Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. DirectMaterials used were $3,800, and Indirect Materials used were $300.What is the correct ending balance for the Materials Inventory account? Olivia's Outdoor Essentials produces gear for climbing, hiking, and camping. Last month, Olivia reported the following:Beginning Work in Process Inventory:$20,000Ending Work in Process Inventory:$25,000Beginning Finished Goods Inventory:$15,000Ending Finished Goods Inventory:$13,000Direct Labor:$60,000Direct Materials Used:$50,000Indirect Materials Used:$8,000Office Building Rent:$10,000Total Manufacturing Overhead:$30,000What was the Cost of Goods Manufactured for the period?

Name: Materials purchases for the month were $4,000. The Materials Inventor
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. DirectMaterials used were $3,800, and Indirect Materials used were $300.What is the correct ending balance for the Materials Inventory ac

Materials inventory account is the ledger account that shows all the transactions of raw materials…

Business

Accounting

Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. Direct Materials used were $3,800, and Indirect Materials used were $300. What is the correct ending balance for the Materials Inventory account?

Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. Direct Materials used were $3,800, and Indirect Materials used were $300. What is the correct ending balance for the Materials Inventory account?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EA: Marzons records show raw materials Inventory had a beginning balance of $200 and an ending balance...

See similar textbooks

Similar questions

Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
Materials purchases for the month were $4,000. The Materials Inventory account had a beginning balance of $250. Direct Materials used were $3,800, and Indirect Materials used were $300.What is the correct ending balance for the Materials Inventory account?
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
Marzoni's records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper format of the…
Required: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct material
Beginning raw materials inventory was $32,000. During the month, $276,000 of raw material was purchased. A count at the end of the month revealed that $28,000 of raw material was still present. What is the cost of direct material used?
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in- process inventory Finished goods inventory $ December 31 (Ending) 22,300 32,200 5,500 $ 25,400 29,300 7,200 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $53,400. Required: Prepare a cost of goods sold statement
PurrChem’s raw materials records contained the following information for the month of August:August 1 Beginning inventory 1,250 kg. @ $250 per kg.8 Received 1,000 kg. @ $275 per kg.15 Issued 1,800 kg. into production.24 Received 1,000 kg. @ $285 per kg.27 Issued 1,200 kg. into production.Determine the cost of materials issued into production and thecost of the August 31 inventory under each of the following costingmethods (Round per unit amounts to three decimal places andtotal amounts to the nearest dollar.):1. FIFO2. LIFO3. Weighted average
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000; Materials inventory (July 01)......15,000; Work in process inventory (July 01)..... 20,000; Finished goods inventory (July 01).......28,000; Materials purchased ...... 21,000; Direct labor.....12,500; Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500; Selling and Adminstrative expense.....8,000; Inventories on July 31: Materials.....16,000; Work in Process.....18,000; Finished good.....30,000 QUESTION: a) Prepare a statement of cost of goods manufactured b) determine the cost of goods sold for the month.
If beginning raw materials inventory was $16,198; raw materials purchases were $37,965; raw materials used were $23,478; and factory labor was $46,706, what amount is in the ending raw materials inventory account?
The following balances appear on the accounts of Greusel Fabrication: March 1 (Beginning) $ 36,000 62,000 March 31 (Ending) $ 41,000 66,200 42,500 38,200 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the month amount to $525,000 and the cost of goods sold for the month was $1,436,000. Required: Prepare a cost of goods sold statement.