Reference no: EM133067383
Question - Baltimore Manufacturing had a Work in Process balance of $94,000 on January 1, 2020. The year-end balance of Work in Process was $52,000 and the Cost of Goods Manufactured was $700,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2020. Round to a whole number (no cents).
March 1, 2020, Dorchester Company's beginning work in process inventory had 9,000 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Dorchester introduces direct materials at the beginning of the production process. During March, all beginning WIP was completed and an additional 12,500 units were started and completed. Dorchester also started but did not complete 5,500 units. These units remained in ending WIP inventory and were 40% complete as to conversion costs. Dorchester uses the weighted average method. Use this information to determine for March 2020 the equivalent units of production for conversion costs. Round to whole number (no cents).
During FY 2020 Bay Manufacturing had total manufacturing costs are $438,000. Their cost of goods manufactured for the year was $455,000. The January 1, 2021 balance of Work-in-Process Inventory is $55,000. Use this information to determine the dollar amount of the FY 2020beginning Work-in-Process Inventory. Round to a whole number (no cents).
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided:
Item Amount
Sales $200,000
Cost of Goods Manufactured 59,000
Direct Material Purchased 80,000
Factory Overhead 20,000
Work in Process - January 1 60,000
Work in Process - December 31 30,000
Direct Material - December 31 20,000
Finished Goods Inventory - December 31 56,000
Net Income 30,000
Direct Materials used 60,000
Cost of Goods Sold 58,000
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020.