Homework Answers
Solution :
a. Wages of factory workers - Cost of goods sold
b. Costs of raw material purchased - Cost of goods sold
c. Sales salaries - Expenses
d. Heat, light and power for factory building - Cost of goods sold
e. Heat. light and power for the headquarters office building - Expenses
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M7-3 (Static) Identifying the Cost of Inventories for a Manufacturer L07-1 Operating costs incurred by a...
Which of the following costs incurred by a chair manufacturer would be traced to the product...
Which of the following costs incurred by a chair manufacturer would be traced to the product cost through direct tracing? The woodworker's salary The depreciation on factory equipment The supervisor's salary The insurance on the factory building Which of the following costs incurred by a bus manufacturer would NOT be directly attributable to the finished product? The tires for buses The wages paid to assembly-line production workers The windshields for buses The depreciation on the factory building
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $402,820 $491,440 Work in process 725,080 668,360 Finished goods 696,880 683,100 Advertising expense $333,690 Depreciation expense-office equipment 47,180 Depreciation expense-factory equipment 63,400 Direct labor 756,820 Heat, light, and power-factory 25,060 Indirect labor 88,460 Materials purchased 742,070 Office salaries expense 258,990 Property taxes-factory 20,640 Property taxes-headquarters building 42,760 Rent expense-factory 34,890 Sales 3,474,480 Sales salaries expense 426,570 Supplies-factory 17,200 Miscellaneous costs-factory 10,810 Required: 1. Prepare...
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1...
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $224,500 152,660 Work in process Finished goods $199,810 135,870 133,870 116,740 $404,100 431,040 43,100 Direct labor Materials purchased during January Factory overhead incurred during January: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 26,040 8,980 7,180 6,290 11,670 a. Prepare a cost of goods manufactured statement for January Sandusky Manufacturing Company Statement of Cost...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials Work in process 642,350 Finished goods617,370 $356,860 $435,370 592,100 605,160 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory $295,620 41,800 56,160 670,470 22,200 78,370 657,410 229,440 18,290 37,880 30,910 3,078,070 377,900 15,240 < ) Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 1. Prepare...
Shanika Company Income Statement For the Year Ended December 31, 2046 Sales Cost of good sold:...
Shanika Company Income Statement For the Year Ended December 31, 2046 Sales Cost of good sold: Finished goods inventory, January 1, 2046 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2046 Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expense Depreciation expense-office equipment Property taxes-headquarters building Selling expenses: Advertising expense Sales salaries expense Total operating expenses Net income 1. Prepare the 2016 statement of cost of goods manufactured....
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials January 1 December 31 $305,890 $382,360 550,600 520,010 529,190 531,480 Work in process Finished goods $259,620 36,710 49,320 588,830 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory 19,500 68,820 577,360 201,500 16,060 Property taxes-headquarters building Rent expense-factory Sales 33,270 27,150...
Question 18 Crawford Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8....
Question 18 Crawford Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $53,000. Raw Materials of $41,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,700 was classified as indirect materials. Factory labor costs incurred were $60,500, of which $50,600 pertained to factory wages payable and $9,900 pertained to employer payroll taxes payable. Time tickets indicated that $54,800 was direct labor and $5,700 was...
need help The following informations available for sharika Company for 2016: Inventories January 1 December 31...
need help
The following informations available for sharika Company for 2016: Inventories January 1 December 31 Materials $401,160 $501,450 Work in process 722,090 681,970 Finished goods 694,010 697,020 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power factory Indirect labor Materials purchased Office salaries expense Property taxes factory Property taxes-headquarters building Rent expense-factory $340,480 49,140 64,690 772,230 25,570 90,260 757,190 264,260 21,060 43,630 35,600 3,545,250 435,260 17,550 11,030 Sales Sales salaries expense Supplies.factory Miscellaneous costs.factory...
Sheridan Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $51,800....
