Homework Answers
A.
Cost of goods manufactured = Work in process, Jan. 1 + Direct material used + Direct labor + Factory depreciation + Factory utilities + Indirect material + Indirect labor - Work in process, Dec. 31
= $21,000 + $126,000 + $260,000 + $80,000 + $27,000 + $19,000 + $35,000 - $40,000
= $528,000
B.
Cost of goods sold = Finished goods, Jan 1 + Cost of goods manufactured - Finished goods, 31 Dec
= $70,000 + $528,000 - $61,000
= $537,000
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27) Portland Manufacturing had the following data for the period just ended: Work in process, Jan....
Portland Manufacturing had the following data for the period just ended: Work in process. Jan. 1...
Portland Manufacturing had the following data for the period just ended: Work in process. Jan. 1 Work in process, Dec. 31 ANIN Finished goods, Jan. 1. Finished goods Dec 31 Direct materials used Direct labor Factory depreciation Sales Advertising expense Factory utilities Indirect materials Indirect labor Required: A Calculato Portland's cost of goods manufactured. B. Calculato Portland's cost of goods sold. $21.000 140.000 70.000 61,000 126,000 260,000 80.000 945,000 52.000 27,000 19,000 35000 TTTT Paragraph v Arial %DOQOCEEZE O Sx...
Consider the following information for Huntersville, Inc, for the fiscal year ended December 31 Depreciation expense-administrative...
Consider the following information for Huntersville, Inc, for the fiscal year ended December 31 Depreciation expense-administrative office $ 32,000 Depreciation expense-plant and equipment 86,000 Direct labor-wages 487,000 Direct materials inventory, Dec. 31 26,000 Direct materials inventory, Jan. 1 19,000 Direct materials purchases 155,000 Finished goods inventory, Dec. 31 38,000 Finished goods inventory, Jan. 1 15,000 Heat, light, and power-plant 44,000 Indirect labor 25,000 Property taxes-plant 34,000 Sales representatives' salaries 145,000 Sales revenue 1,495,000 Factory supervisor's salary 66,000 Supplies-administrative office 16,000...
Problem 2 Comprehensive Problem Consider the following information: 1.Jan-20 31-Dec-20 Inventories: Direct Materials Work in Process...
Problem 2 Comprehensive Problem Consider the following information: 1.Jan-20 31-Dec-20 Inventories: Direct Materials Work in Process Finished Goods $11,000 13,000 9,500 $8,000 12,000 6,500 Cost Incurred: Direct materials purchases $56,000 44,000 Direct Labor Factory Rent Factory Utilities Indirect Materials Indirect Labor Selling Expenses Administrative Expenses 24,000 3,000 6,000 9,000 10,000 7,000 Prepare the following: A. Schedule of direct materials used 3 points B. Compute the manufacturing overhead incurred during the period. 4 points C. Prepare a schedule of Cost of...
The administrative offices and manufacturing plant of Billings Tool & Die share the same building The...
The administrative offices and manufacturing plant of Billings Tool & Die share the same building The following information (in $000s) appears in the accounting records for last year Administrative costs Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Indirect factory labor...
yolo windows, a manufacturer of windows for commercial buildings, reports the following account information for last...
yolo windows, a manufacturer of windows for commercial
buildings, reports the following account information for last year
(all costs are in thousands of dollars)
Uw ICldus library Problem 2-61 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). $ 82 117 1,620 Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory...
Sales $ 1,272,000 Raw materials inventory, Dec. 31, 2016 35,000 Work in process inventory, Dec. 31,...
Sales $ 1,272,000 Raw materials inventory, Dec. 31, 2016 35,000 Work in process inventory, Dec. 31, 2016 57,200 Finished goods inventory, Dec. 31, 2016 63,500 Raw materials purchases 184,800 Direct labor 235,000 Factory computer supplies used 15,000 Indirect labor 49,000 Repairs—Factory equipment 5,250 Rent cost of factory building 55,000 Advertising expense 102,000 General and administrative expenses 138,000 Raw materials inventory, Dec. 31, 2017 48,000 Work in process inventory, Dec. 31, 2017 44,000 Finished goods inventory, Dec. 31, 2017 72,000 Prepare...
Question 6 (2 points) Carly Manufacturing Company's accounting records reflect the following amounts: Raw Materials Inventory,...
Question 6 (2 points) Carly Manufacturing Company's accounting records reflect the following amounts: Raw Materials Inventory, Jan 1, 2008 - $260,000 Raw Materials Inventory, Dec 31, 2008 - $310,000 Work in Process Inventory, Jan 1, 2008 - $160,000 Work in Process Inventory, Dec 31, 2008 - $300,000 Finished Goods Inventory, Jan 1, 2008 - $150,000 Finished Goods Inventory, Dec 31, 2008 - $190,000 Raw materials purchased during 2008 - $500,000 Direct labor costs during 2008 - $600,000 Manufacturing overhead incurred...
[The following information applies to the questions displayed below.) Using the following data, Beginning finished goods...
[The following information applies to the questions displayed below.) Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,000...
Line tollowing intormation applies to the questions displayed below. The following data is provided for Garcon...
Line tollowing intormation applies to the questions displayed below. The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net...
Using the following data from both Garcon Company and Pepper Company for the year December 31,...
Using the following data from both Garcon Company and Pepper Company for the year December 31, 2019, compute (1) the cost of goods manufactured and (2) the cost of goods sold Exercise 18-8 Cost of goods manufactured and cost of goods sold computation P1 P2 Garcon Co. Pepper Co. Beginning finished goods inventory.... Beginning work in process inventory Beginning raw materials inventory direct materials).. Rental cost on factory equipment... Direct labor.... ..... Ending finished goods inventory... Ending work in process...
Portland Manufacturing had the following data for the period just ended: Work in process. Jan. 1 Work in process, Dec. 31 ANIN Finished goods, Jan. 1. Finished goods Dec 31 Direct materials used Direct labor Factory depreciation Sales Advertising expense Factory utilities Indirect materials Indirect labor Required: A Calculato Portland's cost of goods manufactured. B. Calculato Portland's cost of goods sold. $21.000 140.000 70.000 61,000 126,000 260,000 80.000 945,000 52.000 27,000 19,000 35000 TTTT Paragraph v Arial %DOQOCEEZE O Sx...
Consider the following information for Huntersville, Inc, for the fiscal year ended December 31 Depreciation expense-administrative office $ 32,000 Depreciation expense-plant and equipment 86,000 Direct labor-wages 487,000 Direct materials inventory, Dec. 31 26,000 Direct materials inventory, Jan. 1 19,000 Direct materials purchases 155,000 Finished goods inventory, Dec. 31 38,000 Finished goods inventory, Jan. 1 15,000 Heat, light, and power-plant 44,000 Indirect labor 25,000 Property taxes-plant 34,000 Sales representatives' salaries 145,000 Sales revenue 1,495,000 Factory supervisor's salary 66,000 Supplies-administrative office 16,000...
Problem 2 Comprehensive Problem Consider the following information: 1.Jan-20 31-Dec-20 Inventories: Direct Materials Work in Process Finished Goods $11,000 13,000 9,500 $8,000 12,000 6,500 Cost Incurred: Direct materials purchases $56,000 44,000 Direct Labor Factory Rent Factory Utilities Indirect Materials Indirect Labor Selling Expenses Administrative Expenses 24,000 3,000 6,000 9,000 10,000 7,000 Prepare the following: A. Schedule of direct materials used 3 points B. Compute the manufacturing overhead incurred during the period. 4 points C. Prepare a schedule of Cost of...
The administrative offices and manufacturing plant of Billings Tool & Die share the same building The following information (in $000s) appears in the accounting records for last year Administrative costs Building and machine depreciation (75% of this amount is for factory) Building utilities (90% of this amount is for factory) Direct labor Direct materials inventory, December 31 Direct materials inventory, January 1 Direct materials purchases Factory supervision Finished goods inventory, December 31 Finished goods inventory, January 1 Indirect factory labor...
yolo windows, a manufacturer of windows for commercial
buildings, reports the following account information for last year
(all costs are in thousands of dollars)
Uw ICldus library Problem 2-61 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). $ 82 117 1,620 Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory...
Question 6 (2 points) Carly Manufacturing Company's accounting records reflect the following amounts: Raw Materials Inventory, Jan 1, 2008 - $260,000 Raw Materials Inventory, Dec 31, 2008 - $310,000 Work in Process Inventory, Jan 1, 2008 - $160,000 Work in Process Inventory, Dec 31, 2008 - $300,000 Finished Goods Inventory, Jan 1, 2008 - $150,000 Finished Goods Inventory, Dec 31, 2008 - $190,000 Raw materials purchased during 2008 - $500,000 Direct labor costs during 2008 - $600,000 Manufacturing overhead incurred...
[The following information applies to the questions displayed below.) Using the following data, Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,000...
Line tollowing intormation applies to the questions displayed below. The following data is provided for Garcon Company and Pepper Company. Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net...
Using the following data from both Garcon Company and Pepper Company for the year December 31, 2019, compute (1) the cost of goods manufactured and (2) the cost of goods sold Exercise 18-8 Cost of goods manufactured and cost of goods sold computation P1 P2 Garcon Co. Pepper Co. Beginning finished goods inventory.... Beginning work in process inventory Beginning raw materials inventory direct materials).. Rental cost on factory equipment... Direct labor.... ..... Ending finished goods inventory... Ending work in process...
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