Homework Answers
| Cost of Goods manufactured: | |||||
| Amount $ | Amount $ | Amount $ | |||
| Op WIP | 8170 | ||||
| DM Op | 6970 | ||||
| add: purchase | 197392 | 246740*0.8 | |||
| Total available | 204362 | ||||
| less: DM Cl | 8020 | ||||
| DM used | 196342 | ||||
| DL used | 186830 | 266900*0.7 | |||
| Manuf overhead: | |||||
| Indirect Mat. | 49348 | 246740*0.2 | |||
| indirect lab. | 80070 | 266900*0.3 | |||
| Manuf utilities | 49800 | ||||
| Facility rental | 82800 | 92000*0.9 | |||
| Fact. Dep. | 47925 | 63900*0.75 | |||
| Manuf insurance | 42000 | ||||
| Manag salaries | 156000 | 390000*0.4 | |||
| Total Manuf OH | 507943 | ||||
| Total Manuf. Costs | 891115 | ||||
| Total WIP | 899285 | ||||
| Less: Cl WIP | 9280 | ||||
| Cost of Goods Manufactured | 890005 | ||||
| Income Statement: | Amount $ | ||||
| Sales | 1378600 | ||||
| Less:COGS: | |||||
| FG Op. | 11380 | ||||
| Add:COGM | 890005 | ||||
| Total available for sale | 901385 | ||||
| Less:FG Cl. | 7480 | ||||
| COGS | 893905 | ||||
| Gross Profit | 484695 | ||||
| Less:Admin & Selling exp.: | |||||
| Advertising | 37200 | ||||
| Admin travel | 27800 | ||||
| Facility rental | 9200 | 92000*0.1 | |||
| Dep. | 15975 | 63900*0.25 | |||
| Sales commissions | 43000 | ||||
| Office utilities | 22600 | ||||
| Manag salaries | 234000 | 390000*0.6 | |||
| Total Admin & Selling exp. | 389775 | ||||
| Net Operating Income | 94920 | ||||
Add Answer to:
value: 10.00 points Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for...
value: 10.00 points Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for...
value: 10.00 points Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2016. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income $ 1,378,600 246,740 266,900 37,200 27,800 49,800 92,000 63,900 43,000 42,000 22,600 390,000 96,660 Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour...
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending...
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2016. Sales $ 1,428,100 Purchases of materials (1) 251,690 Payroll (2) 268,700 Advertising 38,100 Administrative travel 28,700 Manufacturing utilities 51,600 Facility rental (3) 85,000 Depreciation (4) 65,700 Sales commissions 52,000 Annual insurance (manufacturing) 51,000 Office utilities 23,500 Management salaries (5) 399,000 Net income $ 113,110 Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3)...
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending...
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2016 Sales Purchases of materials (1) $ 1,428,100 251,690 268,700 38,100 28,700 51,600 85,000 65,700 52,000 51,000 23,500 399,000 Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income $ 113,110 Notes (1) 80% of the materials were direct (2) 70% direct labour, 30% indirect labour (3) 80%...
An accountant for Lisbon Company, prepared the following amounts to include on the financial statements for...
An accountant for Lisbon Company, prepared the following amounts to include on the financial statements for the period ending September 30, 2021. Include calculation/formula. Sales Purchases of materials Manufacturing labor Advertising Administrative travel Manufacturing utilities Facility rental Depreciation Sales commissions Insurance Office utilities Management salaries 1,200,000 250,000 270,000 37,000 27,000 49,000 90,000 60,000 31,000 40,000 25,000 380,000 • The purchase of materials included 20% indirect materials. 40% of the manufacturing labor was for indirect manufacturing labor The facility was used...
PART A Pat Fike, accountant for Nozama Company, prepared the following amounts to include on the...
PART A Pat Fike, accountant for Nozama Company, prepared the following amounts to include on the financial statements for the period ending August 31, 20XX. Sales S1,200,000 Purchases of materials 250,000 Manufacturing labor 270,000 Advertising 37.000 Administrative travel 27,000 Manufacturing utilities 49,000 Facility rental 90,000 Depreciation 60,000 Sales commissions 31,000 Insurance 40,000 Office utilities 25,000 Management salaries 380,000 • The purchase of materials included 20% indirect materials. • 40% of the manufacturing labor was for indirect manufacturing labor • The...
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 20Y6: Inventories January 1 December 31 Materials $391,430 $485,370 Work in process 704,570 660,100 Finished goods 677,170 674,660 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 taces-headquarters building Rent expense-factory $329,570 46,600 62,610 747,470 24.750 87.370 732,910 255,790 20,390 42.230 34 460...
