Homework Answers
Schedule of cost of goods manufactured
| Direct material used | ||
| Beginning direct material | 124000 | |
| Purchase of direct material | 262000 | |
| Material available | 386000 | |
| Less: Ending direct material | -73000 | |
| Direct material used | 313000 | |
| Direct labor | 217000 | |
| Manufacturing overhead | ||
| Indirect labor | 97000 | |
| Plant insurance | 9000 | |
| Depreciation-Plant, building and equipment | 45000 | |
| Plant utilities | 26000 | |
| Repairs and maintenance-Plant | 12000 | |
| equipment leasing costs-Plant | 65000 | |
| Total manufacturing overhead | 254000 | |
| Total manufacturing cost | 784000 | |
| Beginning Work in process | 173000 | |
| Total cost of work in process | 957000 | |
| Less: Ending work in process | -145000 | |
| Cost of goods manufactured | 812000 | |
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1. Cost of goods manufactured, income statement, manufacturing...
1. Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands)...
1. Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Beginning of 2017 End of 2017 124,000 73,000 Direct materials inventory Work-in-process inventory 145,000 173,000 Finished-goods inventory 206.000 240.000 Purchases of direct materials 262,000 Direct manufacturing labor 217,000 indirect manufacturing labor 97.000 Plant insurance 9,000 Depreciation-plant, building, and equipment 45,000 Plant utilities 26,000 Repairs and maintenance plant 12,000 Equipment leasing costsplant 65,000 Marketing, distribution, and customer service costs...
Consider the following account balances (in thousands) for the Carolina Corporation: REQUIREMENTS 1. Prepare a schedule...
Consider the following account balances (in thousands) for the
Carolina Corporation:
REQUIREMENTS
1. Prepare a schedule for the cost of goods manufactured for
2017
2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the
income statement for 2017.
Beginning of End of Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs...
Consider the following account balances (in thousands) for the CarolinaCarolina Corporation: LOADING... (Click the icon to...
Consider the following account balances (in thousands) for the CarolinaCarolina Corporation: LOADING... (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 20172017. 2. Revenues (in thousands) for 20172017 were $ 1 comma 300 comma 000$1,300,000. Prepare the income statement for 20172017. Requirement 1. Prepare a schedule for the cost of goods manufactured for 20172017. Start with the direct materials and labor costs, then manufacturing overhead costs, and complete the...
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by...
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Cougar Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs Indirect manufacturing costs:...
Старе 2 2-37 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances...
Старе 2 2-37 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 21,000 26,000 13,000 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs End of 2017 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000 1....
2-39 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following...
2-39 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): $15 For Specific Date For Year 2017 Direct materials inventory, Jan 1, 2017 Purchases of direct materials $325 Work-in-process inventory, Jan. 1, 2017 10 Direct manufacturing labor 100 Finished goods inventory, Jan. 1, 2017 Depreciation-plant and equipment Direct materials inventory, Dec. 31, 2017 Plant supervisory salaries Work-in-process inventory, Dec. 31, 2017 Miscellaneous plant overhead Finished goods inventory, Dec. 31, 2017...
37 Cost of goods manufactured, Income statement ccount balances (in thousands) for the Peterson Company consider...
37 Cost of goods manufactured, Income statement ccount balances (in thousands) for the Peterson Company consider End of 2017 13,000 Peterson Company Beginning of 2017 Direct materials inventory 21.000 Work-in-process inventory 26.000 Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation—plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 23,000 25.000 20.000 74,000 22.000 17.000 7,000 11,000 3,000 91,000 24,000 1. Prepare a schedule for the cost...
Requirement 1. Prepare a schedule for the cost of goods manufactured for 20172017. Begin by preparing...
Requirement 1. Prepare a schedule for the cost of goods manufactured for 20172017. Begin by preparing the schedule of cost of goods manufactured (in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Neal Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Beginning inventory, Jan. 1, 2017 Purchases of direct materials Cost of direct materials...
Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the...
Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Classic Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs ClassicClassic's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18...
1. Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Carolina Corporation Beginning of 2017 End of 2017 124,000 73,000 Direct materials inventory Work-in-process inventory 145,000 173,000 Finished-goods inventory 206.000 240.000 Purchases of direct materials 262,000 Direct manufacturing labor 217,000 indirect manufacturing labor 97.000 Plant insurance 9,000 Depreciation-plant, building, and equipment 45,000 Plant utilities 26,000 Repairs and maintenance plant 12,000 Equipment leasing costsplant 65,000 Marketing, distribution, and customer service costs...
Consider the following account balances (in thousands) for the
Carolina Corporation:
REQUIREMENTS
1. Prepare a schedule for the cost of goods manufactured for
2017
2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the
income statement for 2017.
Beginning of End of Carolina Corporation Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs...
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Cougar Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs Indirect manufacturing costs:...
Старе 2 2-37 Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 21,000 26,000 13,000 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs End of 2017 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000 1....
2-39 Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions): $15 For Specific Date For Year 2017 Direct materials inventory, Jan 1, 2017 Purchases of direct materials $325 Work-in-process inventory, Jan. 1, 2017 10 Direct manufacturing labor 100 Finished goods inventory, Jan. 1, 2017 Depreciation-plant and equipment Direct materials inventory, Dec. 31, 2017 Plant supervisory salaries Work-in-process inventory, Dec. 31, 2017 Miscellaneous plant overhead Finished goods inventory, Dec. 31, 2017...
37 Cost of goods manufactured, Income statement ccount balances (in thousands) for the Peterson Company consider End of 2017 13,000 Peterson Company Beginning of 2017 Direct materials inventory 21.000 Work-in-process inventory 26.000 Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation—plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 23,000 25.000 20.000 74,000 22.000 17.000 7,000 11,000 3,000 91,000 24,000 1. Prepare a schedule for the cost...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18...
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