Homework Answers
1. Number of jet skis sold during the year: 92,286 units
2. Cost of goods sold = Number of units sold × product cost = 92,286 × $2,200 = $ 203,029,200
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Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 99,500 jet...
Exercise 2-36 Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured...
Exercise 2-36 Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 94,000 jet skis. Finished goods inventory had the following units: January 1 December 31 6,800 7,200 Required 1. How many jet skis did Allyson sell during the year? 2. If each jet ski had a product cost of $2,200, what was the cost of goods sold last year?
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials...
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
prepare schedules of cost of goods manufactured and cost of goods sold and an income statement....
prepare schedules of cost of goods manufactured and cost of
goods sold and an income statement.
Portal Watch The Grand Tour Season 2 Prime Video Resume Builder Connect Problems Saved Help Save & Exit Submit Check my work Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead...
Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company uses job-order...
Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job Total Cost Complete? Sold? 301 $1,600 1,270 890 2.170 560 The beginning balance of Finished Goods was $570, consisting of Job 300, which was not sold by the end of the month. Required: 1. Calculate the balance in Work in Process at the end of the month Cathahalin nicht andet that...
H UULURULUI Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of...
H UULURULUI Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $525,000. Suppose that on June 1, Slapshot had 650 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare a cost of goods sold statement for the month of June. Slapshot Company Cost of Goods Sold Statement For the Month of...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
rogen Sports | Best Bitcoin Sp x Q Managerial Accounting Final Wo X C Cost Of...
rogen Sports | Best Bitcoin Sp x Q Managerial Accounting Final Wo X C Cost Of Goods Manufactured Slix + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Other bookmarks eBook Show Me How Calculator Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $547,000. Suppose that on June 1, Slapshot had 680 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare...
Locator assignment to progresse Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company...
Locator assignment to progresse Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct bort of $100.000 month. Information on inventories was as follows: September 1 d September 30 e Materials $140,000 Work in process $80,000 $120,000 $80,000 Finished goods $65,000 $80,000 Required: 1. What was the cost of direct materials used in September 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the...
Lake Power Sports sells jet skis and other powered recreational equipment. Customers pay one-third of the sales price of a jet ski when they initially purchase the ski, and then pay another one-third each year for the next two years. Because Lake has little information about the ability to collect these receivables, it uses the installment sales method for revenue recognition. In 2017, Lake began operations and sold jet skis with a total price of $1,110,000 that cost Lake $555,000....
Exercise 2-36 Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 94,000 jet skis. Finished goods inventory had the following units: January 1 December 31 6,800 7,200 Required 1. How many jet skis did Allyson sell during the year? 2. If each jet ski had a product cost of $2,200, what was the cost of goods sold last year?
OBJECTIVE2 Exercise 2-31 Cost Classification Loring Company incurred the following costs last year: Sua Direct materials Factory rent Direct labor Factory utilities Supervision in the factory Indirect labor in the factory Depreciation on factory equipment Sales commissions Sales salaries Advertising Depreciation on the headquarters building Salary of the corporate receptionist Other administrative costs Salary of the factory receptionist S216,000 24,000 120,000 6,300 50,000 30,000 9,000 27,000 65,000 37,000 10,000 30,000 175,000 28,000 (Continued) Required: 1. Classify each of the costs...
prepare schedules of cost of goods manufactured and cost of
goods sold and an income statement.
Portal Watch The Grand Tour Season 2 Prime Video Resume Builder Connect Problems Saved Help Save & Exit Submit Check my work Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead...
Balance of Work in Process and Finished Goods, Cost of Goods Sold Derry Company uses job-order costing. At the end of the month, the following information was gathered: Job Total Cost Complete? Sold? 301 $1,600 1,270 890 2.170 560 The beginning balance of Finished Goods was $570, consisting of Job 300, which was not sold by the end of the month. Required: 1. Calculate the balance in Work in Process at the end of the month Cathahalin nicht andet that...
H UULURULUI Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $525,000. Suppose that on June 1, Slapshot had 650 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare a cost of goods sold statement for the month of June. Slapshot Company Cost of Goods Sold Statement For the Month of...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
rogen Sports | Best Bitcoin Sp x Q Managerial Accounting Final Wo X C Cost Of Goods Manufactured Slix + /ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Other bookmarks eBook Show Me How Calculator Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $547,000. Suppose that on June 1, Slapshot had 680 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare...
Locator assignment to progresse Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct bort of $100.000 month. Information on inventories was as follows: September 1 d September 30 e Materials $140,000 Work in process $80,000 $120,000 $80,000 Finished goods $65,000 $80,000 Required: 1. What was the cost of direct materials used in September 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
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