Kevin owns a retail store, and during the current year he purchased $818,800 worth of inventory. Kevin's beginning inventory was $81,880, and his ending inventory is $98,256. During the year, Kevin withdrew $16,376 in inventory for his personal use. Assume that he uses the cost method to value the inventory and there was no change in determining quantities, costs, or valuations between opening and closing inventory.
Use Part III of Schedule C below to calculate Kevin's cost of goods sold for the year.
Enter all amounts as positive numbers.
Part III | Cost of Goods Sold (see instructions) |
33 | Method(s) used to |
value closing inventory: Cost | |
34 | Was there any change in determining quantities, costs, or valuations between opening and closing inventory? |
If "Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No |
35 | Inventory at beginning of year. If different from last year's closing inventory, attach explanation . . . . | 35 | ||
36 | Purchases less cost of items withdrawn for personal use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 36 | ||
37 | Cost of labor. Do not include any amounts paid to yourself. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37 | ||
38 | Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 38 | ||
39 | Other costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39 | ||
40 | Add lines 35 through 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40 | ||
41 | Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 41 | ||
42 | Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 . . . . . . . . | 42 |
Part III | Cost of Goods Sold | ||
33 | Method(s) used to | ||
value closing inventory: Cost | |||
34 | Was there any change in determining quantities, costs, or valuations between opening and closing inventory? | ||
If "Yes," attach explanation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No | |||
35 | Inventory at beginning of year. If different from last year's closing inventory, attach explanation . . . . | 35 | $81,880 |
36 | Purchases less cost of items withdrawn for personal use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 36 | $8,02,424 |
37 | Cost of labor. Do not include any amounts paid to yourself. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 37 | $0 |
38 | Materials and supplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 38 | $0 |
39 | Other costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 39 | $0 |
40 | Add lines 35 through 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 40 | $8,84,304 |
41 | Inventory at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 41 | $98,256 |
42 | Cost of goods sold. Subtract line 41 from line 40. Enter the result here and on line 4 . . . . . . . . | 42 | $7,86,048 |
Kevin owns a retail store, and during the current year he purchased $818,800 worth of inventory....
Problem 3-4 Inventories (LO 3.2) Kevin owns a retail store, and during the current year he purchased $610,000 worth of inventory. Kevin's beginning inventory was $57,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1.780 in inventory for his personal use. Assume that he uses the cost method to value the inventory and there was no change in determining quantities, costs, or valuations between opening and closing inventory. Use Part III of Schedule C below to calculate...
Self-Study Problem 3.2 Kelly owns a small retail store. During the year, Kelly purchases $180,000 worth of inventory. Her beginning inventory is $62,500 and her ending inventory is $68,400. Also, she withdrew $1,250 in inventory for her personal use during the year. Use Part III of Schedule C below to calculate Kelly's cost of goods sold for the year. Enter all amounts as positive numbers. Part III Cost of Goods Sold (see instructions) 33 Method(s) used to value closing inventory:...
Addison, Inc. makes a single product, an indoor fireplace, and
has provided data from last year of operations. The Controller has
asked you to compare income statements if the company used the
variable costing approach vs. the absorption costing
report.
А B C D E 1 Addison, Inc. makes a single product, an indoor fireplace. Data for last year is as follows: 2 $420 5 6 7 $135 $43 $37 $210,000 8 9 3 Selling price per fireplace 4 Manufacturing...
PLEASE USE SPREADSHEET PROVIDED AS A GUIDE FOR YOUR ANSWER.
Thank you
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ANSWERS MUST BE FOUND BY USING FORMULAS !!!!
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he following information relates to overhead costlat chocolates by Jacki for the current year 1 2 otal costs and distribution of resource consumption across activity cost pools: 3 Activity Cost Pools 5 Product Customer Customer Total Orders Development Relations Total Cost Other 6 roduction Department: Indirect factory wages 7 400,000 50% 30% 159% 59% 100% 8 55% 30% 100% Factory equipment depreciation 0% 15% 150.000 Factory utilities 599% 34% 09% 79% 100 % 120,000 10 10% 100 % 75,000 57%...
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Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $490,000, and budgeted direct labor hours were 28,000. The average wage rate for direct labor is expected to be $35 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 $0 Beginning balance Materials requisitioned Direct labor cost 24,600 $35,500 $15,000 20,300 22,000 11,300 15,500 11,400 19,100 5,90 6,400 Overhead is...
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Job Costs Using a Plantwide Overhead Rate
Naranjo Company designs industrial prototypes for outside
companies. Budgeted overhead for the year was $280,000, and
budgeted direct labor hours were 16,000. The average wage rate for
direct labor is expected to be $35 per hour. During June, Naranjo
Company worked on four jobs. Data relating to these four jobs
follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $22,700
$35,500 $15,800 $1,700 Materials requisitioned 20,100 21,000 10,300
15,600 Direct labor...