Which of the following is the correct formula for calculating cost of goods manufactured?
A. Direct materials used + direct labor + factory overhead + beginning work in process ? ending work in process.
B. Direct materials used + direct labor + factory overhead ? beginning work in process ? ending work in process.
C. Direct materials used + direct labor ? factory overhead + beginning work in process ? ending work in process.
D. Direct materials used + direct labor + factory overhead + beginning work in process + ending work in process.
E. Direct materials used + direct labor + factory overhead ? beginning work in process + ending work in process.
Answer: A
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Describe three common problems in performance appraisals.
What will be an ideal response?
Tuttle Company discloses supplementary operating segment information for its three reportable segments. Data for 20X3 are available as follows: Segment A Segment B Segment C Sales$500,000 $300,000 $200,000 Traceable operating expenses 250,000 120,000 90,000 Allocable costs for the year were $54,000. Allocable costs are assigned based on the ratio of a segment's income before allocable costs to total income before allocable costs. The 20X3 operating profit for Segment A was:
A. $223,000 B. $225,000 C. $250,000 D. $196,000
Mcie Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:?Beginning inventories:???Raw materials$33,000??Work in process$20,000??Finished goods$35,000??Estimated total manufacturing overhead at the beginning of the year$567,000??Estimated direct labor-hours at the beginning of the year36,000direct labor-hoursResults of operations:?Raw materials purchased on account$497,000??Raw materials (all direct) requisitioned for use in production$452,000??Direct labor cost$591,000??Actual direct labor-hours45,000direct labor-hours?Manufacturing overhead:???Indirect labor cost$124,000??Other manufacturing overhead costs incurred$598,000??Cost of goods
manufactured$1,557,000?Required:a. What is the ending balance in Raw Materials?b. What is the ending balance in Work in Process? What will be an ideal response?