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Internal reports a may as a basis of valuation use

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19- Internal reports:a- May as a basis of valuation use any monetary or physicalmeasurement basis.b- Must adhere to generally accepted accounting principles.c- Usually adopt a company-wide perspective.d- Are directly regulated.
20- The following data relate to Lendl Manufacturing Company for the period:Direct labor..........$ 2,400Factory overhead.........1,700Work-in-process inventory at end of period5,000Cost of goods manufactured16,000Sales50,000Opening finished goods inventory9,000Closing finished goods inventory8,000Total selling, general, and administrative costs 14,000What is the cost of direct materials put into production during the period? Bywhat amount will retained earnings increase (assuming no taxes ordividends)?
81Exercice (1)The Huffer Manufacturing Company manufacture rubber rafts. For themonth of January, it incurred the following costs:Materials……………..$ 10,000 (80% for direct materials)Labor…………………..5,000 (70% for direct labor)Factory overhead…........5,000 (for heat, light, and power)
82In addition to the costs of production, the company incurred sellingexpenses of $7,500 and general administrative expenses of $ 8,500Required:company the cost of goods manufactured and the total costs.Exercise (2)The following information relates to the comfy water Bed ManufacturingCompany: At the beginning of the period, there was $50,000 in work-in-process inventory. During the year Comfy incurred costs of $ 17,200 fordirect materials, $15,700 for direct labor, and $32,100 for factoryoverhead (heat, light, and power).At the end of the period, there waswork-in-process inventory of $ 40,000.Required:compute the cost of goods manufactured for the comfy water BedManufacturing Company.Exercise (3)In September 2018, the BB Gun Company put into process $60,000of raw materials (all direct materials). Department A used 15,000 directlabor hours at a total cost of $40,000, and Department B used 10,500direct labor hours at a cost of $6 per hour. Factory overhead is applied inDepartment A and B at a rate of $ 3.75 and $4.50 per direct labor hour,respectively. Inventories on September1 were the following: materials,$20,000;work-in-process$28,200;finishedgoods,$15,100.September 30, the inventories were: materials, $18,725; work-in-process,$24,500; finished goods, $16,500. The company produced 30,000 unitsduring the month.Required:Prepare, a combined statement of cost of goods manufacturedand sold.On

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Term
Fall
Professor
Saleh raouf
Tags
Cost Accounting, Manufacturing Company

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