Abtos Company is a U.S. manufacturer that is publicly. Abtos reports $12 million of inventory on...
Abtos Company is a U.S. manufacturer that is publicly. Abtos reports $12 million of inventory on its balance sheet. This includes raw materials, work-in-process and finished goods. Is Abtos required to disclose the amounts for each class of inventory, or can it simply report the total $12 million balance on its balance sheet. Provide any Codification references that you use to answer this question.
Homework Answers
The most relevant codification that can be used to report inventory in balance sheet is given as below:
ASC 330-10-50-8 (where ASC stands for Accounting Standards Codification)
As per the codification (ASC 330-10-50-8), the company is required to disclose all the major components of the inventory such as raw materials, work in process, finished goods and supplies along with the total value of inventory in its books of accounts. Therefore, in the given case, Abtos will have to report both total value of inventory ($12 million) and the value of individual components (raw materials, work-in-process and finished goods) in its balance sheet.
Add Answer to:
Abtos Company is a U.S. manufacturer that is publicly. Abtos
reports $12 million of inventory on...
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report....
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. December 31 (in millions) 2010 2009 Raw materials and work in process $ 6,973 $ 7,581 Finished goods 4,435 4,105 Unbilled shipments 456 759 11,864 12,445 Less revaluation to LIFO (404) (529) $ 11,460 $ 11,916 The company reports its inventories using the LIFO inventory costing method. (a) What is the balance in inventories reported on GE's 2010 balance sheet? 11,460 million (b) What...
3M Co. reports beginning raw materials inventory of $902 million and ending raw materials inventory of...
3M Co. reports beginning raw materials inventory of $902 million and ending raw materials inventory of $855 million. 3M purchased $3,646 million of raw materials during the year What is the amount of raw materials it used during the year? (Enter your answer in millions.) Raw materials used million Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Реpper Company 16,450 Company 12,000 14,500 7,250 27,000...
A company reports ending work in process inventory of $770 and cost of goods sold of...
A company reports ending work in process inventory of $770 and cost of goods sold of $23.404. Compute days' sales in work in process inventory (Use 365 days in a year and round the answer to the nearest whole day.) Days' sales in WIP inventory days Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $330 of raw materials. Estimated conversion costs to produce 1.900 units in the next year are $817,000. During a recent quarter the...
1 Compute ending work in process inventory for a manufacturer with the following information. 12.5 points...
1 Compute ending work in process inventory for a manufacturer with the following information. 12.5 points Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $139,800 82,600 58,000 109,000 28,800 228,400 eBook References Ending Work in Process Inventory is Computed as: Total manufacturing costs Total cost of work in process Work in process inventory, end of year Compute ending work in process inventory for a manufacturer...
For a manufacturer, the three inventory accounts on the balance sheet are a.Materials, Finished Goods, and...
For a manufacturer, the three inventory accounts on the balance sheet are a.Materials, Finished Goods, and Cost of Goods Sold. b.Materials, Overhead, and Cost of Goods Sold. c.Materials, Direct Labor, and Overhead. d.Materials, Work-in-Process, and Finished Goods.
21) Maple Leaf, Inc., a television manufacturer, would like to reduce its inventory. To this end,...
21) Maple Leaf, Inc., a television manufacturer, would like to reduce its inventory. To this end, you are asked by the operations manager to assess its inventory level. You have the following information on average inventories from last year's financial statement: $2,500,000 $3,000,000 $ 2,800,000 Raw materials Work-in-process Finished goods In addition, the cost of goods sold last year (50 weeks) was $15 million. What was the inventory turnover? A) less than or equal to two B) greater than two...
Transaction No General Journal Debit Credit a. 1 Raw materials inventory 220,000 Accounts payable 220,000 b....
Transaction No General Journal Debit Credit a. 1 Raw materials inventory 220,000 Accounts payable 220,000 b. 2 Work in process inventory 131,700 Factory overhead 21,500 Raw materials inventory 153,200 c. 3 Factory overhead 15,500 Cash 15,500 d. 4 Work in process inventory 103,700 Factory overhead 25,000 Cash 128,700 e. 5 Work in process inventory 179,000 Factory overhead 179,000 f. 6 Finished goods inventory 359,700 Work in process inventory 359,700 g(1). 7 Accounts receivable 530,000 Sales 530,000 g(2). 8 Cost of...
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report....
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2015 2014 Raw materlals and work in process $13,415 9,963 8,199 6,982 628 755 22,243 17,701 206 (62) $22.449 s17,639 Finished goods Unbilled shipments Less revaluation tO LIFO (a) What is the balance in inventories reported on GE'S 2015 balance sheet? million) (b) What would GE's 2015 balance sheet...
Yolo Windows, a manufacturer of windows for commercial buildings, reports the follo are in thousands of...
