ZuoTi.Pro
Question

Exercise 2 Using the following information related to the activities performed by Beta Manufacturing in 2015:
Inventories Work in process Materials Finished goods Beginning 15,000 24,000 31,000 Endi 6,400 29,000 41,300 Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment5,800 Depreciation of office equipment Direct labor Direct materials Income tax Indirect labor Indirect materials Interest expense Interest payable Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Research and development expense 2,400 Retained earnings Selling expenses Sales revenue 12,800 21,100 12,500 2200 41,000 21,500 8,500 16,800 8,500 6,500 1,800 3,200 5,000 2,600 850 158,000 7,400 121,100 Required - Choosing only the appropriate data among those presented above: a) b) c) Prepare a statement of cost of goods manufactured for 2016. Prepare a statement of cost of goods sold for the same period. Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income. d) Prepare an income statement using the value of production format, clearly showing the operating income.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Statement of cost of goods manufactured For the year ended December 31 Raw Materials inventory, January 1 Raw Materials purchases Less: Raw Materials inventory, December 31 Raw Materials used 24,000 21,500 29,000 16,500 8,500 Less: Indirect Materials Direct Materials Used Direct labor Manufacturing overhead 8,000 41,000 Indirect labor Plant maintenance 16,800 2,600 5,800 3,200 Depreciation expense factory equipment Other expense facto Total manufacturing overhead Total Manufacturing Cost Add: Work in process inventory, January 1 Less: Work in process inventory, December 31 28,400 77,400 15,000 6,400 86,000 Cost of goods manufactured Statement of Cost of Goods Sold Statement of Cost of Goods Sold For the year ended December 31 Finished Goods inventory, January 1 31,000 86,000 41,300 Cost of goods manufactured Less: Finished Goods inventory, December 31 Cost of goods sold 75,700 Farside Manufacturing Company Income statement For the year ended December 31 Sales 1,21,100 75,700 45,400 Cost of goods sold Gross margin (Sales-Cost of goods sold) Operating expenses: Advertisement Expenses Depreciation of office equipments Income Tax Indirect Labor Indirect Material Interest Expenes Research and Development Expense Selling Expense Total Operating Expense Income From Operations 12,500 2,200 8,500 16,800 8,500 6,500 2,400 7,400 64,800 19,400

0 0
Add a comment
Know the answer?
Add Answer to:
Exercise 2 Using the following information related to the activities performed by Beta Manufacturing in 2015:...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Exercise 3 Using the following information related to the activities performed by Beta Manufacturing in 2015...

    Exercise 3 Using the following information related to the activities performed by Beta Manufacturing in 2015 Inventories Work in process Materials Finished goods Beginning 8,800 6,800 14,500 Ending 9,000 9,500 8,300 Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor 15,900 22,500 15,200 12,300 8,500 124,000 8,800 97,000 13,800 32,800 6,350 4,850 12,000 6,800 850 98,500 Research and development expense12,500 858,000 13,900 547,000 scount on bond payable Income tax Indirect labor Interest expense...

  • Exercise 5 At the beginning of 2019, Onyx Manufacturing Inc. had the following account balances: Finished Goods I...

    Exercise 5 At the beginning of 2019, Onyx Manufacturing Inc. had the following account balances: Finished Goods Inventory $12,400 $12,500 $15,000 Work in Progress Materials The following information refers to transactions occurred in 2019: Purchase of materials $164,000 $68,500 $124,000 $21,500 Direct labor incurred: Direct materials Manufacturing overhead: depreciation MOH: Indirect labor $88,000 $46,000 MOH: Indirect materials $340,000 $440,000 Jobs completed with cost of Jobs sold for total revenue of: $345,000 Jobs sold with cost of: Manufacturing overhead allocated to...

  • Speedwagon Inc. shows the following information for 2019: Direct materials (variable) € 31,400 Direct labor (variable)...

    Speedwagon Inc. shows the following information for 2019: Direct materials (variable) € 31,400 Direct labor (variable) C 19,500 Manufacturing overhead (fixed) C 84,600 Selling and advertising costs (variable) € 6,800 Selling and marketing costs (fixed) €21,500 Other operating expenses (fixed) € 146,000 Interest expenses € 18,000 Income tax expense 30% of pre-tax income Depreciation and amortization charges represent 20% of Manufacturing overhead, 5% of fixed Selling and marketing expenses, and 15% of other operating expenses. During the year, the company...

  • Exercise 1 Faulty Products Inc. expects to incur into the following expenses in 2018: Direct materials...

    Exercise 1 Faulty Products Inc. expects to incur into the following expenses in 2018: Direct materials (variable) Direct labor (variable) Manufacturing overhead (fixed) 12,400 9,800 C 36,600 . Selling and advertising costs (variable) 6,900 Selling and marketing costs (fixed) 12,000 Other operating expenses (fixed) 140,000 6,000 . Income tax expense 30% of pre-tax income . . Interest expenses During the year, the company plans to manufacture 2,450 units of finished goods and to sell 2,315 units at 95 each, The...

  • Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

    Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $216,380 $270,480 Work in process 389,480 367,850 Finished goods 374,340 375,970 Advertising expense $183,660 Depreciation expense-office equipment 25,970 Depreciation expense-factory equipment 34,890 Direct labor 416,540 Heat, light, and power-factory 13,790 Indirect labor 48,690 Materials purchased 408,420 Office salaries expense 142,540 Property taxes-factory 11,360 Property taxes-headquarters building 23,530 Rent expense-factory 19,200 Sales...

  • Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

    Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $396,120 $495,150 Work in process 713,020 673,400 Finished goods 685,290 688,260 Advertising expense $336,210 47,530 63,870 762,530 25,250 89,130 747,680 Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory...

  • Graded Discussion Question Bubba Manufacturing Company provided the following information for the fiscal year to June...

    Graded Discussion Question Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories Direct Materials Work-in-Process Finished Goods 01/07/2019 30/06/2020 $72,000 $65,000 107,000 128,000 149,500 141,700 Other information: Office cleaner's wages 4.500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239.700 Indirect materials 23.500 Delivery truck driver's wages 15.400 Indirect labor 9.500 Depreciation on factory plant & equipment 32,000 Insurance 60,000 Depreciation on delivery truck 7.250 Utilities 118.750 Administrative salaries 41,250 Special Design...

  • Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories...

    Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories                                       01/07/2019                      30/06/2020 Direct Materials                              $72,000                              $65,000 Work-in-Process                             $107,000                            $128,000 Finished Goods                                $149,500                            $141,700 Other Information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance 1 60,000 Depreciation on delivery truck 7,250 Utilities 2 118,750...

  • Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

    Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $226,440 $285,310 Work in process 407,590 388,020 Finished goods 391,740 396,580 Advertising expense $193,730 Depreciation expense-office equipment 27,390 Depreciation expense-factory equipment 36,800 Direct labor 439,380 Heat, light, and power-factory 14,550 Indirect labor 51,360 Materials purchased 430,820 Office salaries expense 150,360 Property taxes-factory 11,980 Property taxes-headquarters building 24,820 Rent expense-factory 20,260 Sales...

  • Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...

    Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $469,710 $587,140 Work in process 845,480 798,510 Finished goods 812,600 816,120 Advertising expense $398,670 Depreciation expense-office equipment 56,370 Depreciation expense-factory equipment 75,740 Direct labor 904,200 Heat, light, and power-factory 29,940 Indirect labor 105,690 Materials purchased 886,580 Office salaries expense 309,420 Property taxes-factory 24,660 Property taxes-headquarters building 51,080 Rent expense-factory 41,690 Sales...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT