Homework Answers
Cost of goods manufactured includes all direct materials cost, direct labor cost and manufacturing overhead.
Cost of goods sold is calculated by adding beginning finished goods inventory to cost of goods manufactured and reducing ending finished goods inventory from cost of goods manufactured.
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Saved Young Fashions Company produces children's clothing. During the current year, the company incurred the following...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 408,500 357,000 45,600 602,500 82,150 71,400 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 34,500 49,750 154,000 December 31 $ 54,250 43,800 85,450 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. For the Year Ended December 31 Direct...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 405,500...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 405,500 351,000 Factory rent Direct labor Utilities-factory Purchases of direct materials 44,800 597,500 80,450 70,200 Indirect materials Indirect labor Inventories for the year were as follows: .ces January 1 $ 33,500 49,250 152,000 December 31 Materials $ 52,750 43,400 84,350 Work-in-Process Finished Goods Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Direct materials Materials available Materials used...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 392,000 324,000 41,200 575,000 72,800 64,800 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 29,000 47,000 143,000 December 31 $ 46,000 41,600 79,400 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Comelius Company Statement of Cost of Goods...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,000 66,000 60,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods...
The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue $...
The following data refer to San Fernando Fashions Company for the
year 20x2:
Sales revenue
$
1,050,000
Work-in-process inventory, December 31
30,000
Work-in-process inventory, January 1
36,000
Selling and administrative expenses
150,000
Income tax expense
70,000
Purchases of raw material
160,000
Raw-material inventory, December 31
25,000
Raw-material inventory, January 1
20,000
Direct labor
200,000
Utilities: plant
40,000
Depreciation: plant and equipment
50,000
Finished-goods inventory, December 31
50,000
Finished-goods inventory, January 1
20,000
Indirect material
8,000
Indirect labor
12,000
Other manufacturing...
Alton Company produces metal belts. During the current month, the company incurred the following product costs:...
Alton Company produces metal belts. During the current month, the company incurred the following product costs: Raw materials $97,000; Direct labor $58,500; Electricity used in the Factory $23,000; Factory foreperson salary $5,050; and Maintenance of factory machinery $2,200. Alton Company's indirect product costs totaled: Multiple Choice $30,250. $28,050. $58,500. $155,500.
The following cost data relate to the manufacturing activities of Chang Company during the just completed...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 17,000 150,000 10,000 90,000 147,000 12,000 $426,000 Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $420,000 $ 80,000...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48,000 11, 200 68,000 62,000 23,300 45,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 220,000 365,000 25,000...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process Inventory began the year with a $5,500 balance and ended the year with...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48,800 11,200 68,000 62,000 23,300 45,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 220,000 365,000 25,000 90,000...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 408,500 357,000 45,600 602,500 82,150 71,400 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 34,500 49,750 154,000 December 31 $ 54,250 43,800 85,450 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. For the Year Ended December 31 Direct...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 405,500 351,000 Factory rent Direct labor Utilities-factory Purchases of direct materials 44,800 597,500 80,450 70,200 Indirect materials Indirect labor Inventories for the year were as follows: .ces January 1 $ 33,500 49,250 152,000 December 31 Materials $ 52,750 43,400 84,350 Work-in-Process Finished Goods Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Direct materials Materials available Materials used...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 392,000 324,000 41,200 575,000 72,800 64,800 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 29,000 47,000 143,000 December 31 $ 46,000 41,600 79,400 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Comelius Company Statement of Cost of Goods...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,000 66,000 60,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods...
The following data refer to San Fernando Fashions Company for the
year 20x2:
Sales revenue
$
1,050,000
Work-in-process inventory, December 31
30,000
Work-in-process inventory, January 1
36,000
Selling and administrative expenses
150,000
Income tax expense
70,000
Purchases of raw material
160,000
Raw-material inventory, December 31
25,000
Raw-material inventory, January 1
20,000
Direct labor
200,000
Utilities: plant
40,000
Depreciation: plant and equipment
50,000
Finished-goods inventory, December 31
50,000
Finished-goods inventory, January 1
20,000
Indirect material
8,000
Indirect labor
12,000
Other manufacturing...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 17,000 150,000 10,000 90,000 147,000 12,000 $426,000 Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $420,000 $ 80,000...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48,000 11, 200 68,000 62,000 23,300 45,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 220,000 365,000 25,000...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process Inventory began the year with a $5,500 balance and ended the year with...
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 $ $48,800 11,200 68,000 62,000 23,300 45,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 220,000 365,000 25,000 90,000...
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