Yolo Windows, a manufacturer of windows for commercial buildings, reports the follo are in thousands of dollars). 81 113 1,640 Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory Information for the year: Administrative costs Direct labor Direct materials purchases Factory and machine depreciation Factory supervision Factory utilities Indirect factory labor Indirect materials and supplies Marketing costs Property taxes on factory Sales revenue Information on December 31 (Ending): Direct materials inventory Work-in-process inventory Finished goods inventory...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $28,100 21.900 79,900 Ending Inventory $25,600 46,800 68,500 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling general, and administrative expenses Sales revenue 40,500 1,900 62,900 35.200 23,200 236,500 Required: 1. Based on the above information, prepare a cost of...
3M Co. reports beginning raw materials inventory of $902 million and ending raw materials inventory of $855 million. 3M purchased $3,646 million of raw materials during the year What is the amount of raw materials it used during the year? (Enter your answer in millions.) Raw materials used million Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Реpper Company 16,450 Company 12,000 14,500 7,250 27,000...
A company reports ending work in process inventory of $770 and cost of goods sold of $23.404. Compute days' sales in work in process inventory (Use 365 days in a year and round the answer to the nearest whole day.) Days' sales in WIP inventory days Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $330 of raw materials. Estimated conversion costs to produce 1.900 units in the next year are $817,000. During a recent quarter the...
1 Compute ending work in process inventory for a manufacturer with the following information. 12.5 points Raw materials purchased Direct materials used Direct labor used Total factory overhead Work in process inventory, beginning of year Cost of goods manufactured $139,800 82,600 58,000 109,000 28,800 228,400 eBook References Ending Work in Process Inventory is Computed as: Total manufacturing costs Total cost of work in process Work in process inventory, end of year Compute ending work in process inventory for a manufacturer...
21) Maple Leaf, Inc., a television manufacturer, would like to reduce its inventory. To this end, you are asked by the operations manager to assess its inventory level. You have the following information on average inventories from last year's financial statement: $2,500,000 $3,000,000 $ 2,800,000 Raw materials Work-in-process Finished goods In addition, the cost of goods sold last year (50 weeks) was $15 million. What was the inventory turnover? A) less than or equal to two B) greater than two...
Analyzing an Inventory Footnote Disclosure General Electric Company reports the following footnote in its 10-K report. The company reports its inventories using the LIFO inventory costing method. December 31 (in millions) 2015 2014 Raw materlals and work in process $13,415 9,963 8,199 6,982 628 755 22,243 17,701 206 (62) $22.449 s17,639 Finished goods Unbilled shipments Less revaluation tO LIFO (a) What is the balance in inventories reported on GE'S 2015 balance sheet? million) (b) What would GE's 2015 balance sheet...
Yolo Windows, a manufacturer of windows for commercial buildings, reports the follo are in thousands of dollars). 81 113 1,640 Information on January 1 (Beginning): Direct materials inventory Work-in-process inventory Finished goods inventory Information for the year: Administrative costs Direct labor Direct materials purchases Factory and machine depreciation Factory supervision Factory utilities Indirect factory labor Indirect materials and supplies Marketing costs Property taxes on factory Sales revenue Information on December 31 (Ending): Direct materials inventory Work-in-process inventory Finished goods inventory...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $28,100 21.900 79,900 Ending Inventory $25,600 46,800 68,500 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling general, and administrative expenses Sales revenue 40,500 1,900 62,900 35.200 23,200 236,500 Required: 1. Based on the above information, prepare a cost of...
Most questions answered within 3 hours.
-
Identify and Describe the major sources of U.S law. Provide a
sport-related example of each.
asked 29 minutes ago -
NASA's Ames Research Center in Mountain View, California, houses
a 20g centrifuge used to conduct research...
asked 1 hour ago -
I want a python code using recursion ONLY.
I cannot use any loops, dictionaries or modules....
asked 1 hour ago -
Tobin Supplies Company expects sales next year to be $450,000.
Inventory and accounts receivable will increase...
asked 1 hour ago -
Give the relative rates for the following with a neighbor at your
desk
PH3(g) to P4(g)...
asked 2 hours ago -
Suppose Acap Corporation will pay a dividend of $2.87 per share
at the end of this...
asked 2 hours ago -
Scientists make earthquake forecasts using data from:
A.
geodesy
B.
seismology
C.
geology
D.
paleoseismology
E....
asked 2 hours ago -
Employee training can
be defined as planned organizational efforts to help employees
learn job-related knowledge, skills,...
asked 3 hours ago -
Which for loop is implemented correctly in Java?
Group of answer choices
for (i = 0...
asked 4 hours ago -
Required information
[The following information applies to the questions
displayed below.]
In 2019, Alliant Corporation acquired...
asked 4 hours ago -
How much must I invest today if I want to withdraw 1/3 of my
original investment...
asked 6 hours ago -
What is meant by a “term premium”?
What can explain such a premium? Is it a...
asked 8 hours ago