Most economists say a little inflation is healthy for an economy.

Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $800 and sold them on credi

Shtirlitz [24]

Answer:

Accounts receivable (Dr.) $1,075

Sales revenue (Cr.) $1,075

Cost of goods sold (Dr.) 800

Finished goods (Cr.) 800

where

Dr. = Debit

Cr. = Credit

Explanation:

The inventory account of a manufacturing firm has three sub-accounts: Raw materials, Work-in-process, and Finished goods. The goods purchased by the company were sold without any work done. It means that they were purchased in finished form, so, the company will record these goods in its finished goods inventory. When goods are sold, we have to record sales and receivable. AND on the same time, under perpetual inventory system, the cost of goods that are sold and inventory account are also adjusted to reflect the changes.

7 0

4 years ago

Read 2 more answers

Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials

Helga [31]

Answer:

Primare Corporation

Cost of Goods Sold:

Raw materials:

Beginning Inventory $12,000

Purchase 30,000

Ending Inventory (18,000)

Cost of raw materials $24,000

Direct labor 58,000

Beginning Work in process 56,000

Ending Work in process (65,000)

Manufacturing overhead 87,000

Cost of goods produced $160,000

Beginning Finished goods 35,000

Ending Finished goods (42,000)

Underapplied overhead 4,000

Cost of goods sold $157,000

Explanation:

a) Data and Calculations:

Raw materials purchase $ 30,000

Direct labor $ 58,000

Manufacturing overhead $ 87,000

Underapplied overhead $ 4,000

Inventories Beginning Ending

Raw materials $ 12,000 $ 18,000

Work in process 56,000 65,000

Finished goods 35,000 42,000

b) The cost of goods sold is the addition of the cost of production with the beginning inventory of finished goods and the ending inventory of finished goods. The underapplied overhead is added to the cost of goods sold.

6 0

3 years ago

Hadley Corporation, which has only one product, has provided the following data concerning its most recent month of operations:

Greeley [361]

Answer:

Total period cost for the month $65,240

Explanation:

Product cost under variable costing = Direct materials + Direct labor + Variable overheads

Period cost under variable costing = Fixed manufacturing overheads + All non manufacturing overheads (Variable and fixed)

Calculation of the total period cost using variable costing

Variable selling and administrative expense ($11 × 1,380 units)

$15,180

Fixed manufacturing overhead

$19,700

Fixed selling and administrative expense

$30,360

Total period cost for the month

$65,240

6 0

3 years ago

A. Define progressive income tax. Briefly create a few numbers to explain it.

Arisa [49]

How do i sent it to you

4 0

3 years ago

The Machining Department supervisor has been very pleased with this performance because actual expenditures for January–March ha

bekas [8.4K]

Answer:

The total units produced are as follows:

January: 90000 units

February: 100000 units

March: 110000 units

Explanation:

The total units produced are as follows:

January: 90000 units

February: 100000 units

March: 110000 units

Wages for each month are calculated as:

January: Wages = (Units * Direct labor hours per unit) + (hours * wages per hour) = (90000*$0.75) + (22500*$15) = $405000

February: Wages = (Units * Direct labor hours per unit) + (hours * wages per hour) = (100000*$0.75) + (25000*$15) = $450000

March: Wages = (Units * Direct labor hours per unit) + (hours * wages per hour) = (110000*$0.75) + (27500*$15) = $495000

Utilities for each month is:

January: Utility: = (hours * Utility cost per direct labor hour) = 22500 * 1.20 = $27000

February: Utility: = (hours * Utility cost per direct labor hour) = 25000 * 1.20 = $30000

March: Utility: = (hours * Utility cost per direct labor hour) = 27500 * 1.20 = $33000

Since depreciation is fixed and do not flex it is the same for all the months at $60000

The total for each month is:

January: Total = Wages + Utilities + depreciation = $405000 + $27000 + $60000 = $492000

February: Total = Wages + Utilities + depreciation = $450000 + $30000 + $60000 = $540000

March: Total = Wages + Utilities + depreciation = $495000 + $33000 + $60000 = $588000

5 0

3 years ago