If net operating income was $50,000
Then the beginning finished goods inventory was howmuch?
Homework Answers
| Cost of goods manufactured = Direct materials used + Direct labor costs + Manufacturing overhead costs + Beginning work in process inventory - Ending work in process inventory | ||
| 30000 = Direct materials used + 8000 + 10000 + 12000 - 10000 | ||
| 30000 = Direct materials used + 20000 | ||
| Direct materials used = 30000 - 20000 | 10000 | |
| Direct materials used = Beginning direct materials inventory + Direct materials purchases - Ending direct materials inventory | ||
| 10000 = 15000 + 9000 - Ending direct materials inventory | ||
| Ending direct materials inventory = 15000 + 9000 - 10000 | 14000 | Option d |
| Net operating income = Gross profit - Selling expense - Administrative expense | |
| 50000 = Gross profit - 12000 - 13000 | |
| Gross profit = 50000 + 12000 + 13000 | 75000 |
| Gross profit = Sales revenue - Cost of goods sold | |
| 75000 = 100000 - Cost of goods sold | |
| Cost of goods sold = 100000 - 75000 | 25000 |
| Cost of goods sold = Beginning finished goods inventory + Cost of goods manufactured - Ending finished goods inventory | |
| 25000 = Beginning finished goods inventory + 30000 - 7000 | |
| Beginning finished goods inventory = 25000 + 7000 - 30000 | 2000 |
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If net operating income was $50,000
Then the beginning finished goods inventory was howmuch?
Use the...
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Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $...
Use the following data
to determine the cost of goods manufactured:
Beginning finished goods inventory
$
10,800
Direct
labor
30,600
Beginning work
in process inventory
7,200
General and
administrative expenses
13,500
Direct materials
used
40,500
Ending work in
process inventory
9,000
Indirect
labor
6,300
Ending finished
goods inventory
9,500
Indirect
materials
13,500
Depreciation—factory equipment
7,500
Multiple Choice o $110,100. o $100,200. o $96,600. o $113,700. o $102,000.
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Question 12 The following costs and inventory data were taken from the accounts of Simon Company for 2019: January 1, December 31, 2019 2019 Inventories: Raw materials $ 8,000 $ 7,000 Work in process 15,000 13,000 Finished goods 16,000 12,000 Costs incurred: Raw materials purchases $ 98,000 Direct labor 42,000 Factory rent 8,000 Factory utilities 10,000 Indirect materials 6,000 Indirect labor 9,000 Operating expenses 17,000 Prepare a schedule showing the amount of direct materials used in production during the year...
Use the following data to determine the cost of goods manufactured: 5. Beginning finished goods inventory Direct labor used Beginning work in process inventory General and administrative expenses Direct materials used Ending work in process inventory Indirect labor Ending finished goods inventory Indirect materials Depreciation-factory equipment $10,800 30, 600 7,200 13,500 40,500 9,000 6,300 9,500 13,500 7,500
BUS2102-Spring 2019-Chapter 2 Fun & Exciting Exercises Always show your work when doing fun & exciting exercises! Question 1) Supply the missing data in the four cases below. Each case is independent of the others. Case ICase 2 Case 3 Case 4 Direct materials Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Cost of goods manufactured S 14000 5 9,000,$6.000 4,000 20,000 4,000 G 25,000-13K $ 8,000 5,000 31,000 7,000 18,00o...
Use the following data
to determine the cost of goods manufactured:
Beginning finished goods inventory
$
10,800
Direct
labor
30,600
Beginning work
in process inventory
7,200
General and
administrative expenses
13,500
Direct materials
used
40,500
Ending work in
process inventory
9,000
Indirect
labor
6,300
Ending finished
goods inventory
9,500
Indirect
materials
13,500
Depreciation—factory equipment
7,500
Multiple Choice o $110,100. o $100,200. o $96,600. o $113,700. o $102,000.
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