January 1, 2018 December 31, 2018 Inventories:
January 1, 2018 December 31, 2018
Inventories:
Raw materials $15,500 $11,000
Work in process 22,000 31,000
Finished Goods 8,500 12,500
Costs incurred:
Raw materials purchases $72,000
Direct Labor 42,000
Property Taxes - Factory 24,000
Office rent 8,000
Factory utilities 4,000
Indirect materials 7,000
Indirect labor 5,000
Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018.
Prepare a schedule of cost of goods sold for the year ended December 31, 2018.
Homework Answers
The following costs and inventory data were taken from the accounts of Bodhisatva Corporation at December...
The following costs and inventory data were taken from the accounts of Bodhisatva Corporation at December 31, 2018 January 1, 2018 December 31, 2018 Inventories: Raw materials $15,500 $11,000 Work in process 22,000 31,000 Finished Goods 8,500 12,500 Costs incurred: Raw materials purchases $72,000 Direct Labor 42,000 Property Taxes - Factory 24,000 Office rent 8,000 Factory utilities 4,000 Indirect materials 7,000 Indirect labor 5,000 Prepare a schedule...
Vargas Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018:...
Vargas Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018: EEB (Click the icon to view year-end information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured 2. What is the unit product cost if Vargas manufactured 3,528 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured Vargas, Corp Schedule of Cost of Goods Manufactured Year Ended December 31, 2018...
Required information Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials...
Required information Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials purchases $ Raw materials inventory, December 31, 2018 984,000 165,000 1,149,000 $ 1,149,000 Raw materials available for use Less: Raw materials inventory, December 31, 2019 Direct materials used Finished goods, December 31, 2019 Factory overhead Depreciation expense---Factory equipment Factory supervision Factory supplies used Factory utilities Indirect labor Maintenance expense--Factory equipment Miscellaneous production costs Rent expense-Factory building ces 0 1,149,000 Total factory overhead...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-Process inventory Finished Goods inventory Current December 31 $ 165,000 114,000 45,000 8,000 33,000 11,000 144,000 86,000 55,000 16,000 24,000 $ 23,000 13,000 17,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31,...
Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 2017 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies...
Saved ework Required information The following selected account balances are provided for Delray Mfg. Sales Raw...
Saved ework Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,367,000 44,000...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,275,000 42,000 51,600 66,000 167,000 226,000 16,600 41,000 5,250 53,000 98,000 138,000 46,900 47,200 67,900...
A) Use the information to prepare a schedule of cost of goods manufactured. B) What the...
A) Use the information to prepare a schedule of cost of goods
manufactured.
B) What the unit product cost if Harding manufactured 4,390 maps
for the year
Harding Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2016 EEB (Click the icon to view year-end information.) Data Table Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Harding manufactured 4,390 lamps for...
Date Saved: December 3, 2019 Time Saved: 4:07 PM Problem 2 (15 marks) The following accounts...
Date Saved: December 3, 2019 Time Saved: 4:07 PM Problem 2 (15 marks) The following accounts and balances pertain to Xenon Company for the year ended December 31, 2018. Cost of Goods Available for Sale $2,465,000 Depreciation Expense – Manufacturing Equipment 162,000 Direct Labor 950,000 Finished Goods Inventory, January 1, 2018 413,000 Factory Insurance 100,000 Gross Profit 3,526,000 Indirect Labor 185,000 Indirect Materials 210,000 Raw Materials Available for Use M. 769,000 Raw Materials Inventory, January 1, 2018 54,000 Av Raw...
Vargas Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018: EEB (Click the icon to view year-end information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured 2. What is the unit product cost if Vargas manufactured 3,528 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured Vargas, Corp Schedule of Cost of Goods Manufactured Year Ended December 31, 2018...
Required information Schedule of Cost of Goods Manufactured For Year Ended December 31, 2019 Direct materials Raw materials purchases $ Raw materials inventory, December 31, 2018 984,000 165,000 1,149,000 $ 1,149,000 Raw materials available for use Less: Raw materials inventory, December 31, 2019 Direct materials used Finished goods, December 31, 2019 Factory overhead Depreciation expense---Factory equipment Factory supervision Factory supplies used Factory utilities Indirect labor Maintenance expense--Factory equipment Miscellaneous production costs Rent expense-Factory building ces 0 1,149,000 Total factory overhead...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-Process inventory Finished Goods inventory Current December 31 $ 165,000 114,000 45,000 8,000 33,000 11,000 144,000 86,000 55,000 16,000 24,000 $ 23,000 13,000 17,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
Prepare an income statement for Delray Mfg. (a manufacturer). DELRAY MFG. Income Statement For Year Ended December 31, 2017 Cost of goods sold Cost of goods available for sale Cost of goods sold Operating expenses Total operating expenses Operating income Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies...
Saved ework Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 $ 1,367,000 44,000...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,275,000 42,000 51,600 66,000 167,000 226,000 16,600 41,000 5,250 53,000 98,000 138,000 46,900 47,200 67,900...
A) Use the information to prepare a schedule of cost of goods
manufactured.
B) What the unit product cost if Harding manufactured 4,390 maps
for the year
Harding Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2016 EEB (Click the icon to view year-end information.) Data Table Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Harding manufactured 4,390 lamps for...
Date Saved: December 3, 2019 Time Saved: 4:07 PM Problem 2 (15 marks) The following accounts and balances pertain to Xenon Company for the year ended December 31, 2018. Cost of Goods Available for Sale $2,465,000 Depreciation Expense – Manufacturing Equipment 162,000 Direct Labor 950,000 Finished Goods Inventory, January 1, 2018 413,000 Factory Insurance 100,000 Gross Profit 3,526,000 Indirect Labor 185,000 Indirect Materials 210,000 Raw Materials Available for Use M. 769,000 Raw Materials Inventory, January 1, 2018 54,000 Av Raw...
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