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  • Chapter 2 Problems To Be Solve

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    Ahmed Mohamud
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    The document provides accounting records for Santa Inez, Inc. for the month of July including beginning and ending inventory amounts for direct materials, work-in-process, and finished goods. It also includes amounts for direct materials purchased, direct labor costs, and manufacturing overhead for July. It asks to calculate prime costs, conversion costs, total manufacturing costs, cost of goods manufactured, and cost of goods sold for the month. The second part provides yearly accounting data for another company including beginning and ending inventory amounts along with purchases, manufacturing overhead, cost of goods sold, gross margin, direct materials used, and manufacturing overhead. It asks to calculate the direct materials inventory for January 1, direct labor costs, total manufacturing costs, and sales revenue

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    Cost Accounting Problems

    Original Title

    Chapter 2 problems to be solve

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    The document provides accounting records for Santa Inez, Inc. for the month of July including beginning and ending inventory amounts for direct materials, work-in-process, and finished goods. It also includes amounts for direct materials purchased, direct labor costs, and manufacturing overhead for July. It asks to calculate prime costs, conversion costs, total manufacturing costs, cost of goods manufactured, and cost of goods sold for the month. The second part provides yearly accounting data for another company including beginning and ending inventory amounts along with purchases, manufacturing overhead, cost of goods sold, gross margin, direct materials used, and manufacturing overhead. It asks to calculate the direct materials inventory for January 1, direct labor costs, total manufacturing costs, and sales revenue

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    25 views1 page

    Chapter 2 Problems To Be Solve

    Uploaded by

    Ahmed Mohamud
    The document provides accounting records for Santa Inez, Inc. for the month of July including beginning and ending inventory amounts for direct materials, work-in-process, and finished goods. It also includes amounts for direct materials purchased, direct labor costs, and manufacturing overhead for July. It asks to calculate prime costs, conversion costs, total manufacturing costs, cost of goods manufactured, and cost of goods sold for the month. The second part provides yearly accounting data for another company including beginning and ending inventory amounts along with purchases, manufacturing overhead, cost of goods sold, gross margin, direct materials used, and manufacturing overhead. It asks to calculate the direct materials inventory for January 1, direct labor costs, total manufacturing costs, and sales revenue

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    1. The following information comes from the accounting records for Santa Inez, Inc.

    , for July:

    Account names Amounts

    Direct materials inventory, July 1. . . . . . . . . . . . . . . . . . . . . $ 12,000


    Direct materials inventory, July 31. . . . . . . . . . . . . . . . . . . . . . 10,000
    Work-in-process inventory, July 1 . . . . . . . . . . . . . . . . . . . . . . 6,000
    Work-in-process inventory, July 31 . . . . . . . . . . . . . . . . . . . . . 4,000
    Finished goods inventory, July 1 . . . . . . . . . . . . . . . . . . . . . . . 36,000
    Finished goods inventory, July 31 . . . . . . . . . . . . . . . . . . . . . . 48,000
    Direct materials purchased during July . . . . . . . . . . . . . . . . . . 160,000
    Direct labor costs, July . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,000
    Manufacturing overhead, July . . . . . . . . . . . . . . . . . . . . . . . . 168,000

    Required
    Compute for the month of July:
    a. Total prime costs.
    b. Total conversion costs.
    c. Total manufacturing costs.
    d. Cost of goods manufactured.
    e. Cost of goods sold.

    2. The following data refer to one year. Find the missing.


    Direct materials inventory, December 31. . . . . . . . . . . . . . . . $12,300
    Work-in-process inventory, January 1 . . . . . . . . . . . . . . . . . . . . 8,100
    Work-in-process inventory, December 31 . . . . . . . . . . . . . . . . .11,400
    Finished goods inventory, January 1 . . . . . . . . . . . . . . . . . . . . . 5,700
    Finished goods inventory, December 31 . . . . . . . . . . . . . . . . . . . 900
    Purchases of Direct materials . . . . . . . . . . . . . . . . . . 48,300
    Manufacturing overhead during the year. . . . . . . . . . . . . . . . 163,350
    Cost of goods sold………………………………………… 168,150
    Gross margin ……………………………………………… . 147,750
    Direct materials used……………………………………….. 43,800
    Manufacturing overhead……………………………………. .41,400

    Required
    Compute for the following missing:
    a. Direct materials inventory, January 1.
    b. Total manufacturing costs.
    c. Direct labor costs
    d. Sales revenue

    End.

    Prepared by Ust. Ahmed Abdullahi Mohamud (Geelle)

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