Sheridan Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $51,800. Raw Materials of $45,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,000 was classified as indirect materials. Factory labor costs incurred were $64,100, of which $51,200 pertained to factory wages payable and $12.900 pertained to employer payroll taxes payable. Time tickets indicated that $54,900 was direct labor and $9,200 was indirect labor. Manufacturing overhead costs incurred on...
Use the following information for a manufacturer to compute the cost of goods manufactured and cost...
Use the following information for a manufacturer to compute the
cost of goods manufactured and cost of goods sold
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 囲(Click the icon to view the information.) Schedule of Cost of Goods Manufactured and Cost of Goods Sold Data Table Direct Materials Used: Ending Inventories: Raw Materials Work-in-Process Finished Goods Other information Purchases of materials Direct labor Beginning $ 29,000 35,000 20,000 $...
Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $224,500 152,660 Work in process Finished goods $199,810 135,870 133,870 116,740 $404,100 431,040 43,100 Direct labor Materials purchased during January Factory overhead incurred during January: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs 26,040 8,980 7,180 6,290 11,670 a. Prepare a cost of goods manufactured statement for January Sandusky Manufacturing Company Statement of Cost...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials Work in process 642,350 Finished goods617,370 $356,860 $435,370 592,100 605,160 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory $295,620 41,800 56,160 670,470 22,200 78,370 657,410 229,440 18,290 37,880 30,910 3,078,070 377,900 15,240 < ) Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 1. Prepare...
Shanika Company Income Statement For the Year Ended December 31, 2046 Sales Cost of good sold: Finished goods inventory, January 1, 2046 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, December 31, 2046 Cost of goods sold Gross profit Operating expenses: Administrative expenses: Office salaries expense Depreciation expense-office equipment Property taxes-headquarters building Selling expenses: Advertising expense Sales salaries expense Total operating expenses Net income 1. Prepare the 2016 statement of cost of goods manufactured....
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 2016: Inventories Materials January 1 December 31 $305,890 $382,360 550,600 520,010 529,190 531,480 Work in process Finished goods $259,620 36,710 49,320 588,830 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory 19,500 68,820 577,360 201,500 16,060 Property taxes-headquarters building Rent expense-factory Sales 33,270 27,150...
Question 18 Crawford Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased raw materials on account $53,000. Raw Materials of $41,800 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,700 was classified as indirect materials. Factory labor costs incurred were $60,500, of which $50,600 pertained to factory wages payable and $9,900 pertained to employer payroll taxes payable. Time tickets indicated that $54,800 was direct labor and $5,700 was...
need help
The following informations available for sharika Company for 2016: Inventories January 1 December 31 Materials $401,160 $501,450 Work in process 722,090 681,970 Finished goods 694,010 697,020 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power factory Indirect labor Materials purchased Office salaries expense Property taxes factory Property taxes-headquarters building Rent expense-factory $340,480 49,140 64,690 772,230 25,570 90,260 757,190 264,260 21,060 43,630 35,600 3,545,250 435,260 17,550 11,030 Sales Sales salaries expense Supplies.factory Miscellaneous costs.factory...
Sheridan Corporation incurred the following transactions. 1. 2. 3. 4. Purchased raw materials on account $51,800. Raw Materials of $45,000 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,000 was classified as indirect materials. Factory labor costs incurred were $64,100, of which $51,200 pertained to factory wages payable and $12.900 pertained to employer payroll taxes payable. Time tickets indicated that $54,900 was direct labor and $9,200 was indirect labor. Manufacturing overhead costs incurred on...
Use the following information for a manufacturer to compute the
cost of goods manufactured and cost of goods sold
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: 囲(Click the icon to view the information.) Schedule of Cost of Goods Manufactured and Cost of Goods Sold Data Table Direct Materials Used: Ending Inventories: Raw Materials Work-in-Process Finished Goods Other information Purchases of materials Direct labor Beginning $ 29,000 35,000 20,000 $...
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