing activities are as follows: Instructions: a. Using these data, state or compute for the year the following amounts: 1. Direct materials purchased. 2. Direct materials used. 3. Payments of direct labor payrolls. 4. Direct labor cost assigned to production. 5. The overhead assigned to production stated as a percentage of direct labor costs. 6. Total manufacturing costs charged to the Work in Process Inventory account during the year. 7. The cost of finished goods manufactured. 8. The cost of goods sold. 9. The total amount to be classified as inventory in the year-end balance sheet. b. Prepare a schedule of the cost of finished goods manufactured.
Manasvee S.
The following account balances at the beginning of January were selected from the general ledger of Frozen Juice Manufacturing Company: Work in process inventory: $0 Raw materials inventory: $28,900 Finished goods inventory: $40,000 Additional data: 1. Actual manufacturing overhead for January amounted to $63,400. 2. Total direct labor cost for January was $63,500. 3. The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,300 of direct labor cost and $350,800 of manufacturing overhead costs. 4. The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,900 (1,700 direct labor hours) and total direct material charges were $14,400. 5. Cost of direct materials placed in production during January totaled $123,800. There were no indirect material requisitions during January. 6. January 31 balance in raw materials inventory was $35,500. 7. Finished goods inventory balance on January 31 was $35,300.
Sri K.
Balance Sheet Cole Eagan Enterprises December 31, 2013 Cash $4,500 Accounts Payable $10,000 Accounts Receivable Notes Payable Inventory Accruals 1,000 Total Current Assets Total Current Liabilities Net Fixed Assets Long-Term Debt Total Assets Stockholders' Equity Total Liabilities & S.E. Information supporting the table above is below and is used to answer the question. • Sales totaled $110,000 • Cost of goods sold was $82,500 • Inventory days on hand was 120 • The average collection period was 65 days Accounts receivable for Cole Eagan in 2013 was ________. (see table above) a) $14,056 b) $19,589 c) $14,691 d) $18,333
Akash M.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
Watch the video solution with this free unlock.
EMAIL
PASSWORD