The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:
Beginning balance in Work in Process Inventory $160,000
Ending balance in Work in Process Inventory 330,000
Beginning balance in Finished Goods Inventory 460,000
Ending balance in Finished Goods Inventory 390,000
Direct material cost 2,700,000
Direct labor cost 3,480,000
Manufacturing overhead 1,700,000
Selling and administrative expenses 1,330,000
Sales 8,920,000
Prepare a schedule of cost of goods manufactured
The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:...
The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $160,000 Ending balance in Work in Process Inventory 330,000 Beginning balance in Finished Goods Inventory 460,000 Ending balance in Finished Goods Inventory 390,000 Direct material cost 2,700,000 Direct labor cost 3,480,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,330,000 Sales 8,920,000 Prepare an income statement for fiscal 2017. Ignore income taxes. (Enter negative amounts using either a...
The following information is available for Dynatech, Inc. for the fiscal year ending December 31, 2017: ber 31, 07 is available for Dynatech, Inc. for the f Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $150,000 280,000 450,000 380,000 2,100,000 2,700,000 1,400,000 1,250,000 7,200,000 Prepare a schedule of cost...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $230,000 Ending balance in Work in Process Inventory 280,000 Beginning balance in Finished Goods Inventory 450,000 Ending balance in Finished Goods Inventory 380,000 Direct material cost 2,840,000 Direct labor cost 2,860,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,310,000 Sales 8,560,000 Prepare a schedule of cost of goods manufactured. Sipacore, Inc. Schedule of Cost of...
Problem 2-1 The following information is available for Sipacore, Inc. for the fiscal year ending December 31, 2017: Beginning balance in Work in Process Inventory $230,000 Ending balance in Work in Process Inventory 280,000 Beginning balance in Finished Goods Inventory 450,000 Ending balance in Finished Goods Inventory 380,000 Direct material cost 2,840,000 Direct labor cost 2,860,000 Manufacturing overhead 1,700,000 Selling and administrative expenses 1,310,000 Sales 8,560,000 Prepare an income statement for fiscal 2017. Ignore income taxes. (Enter negative amounts using...
The following data relates to the Windlar Products Company for the fiscal year ended December 31: Direct Materials Inventory, Beginning $ 40 Direct Materials Inventory, Ending 30 Work-in-Process Inventory, Beginning 50 Work-in-Process Inventory, Ending 60 Finished Goods Inventory, Beginning 80 Finished Goods Inventory, Ending 90 Direct Materials Purchases 300 Direct Labor 40 Factory Overhead 150 Required: Prepare a statement of cost of goods manufactured.
The following data relates to the Biofuel Products Company for the fiscal year ended December 31: Direct Materials Inventory, Beginning $40 Direct Materials Inventory, Ending 50 Work-in-Process Inventory, Beginning 55 Work-in-Process Inventory, Ending 45 Finished Goods Inventory, Beginning 70 Finished Goods Inventory, Ending 60 Direct Materials Purchases 310 Direct Labor 60 Factory Overhead 160 Required: Prepare a statement of cost of goods manufactured.
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. ome statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement and balance sheet...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement...
Santos Inc. had the following information for the preceding year Beginning Ending Inventory Inventory (1/1) (12/31). $ 42,700 $ 32,600 $ 39,800 $ ?? $ 34,000 $ ?? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows Direct materials used Direct labor Manufacturing overhead applied Cost of Boods manufactured Cost of goods sold $208,500 $155, 200 $166,700 $522,700 $551,300 What was the ending Work in Process inventory balance on 123
Santos Inc. had the following information for the preceding year: Beginning Ending Inventory Inventory (1/1) (12/31) $ 49,000 $ 31,300 $ 38,000 $ ?? $ 30,500 $ ?? Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Direct materials used Direct labor Manufacturing overhead applied Cost of goods manufactured Cost of goods sold $205,700 $157,200 $167,000 $527,000 $553,700 What was the ending Work in Process Inventory balance on 12/31? What was...