ZuoTi.Pro
Question

The following information is available about the August transactions of the Helpful Tool Company: Invoices for...

The following information is available about the August transactions of the Helpful Tool Company: Invoices for product costs paid during the month $493,000 Product costs charged to Work in Process $737,000 Cost of finished goods manufactured $718,000 Cost of goods sold $739,000 a) What is the amount of product costs to be deducted from sales revenue in August? (X marks) b) What would the result of this calculation be, and what it represents?.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

a) The amount of product costs to be deducted from revenue in August amount to: $739,000

b) The difference between sales revenue and cost of goods sold represents Gross Profit of the   Tool company

0 0
Add a comment
Know the answer?
Add Answer to:
The following information is available about the August transactions of the Helpful Tool Company: Invoices for...
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

  • Use the following information to complete a schedule of cost of goods manufactured and a cost...

    Use the following information to complete a schedule of cost of goods manufactured and a cost of goods sold schedule: Given Info Beginning $8,000 $16,000 $40,000 Ending $13,000 $21,000 $60,000 Raw Materials Inv. Work in Process Inv. Finished Good Inv. Purchase of Raw Materials Direct Labor Manufacturing Overhead Applied $100,000 $80,000 $110,000 Calculate Direct Materials: Direct Materials Calculation Costs Raw Materials, Beginning $ +Raw Materials Purchased $ =Raw Materials Available GA -Raw Materials, Ending $ =Direct Materials $ Calculate Total...

  • Exercise 14-14 a-c The following information is available for Aikman Company January 1, 2020 2020 Raw...

    Exercise 14-14 a-c The following information is available for Aikman Company January 1, 2020 2020 Raw materials inventory $26,010 Work in process inventory 18,560 Finished goods inventory 28,900 Materials purchased $155,770 Direct labor 224,700 Manufacturing overhead 182,460 Sales revenue 905,040 December 31, 2020 $34,130 19,620 24,050 Your answer is partially correct. Try again. Compute cost of goods manufactured. Alkman Company Cost of Goods Manufactured Schedule 18560 work-in -Process Inventory, 1/2 "Direct Materials Raw Materials Inventory, 1/1 Materials Purchased Materials Available...

  • journalize the above transactions during august Alberta Company uses a job-order costing system to measure, record,...

    journalize the above transactions during august Alberta Company uses a job-order costing system to measure, record, and report its product costs. The company started the month of August with $2,380 of work in process, and cost of finished goods was $3.430. During August the company added the following costs: Direct materials requisitions Direct labour Actual overhead Applied overhead $3,560 1.350 850 980

  • The following information is available for Riverbed Company. January 1, 2017 2017 December 31, 20...

    The following information is available for Riverbed Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $25,160 $35,610 Work in process inventory 15,070 18,280 Finished goods inventory 27,770 23,410 Materials purchased $154,800 Direct labor 223,070 Manufacturing overhead 182,060 Sales revenue 905,590 (a) Compute cost of goods manufactured. Riverbed Company Cost of Goods Manufactured Schedule Cost of Goods ManufacturedDirect LaborDirect MaterialsDirect Materials UsedManufacturing OverheadMaterials Available for UseRaw Materials Inventory, 1/1Raw Materials Inventory, 12/31Materials PurchasedTotal Cost of Work-in-ProcessTotal Manufacturing CostsWork-in-Process,...

  • The following information is available for Aikman Company January 1, 2017 $25,760 17,120 27,190 2017 December...

    The following information is available for Aikman Company January 1, 2017 $25,760 17,120 27,190 2017 December 31,2017 $ 32,660 18,650 22,380 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $154,290 225,040 181,220 902,490 Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule

  • The following information is available for Marigold Company. January 1, 2017 2017 December 31, 2017 Raw...

    The following information is available for Marigold Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $25,330 $33,190 Work in process inventory 15,170 19,680 Finished goods inventory 21,530 28,340 Materials purchased $152,300 Direct labor 223,050 Manufacturing overhead 183,600 Sales revenue 902.420 (a) Compute cost of goods manufactured Marigold Company Cost of Goods Manufactured Schedule $

  • The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information...

    The debits to Work in Process—Roasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: Work in process, August 1, 500 pounds, 10% completed $1,610* *Direct materials (500 X $3.1) $1,550 Conversion (500 X 10% X $1.2) $60 $1,610 Coffee beans added during August, 16,000 pounds 48,800 Conversion costs during August 21,073 Work in process, August 31, 800 pounds, 70% completed ? Goods finished during August, 15,700 pounds ? All direct materials are...

  • Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the...

    Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2010, follows: Sales equal $500,000. Direct materials used total $51,000. Manufacturing overhead is 150 percent of direct labor dollars. The beginning inventory of finished goods is 20 percent of the cost of goods sold. The ending inventory of finished goods is twice the beginning inventory. The gross profit is 20 percent of sales. There is no beginning or ending work-in-process....

  • The following information is available for Aikman Company. 2020 January 1, 2020 $23,680 16,120 29,410 December...

    The following information is available for Aikman Company. 2020 January 1, 2020 $23,680 16,120 29,410 December 31, 2020 $31,650 18,470 21,410 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $153,280 221,550 184.550 903.450 Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schi We were unable to transcribe this image

  • The following information is available for Aikman Company. January 1, 20172017December 31, 2017 Raw materials inventory...

    The following information is available for Aikman Company. January 1, 20172017December 31, 2017 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $26,010 18,560 28,900 $34,130 19,620 24,050 $155,770 224,700 182,460 905,040 Compute cost of goods manufactured.

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