Homework Answers
Answer: Option ( C ) $254,000
Explanation:
Cost of goods sold = Beginning finished goods + Cost of goods manufactured - Ending finished goods
Cost of goods sold = $50,000 + 245,000 - 41,000
Cost of goods sold = $254,000
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All Rite Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases...
Leslie Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of...
Leslie Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs $460,000 23,000 15,400 10,000 29,000 49,000 48,000 106,400 46,000 153,000 What is Leslie's operating income? $333,800 $193,900 $209,900 $191,900
Leslie Manufacturing reported the following Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 20,000...
Leslie Manufacturing reported the following Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 20,000 Purchases of direct materials 156,000 Ending inventory of direct materials, December 31,2015 18,000 Direct manufacturing labor 21,000 Indirect manufacturing costs 42,000 Beginning inventory of finished goods, January 1, 2015 40,000 Cost of goods manufactured 114,000 Ending inventory of finished goods, December 31, 2015 45,000 Operating costs 150,000 What is Leslie's Operating Income?
Leslie Manufacturing reported the following: Revenue Beginrang inventory of direct materials, January 1, 2015 Purchases of...
Leslie Manufacturing reported the following: Revenue Beginrang inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, Januay 1, 2015 Cost of goods manufactured Ending inventory of finished goode, December 31, 2015 Operating costs $450,000 21,000 151,000 10,000 20,000 40,000 43,000 272,000 49,000 158,000 How much of the above would be considered period costs for Leslie Manufacturing? C$239,000 $153,000 C$293,000...
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January...
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January 1 22,000 Purchases of direct materials 146,000 Ending inventory of direct materials, December 31 16,000 Direct manufacturing labor 18,000 Indirect manufacturing costs 40,000 Beginning inventory of finished goods, January 1 35,000 Beginning inventory of work in process, January 1 4,000 Ending inventory of finished goods, December 31 36,000 Operating costs 140,000 Ending Inventory of work in process, December 31 110,000 What was Lewisbum's cost...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Explain how other manufacturing costs are found. Complete the problem Direct materials inventory Work-in-process inventory Finished...
Explain how other manufacturing costs are found. Complete the
problem
Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,200 32,500 5,400 December 31 (Ending) $ 24,800 29,100 7,500 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $52.900. Required: Prepare a cost of goods sold statement. Answer is not complete. || 32,500 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
Leslie Manufacturing reported the following: Revenue Beginning inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, January 1, 2015 Cost of goods manufactured Ending inventory of finished goods, December 31, 2015 Operating costs $460,000 23,000 15,400 10,000 29,000 49,000 48,000 106,400 46,000 153,000 What is Leslie's operating income? $333,800 $193,900 $209,900 $191,900
Leslie Manufacturing reported the following: Revenue Beginrang inventory of direct materials, January 1, 2015 Purchases of direct materials Ending inventory of direct materials, December 31, 2015 Direct manufacturing labor Indirect manufacturing costs Beginning inventory of finished goods, Januay 1, 2015 Cost of goods manufactured Ending inventory of finished goode, December 31, 2015 Operating costs $450,000 21,000 151,000 10,000 20,000 40,000 43,000 272,000 49,000 158,000 How much of the above would be considered period costs for Leslie Manufacturing? C$239,000 $153,000 C$293,000...
For last year, Lewisburn Manufacturing reported the following: Revenue $420,000 Beginning inventory of direct materials, January 1 22,000 Purchases of direct materials 146,000 Ending inventory of direct materials, December 31 16,000 Direct manufacturing labor 18,000 Indirect manufacturing costs 40,000 Beginning inventory of finished goods, January 1 35,000 Beginning inventory of work in process, January 1 4,000 Ending inventory of finished goods, December 31 36,000 Operating costs 140,000 Ending Inventory of work in process, December 31 110,000 What was Lewisbum's cost...
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) Direct materials inventory Work-in-process inventory Finished goods inventory December 31 (Ending) $ 24,600 29,400 7,300 32,600 5,000 Direct materials used during the year amount to $46,400 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,600 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Explain how other manufacturing costs are found. Complete the
problem
Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 22,200 32,500 5,400 December 31 (Ending) $ 24,800 29,100 7,500 Direct materials used during the year amount to $45,800 and the cost of goods sold for the year was $52.900. Required: Prepare a cost of goods sold statement. Answer is not complete. || 32,500 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21.800 32,800 5,800 December 31 KEnding) $ 24,600 28,900 6,700 Direct materials used during the year amount to $45,500 and the cost of goods sold for the year was $53,100. Required: Prepare a cost of goods sold statement. TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct materials:...
The following balances are from the accounts of Tappan Parts: Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 21,500 32,900 5,800 December 31 (Ending) $ 25,200 28,800 7,000 Direct materials used during the year amount to $46,200 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement. 32,900 TAPPAN PARTS Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory Manufacturing costs: Direct...
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