Determine the cost of direct materials used in production

Assignment Help Financial Accounting
Reference no: EM131211272

Cost of Direct Materials Used in Production for a Manufacturing Company

Rextacular Manufacturing Company reported the following materials data for the month ending June 30, 2016:

Materials purchased $828,000

Materials inventory, June 1 279,000

Materials inventory, June 30 252,000

Determine the cost of direct materials used in production by Rextacular during the month ended June 30, 2016.

Reference no: EM131211272

Questions Cloud

Depreciated using straight-line depreciation for their books : Accounting for Income Taxes C.U. Incorporated asked you to help them with their financial statements. They bought a machine that is depreciated using straight-line depreciation for their books and uses MACRS depreciation for tax purposes. It was purc..
Defined benefit pension plan specifies annual retirement : Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.4% × service years × final year's salary, payable at the end of each year. Estimate by the accumulated benefits approach the amount of Davenport's annual reti..
How should lease be classified by crown auto and by piedmont : Crown Auto leased 40 vans to Piedmont Transport under a four-year noncancelable lease on January, 1, 2016. Information concerning the lease and the vans follows: What are the potential advantages to Piedmont of leasing the vans rather than purchasing..
Financial statements are presented fairly : Most auditors believe that financial statements are "presented fairly" when the statements are in accordance with GAAP, and that it is also necessary to: Determine that they are not in violation of FASB statements. Examine the substance of transactio..
Determine the cost of direct materials used in production : Cost of Direct Materials Used in Production for a Manufacturing Company. Determine the cost of direct materials used in production by Rextacular during the month ended June 30, 2016.
Calculate company direct labor rate and efficiency variances : At the beginning of last year, creative productions set direct labor standards of 2 hours at $25 per hour for each product produced. during the year, 1,700 direct labor hours were actually worked at an average cost of $26 per hour. using this informa..
Prepare a flexible budget : Prepare a flexible budget for 20,000, 22,000, and 24,000 units of output, using the information that follows. Variable costs: Direct materials $1.00 per unit Direct labor $4.00 per unit Variable overhead $8.00 per unit Total budgeted fixed overhead $..
Do you agree with ethical perspectives of your classmates : At the beginning of 2011, the Healthy Life Food Company purchased equipment for $42 million to be used in the manufacture of a new line of gourmet frozen foods. The equipment was estimated to have a 10-year service life and no residual value. Do you ..
Cost-volume-profit analysis improve understanding : How does Cost-Volume-Profit (CVP) analysis improve understanding and comparisons when using the contribution margin to determine a company'sbreakeven point for a single product or multiple products?

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Two service departments

Dean Corporation has two service departments, Power and Maintenance, and two production departments, Painting and Polishing. The following data have been estimated for next year’s operations:

  Prepare necessary entries froxel company must make

declared and paid cash dividends of $1.75 per share, and on December 31 it reported net income of $150,000. Prepare necessary entries Froxel Company must make to account for these transactions and events.

  Prepare an income statement for kagawa company

Prepare an income statement for Kagawa Company for 2009, including an earnings-per-share section and following are the line items included in the 2009 statement of cash flows prepared by the Nine Muses, Inc. (amounts are in thousands)

  Explain who is eligible to claim anna as a dependent

Joint Versus Separate Returns. Hal attended school much of 2013, during which time he was supported by his parents. Hal married Ruth in December 2013. Hal graduated and commenced work in 2014. Ruth worked during 2013 and earned $18,000. Hal's only..

  Assume that accounts payable related to operating expenses

Presented below are two independent situations. Situation A: Annie Lennox Co. reports revenues of $196,470 and operating expenses of $112,310 in its first year of operations, 2014. Accounts receivable and accounts payable at year-end were $80,860 and..

  What was the average selling price

What was the average selling price of each share of common stock and How many shares of stock are outstanding, What amount should be reported for stockholders' equity

  Prepare the journal entries

Prepare the journal entries to record these transactions on Opps Company's books under a perpetual inventory system.

  What is painless revenue variance

Calculate the profit and loss position for each of the patient service departments and the hospital as a whole and what is Painless revenue variance? Is the total revenue variance favourable or unfavourable? Why?

  Calculate both averaging and the weighted sales forecast

Calculate both the averaging and the weighted sales forecasts using Micro Soft Excel and assuming you are a sales manager, send an email message to me explaining the forecast and including it as an attachment.

  What are maximum profit and maximum loss

An investor purchases 200 shares of XYX stock for $55.00 a share and immediately sells 2 covered call contracts at a strike price of $60.00 a share. The premium is $3.00 a share. What are maximum profit and maximum loss?

  Illustrate what is elephant inc taxable income

Illustrate what is Elephant, Inc.’s taxable income for 2012? Which of the following is required to adjust Elephant, Inc.’s deferred tax asset to its correct balance at December 31, 2012? The ending balance in Elephant, Inc’s deferred tax liability at..

  Illustrate how would the store account for a purchase

The store normally recognizes a gross profit margin of 40% of the selling price on video games. Illustrate how would the store account for a purchase using the discount coupon?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd