Homework Answers
Question 7
| Beginning raw material inventory | $ 30,000 |
| Add: Materials purchased | $ 65,000 |
| Less: Ending raw material inventory | $ (40,000) |
| Raw material used | $ 55,000 |
Answer is B. $55,000
Question 8
| Sales ($15*45,000) | $ 675,000 |
| Less: Cost of goods sold ($450,000/50,000*45,000) | $ (405,000) |
| Gross profit | $ 270,000 |
Answer is D. $270,000
You can reach me over comment box if you have any doubts. Please
rate this answer
Add Answer to:
Given the following data Beginning raw materials inventory Materials purchased Ending raw materials inventory $30,000 40,000...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in...
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
structions 10 p Question 8 A company manufactured 50,000 units of a product at a cost...
structions 10 p Question 8 A company manufactured 50,000 units of a product at a cost of $450,000. I sold 45,000 units at $15 each. The gross profit is $270,000 $600,000 $240,000 $750,000 < Previous Next acer The following information is taken from the financial records of Gunner Manufacturing: Cost of materials $45,000 used 48,000 Direct labor costs 39,000 Factory overhead Work in process 18,000 beg. Work in process 28,000 end. What is cost of goods manufactured? $132.000 $142.000 $122000...
Using the information below, calculate gross profit for the period. Beginning Raw Materials Inventory Ending Direct...
Using the information below, calculate gross profit for the period. Beginning Raw Materials Inventory Ending Direct Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold for the periode Sales revenues for the period Operating expenses for the period $25,000 $30,000 $55,000 $64,000 $80,000 $67,000 $540,000 $1,254,000 $232,000 O $714,000 O $727,000 O $482,000 O $187.000 O $1,022,000
Raw materials purchased were $45,000, the beginning balance was $10,000. Ending inventory was $12,000 and indirect...
Raw materials purchased were $45,000, the beginning balance was $10,000. Ending inventory was $12,000 and indirect materials used were $25,000. The amount of raw materials used was: (Explain and show work) a. $28,000. b. $30,000. c. $43,000. d. $53,000.
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000...
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000 85,000 95,000 100,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold 125,000 160,000 340,000 250,000 520,000 35,000 345,000 20,000...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased...
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $133,200 78,400 63,000 105,500 30,000 228,400 $ 105,500 63,000 78,400 Ending Work In Process Inventory is Computed as: Factory overhead used in production Direct labor used in production Direct materials used in production Raw materials purchased Total manufacturing costs Add: Work in process inventory,...
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased...
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $133,200 86,800 55,000 101,300 28,000 236,800 Ending Work in Process Inventory is Computed as: Total manufacturing costs Total cost of work in process Work in process inventory, end of year
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare a variable costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
Accounting 331 Description Beginning raw materials inventory Ending raw materials inventory Materials purchased Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory Direct Labor Manufacturing overhead (Fixed) Manufacturing overhead (Variable) Revenue General and Administrative Expenses Selling Expenses Amount $200,000 $500,000 $1,800,000 $650,000 $200,000 $300,000 $900,000 $1,500,000 $1,200,000 $800,000 $10,000,000 $2,500,000 $1,200,000 Prepare an absorption costing income statement Revenue Cost of goods sold Gross Profit Expenses Total Expenses NET INCOME (LOSS)
structions 10 p Question 8 A company manufactured 50,000 units of a product at a cost of $450,000. I sold 45,000 units at $15 each. The gross profit is $270,000 $600,000 $240,000 $750,000 < Previous Next acer The following information is taken from the financial records of Gunner Manufacturing: Cost of materials $45,000 used 48,000 Direct labor costs 39,000 Factory overhead Work in process 18,000 beg. Work in process 28,000 end. What is cost of goods manufactured? $132.000 $142.000 $122000...
Using the information below, calculate gross profit for the period. Beginning Raw Materials Inventory Ending Direct Materials Inventory Beginning Work in Process Inventory Ending Work in Process Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold for the periode Sales revenues for the period Operating expenses for the period $25,000 $30,000 $55,000 $64,000 $80,000 $67,000 $540,000 $1,254,000 $232,000 O $714,000 O $727,000 O $482,000 O $187.000 O $1,022,000
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000 85,000 95,000 100,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold 125,000 160,000 340,000 250,000 520,000 35,000 345,000 20,000...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $133,200 78,400 63,000 105,500 30,000 228,400 $ 105,500 63,000 78,400 Ending Work In Process Inventory is Computed as: Factory overhead used in production Direct labor used in production Direct materials used in production Raw materials purchased Total manufacturing costs Add: Work in process inventory,...
Compute ending work in process inventory for a manufacturer with the following information. Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $133,200 86,800 55,000 101,300 28,000 236,800 Ending Work in Process Inventory is Computed as: Total manufacturing costs Total cost of work in process Work in process inventory, end of year
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
Most questions answered within 3 hours.
-
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 41 minutes ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 1 hour ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 3 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 4 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 5 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 5 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 7 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 7 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 8 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 8 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 9 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 9 hours ago