The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
Prepare an income statement for fiscal 2017. Ignore income
taxes. (Enter negative amounts using either a negative
sign preceding the number e.g. -45 or parentheses e.g.
(45).)
Homework Answers
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The following information is available for Marx, Inc. for the
fiscal year ending December 31, 2017:...
The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:...
The following information is available for Marx, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
Prepare a schedule of cost of goods manufactured
Marx, Inc. Schedule of Cost of Goods Manufactured...
The following information is available for Dynatech, Inc. for the fiscal year ending December 31, 2017:...
The following information is available for Dynatech, Inc. for
the fiscal year ending December 31, 2017:
ber 31, 07 is available for Dynatech, Inc. for the f Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $150,000 280,000 450,000 380,000 2,100,000 2,700,000 1,400,000 1,250,000 7,200,000 Prepare a schedule of cost...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December...
Problem 2-1
The following information is available for Sipacore, Inc. for
the fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare an income statement for fiscal 2017. Ignore income
taxes. (Enter negative amounts using...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
The following data relates to the Biofuel Products Company for the fiscal year ended December 31:...
The following data relates to the Biofuel Products Company for the fiscal year ended December 31: Direct Materials Inventory, Beginning $40 Direct Materials Inventory, Ending 50 Work-in-Process Inventory, Beginning 55 Work-in-Process Inventory, Ending 45 Finished Goods Inventory, Beginning 70 Finished Goods Inventory, Ending 60 Direct Materials Purchases 310 Direct Labor 60 Factory Overhead 160 Required: Prepare a statement of cost of goods manufactured.
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. ome statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement and balance sheet...
The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw...
The following information is available for Aikman
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$21,240
$32,930
Work in process inventory
16,990
18,070
Finished goods inventory
30,180
24,300
Materials purchased
$154,190
Direct labor
224,280
Manufacturing overhead
184,560
Sales revenue
903,230
Compute cost of goods manufactured.
Aikman Company
Cost of Goods Manufactured Schedule
Prepare an income statement through gross profit.
AIKMAN COMPANY
Income Statement (Partial)
Show the presentation of the ending inventories on the December
31, 2017, balance...
The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw...
The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule Prepare an income statement through gross profit. AIKMAN COMPANY Income Statement (Partial) Show the presentation of the ending inventories on the December 31, 2017, balance...
The following data relates to the Windlar Products Company for the fiscal year ended December 31:...
The following data relates to the Windlar Products Company for the fiscal year ended December 31: Direct Materials Inventory, Beginning $ 40 Direct Materials Inventory, Ending 30 Work-in-Process Inventory, Beginning 50 Work-in-Process Inventory, Ending 60 Finished Goods Inventory, Beginning 80 Finished Goods Inventory, Ending 90 Direct Materials Purchases 300 Direct Labor 40 Factory Overhead 150 Required: Prepare a statement of cost of goods manufactured.
The following information is available for Marx, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
Prepare a schedule of cost of goods manufactured
Marx, Inc. Schedule of Cost of Goods Manufactured...
The following information is available for Dynatech, Inc. for
the fiscal year ending December 31, 2017:
ber 31, 07 is available for Dynatech, Inc. for the f Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $150,000 280,000 450,000 380,000 2,100,000 2,700,000 1,400,000 1,250,000 7,200,000 Prepare a schedule of cost...
Problem 2-1
The following information is available for Sipacore, Inc. for
the fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare an income statement for fiscal 2017. Ignore income
taxes. (Enter negative amounts using...
Problem 2-1
The following information is available for Sipacore, Inc. for the
fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory
$230,000
Ending balance in Work in Process Inventory
280,000
Beginning balance in Finished Goods Inventory
450,000
Ending balance in Finished Goods Inventory
380,000
Direct material cost
2,840,000
Direct labor cost
2,860,000
Manufacturing overhead
1,700,000
Selling and administrative expenses
1,310,000
Sales
8,560,000
Prepare a schedule of cost of goods manufactured.
Sipacore, Inc.
Schedule of Cost of...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. ome statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement and balance sheet...
The following information is available for Aikman
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$21,240
$32,930
Work in process inventory
16,990
18,070
Finished goods inventory
30,180
24,300
Materials purchased
$154,190
Direct labor
224,280
Manufacturing overhead
184,560
Sales revenue
903,230
Compute cost of goods manufactured.
Aikman Company
Cost of Goods Manufactured Schedule
Prepare an income statement through gross profit.
AIKMAN COMPANY
Income Statement (Partial)
Show the presentation of the ending inventories on the December
31, 2017, balance...
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