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 20Y6: Inventories January 1 December 31 Materials $396,120 $495,150 Work in process 713,020 673,400 Finished goods 685,290 688,260 Advertising expense $336,210 47,530 63,870 762,530 25,250 89,130 747,680 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 Sales Sales salaries expense Supplies-factory...
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 Work in process Finished goods January 1 December 31 $462,780 $578,480 833,000 786,730 800,610 804,090 $392,790 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor 55,530 74,620 890,860 29,500 Heat, light, and power-factory 104,130 Indirect labor Materials purchased 873,500 Office salaries expense 304,860 24,300 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales 50,330 41,070...
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 20Y6: Inventories January 1 December 31 Materials $249,680 $314,600 Work in process 449,420 427,860 Finished goods 431,950 437,290 $213,610 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 30,200 140,580 484,480 16,040 56,630 475,050 165,790 13,210 27,370 22,340 2,224,220...
An analysis of the accounts of KAZ Manufacturing Pty Ltd reveals the following manufacturing cost data...
An analysis of the accounts of KAZ Manufacturing Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2019. Beginning Ending $ 14000 10000 16 000 $22 200 18000 12 000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labour Manufacturing overhead Specific overhead costs: Indirect labour Factory insurance Machinery depreciation Machinery repairs Factory utilities Miscellaneous factory costs 128 000 100 000 60 000 31 200 8 000 8 000...
value: 10.00 points Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2016. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income $ 1,378,600 246,740 266,900 37,200 27,800 49,800 92,000 63,900 43,000 42,000 22,600 390,000 96,660 Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour...
Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2016 Sales Purchases of materials (1) $ 1,428,100 251,690 268,700 38,100 28,700 51,600 85,000 65,700 52,000 51,000 23,500 399,000 Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income $ 113,110 Notes (1) 80% of the materials were direct (2) 70% direct labour, 30% indirect labour (3) 80%...
An accountant for Lisbon Company, prepared the following amounts to include on the financial statements for the period ending September 30, 2021. Include calculation/formula. Sales Purchases of materials Manufacturing labor Advertising Administrative travel Manufacturing utilities Facility rental Depreciation Sales commissions Insurance Office utilities Management salaries 1,200,000 250,000 270,000 37,000 27,000 49,000 90,000 60,000 31,000 40,000 25,000 380,000 • The purchase of materials included 20% indirect materials. 40% of the manufacturing labor was for indirect manufacturing labor The facility was used...
PART A Pat Fike, accountant for Nozama Company, prepared the following amounts to include on the financial statements for the period ending August 31, 20XX. Sales S1,200,000 Purchases of materials 250,000 Manufacturing labor 270,000 Advertising 37.000 Administrative travel 27,000 Manufacturing utilities 49,000 Facility rental 90,000 Depreciation 60,000 Sales commissions 31,000 Insurance 40,000 Office utilities 25,000 Management salaries 380,000 • The purchase of materials included 20% indirect materials. • 40% of the manufacturing labor was for indirect manufacturing labor • The...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $391,430 $485,370 Work in process 704,570 660,100 Finished goods 677,170 674,660 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 taces-headquarters building Rent expense-factory $329,570 46,600 62,610 747,470 24.750 87.370 732,910 255,790 20,390 42.230 34 460...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $396,120 $495,150 Work in process 713,020 673,400 Finished goods 685,290 688,260 Advertising expense $336,210 47,530 63,870 762,530 25,250 89,130 747,680 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 Sales Sales salaries expense Supplies-factory...
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 Work in process Finished goods January 1 December 31 $462,780 $578,480 833,000 786,730 800,610 804,090 $392,790 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor 55,530 74,620 890,860 29,500 Heat, light, and power-factory 104,130 Indirect labor Materials purchased 873,500 Office salaries expense 304,860 24,300 Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales 50,330 41,070...
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $249,680 $314,600 Work in process 449,420 427,860 Finished goods 431,950 437,290 $213,610 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 30,200 140,580 484,480 16,040 56,630 475,050 165,790 13,210 27,370 22,340 2,224,220...
An analysis of the accounts of KAZ Manufacturing Pty Ltd reveals the following manufacturing cost data for the month ended 30 June 2019. Beginning Ending $ 14000 10000 16 000 $22 200 18000 12 000 Inventories: Raw materials Work in process Finished goods Costs incurred: Raw materials purchases Direct labour Manufacturing overhead Specific overhead costs: Indirect labour Factory insurance Machinery depreciation Machinery repairs Factory utilities Miscellaneous factory costs 128 000 100 000 60 000 31 200 8 000 8 000...
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