Homework Answers
Answer:
| Cost of goods sold | $16,800 |
| Add: Ending finished goods inventory | $1,500 |
| (Deduct): Beginning finished goods inventory | ($700) |
| Cost of goods available for sale for the period | $17,600 |
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Foxburg Company has the following information: Materials $ 800 $2,100 Beginning inventory Ending inventory Purchases of...
Foxburg Company has the following information: Finished Goods $1,050 $2,200 Materials $1,150 $2,800 Beginning inventory Ending...
Foxburg Company has the following information: Finished Goods $1,050 $2,200 Materials $1,150 $2,800 Beginning inventory Ending inventory Purchases of materials (net) Cost of Goods Sold Manufacturing overhead Work-in-Process $ 950 $ 2,000 $10,300 $18,200 $ 5,550 What was the cost of goods available for sale for the period?
Foxburg Company has the following information: Work-in-Process Finished Goods Materials Beginning inventory $ 1,150 $...
Foxburg Company has the following information: Work-in-Process Finished Goods Materials Beginning inventory $ 1,150 $ 1,250 $ 1,350 Ending inventory $ 2,400 $ 2,600 $ 3,200 Purchases of materials $ 11,100 Cost of Goods Sold $ 19,000 Manufacturing overhead $ 5,950 What was the direct labor for the period?
Activity
Foxburg Company has the following information: Work-in-Process Finished Goods MaterialsBeginning inventory$300 $400 $500 Ending inventory$700 $900 $1,500 Purchases of materials (net)$7,700 Cost of Goods Sold$15,600 Manufacturing overhead$4,300 What was the cost of goods available for sale for the period?
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials...
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Generic Motors is a manufacturing firm. Its beginning inventory of materials was $1,000, purchases of materials...
Generic Motors is a manufacturing firm. Its beginning inventory of materials was $1,000, purchases of materials $20,000, ending inventory of materials $1,500. Its beginning inventory of work-in-process (WIP) was $5,000, ending inventory of WIP was $6,700. Its cost of direct labor was $12,000, manufacturing overhead $11,000. Its beginning inventory of finished goods was $3,000, ending inventory of finished goods was $1,300. Required: a) What was the cost of materials used? b) What was the cost of goods manufactured (COGM)? c)...
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Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials...
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Instruction Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory,...
Instruction Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 37,000 Factory overhead Work in process, March 1 22,000 Work in process, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 Sales 23,500 21,000 30,000 257,000 79,000 Sales and administrative expenses Required: Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
Foxburg Company has the following information: Finished Goods $1,050 $2,200 Materials $1,150 $2,800 Beginning inventory Ending inventory Purchases of materials (net) Cost of Goods Sold Manufacturing overhead Work-in-Process $ 950 $ 2,000 $10,300 $18,200 $ 5,550 What was the cost of goods available for sale for the period?
Example #15 Beginning inventory, raw materials Ending inventory, raw materials $15,000 $10,000 Purchases of raw materials Unknown #1 Raw materials used Unknown #2 Direct labor $175.000 Manufacturing Overhead $112,000 Total manufacturing costs $377,000 Beginning inventory, work in process Unknown #3 Ending inventory, work in process $16.000 Cost of Goods Manufactured $389,000 Unknown #4 Beginning inventory, finished goods Cost of goods available for sale $462,000 $61,000 Ending Inventory, finished goods Unknown #5 Cost of Goods Sold $741,000 Sales Unknown #6 Gross...
Kleiner Merchandising Company Accumulated depreciation $ 700 Beginning inventory 11,500 Ending Inventory 6,900 Expenses 2,100 Net Purchases 14,300 Net Sales 22,500 Krug Service Company Expenses $ 8,700 Revenues 27,000 Cash 700 Prepaid rent 680 Accounts payable Equipment 2,500 200 Required: a. Compute the goods available for sale, the cost of goods sold, and the gross profit for the merchandiser. Hint: Not all information may be necessary. 3. Use the above information from a service company and from a merchandiser to...
Beginning 20,000 work in process inventory materials used Plus: Direct Beginning raw materials inventory Purchases of materials 51,000 Available for use 77,000 (26,000) Ending raw materials inventory Direct materials used Direct labor 49,000 costs 173,000 Manufacturing overhead Total manufacturing incurred during the month Total manufacturing to account for Less: Ending work in process inventory Cost of goods manufactured costs (21,000) Elly Manufacturing Company Income Statement Month Ended June 30 Sales revenue Cost of goods sold: Beginning finished goods inventory Cost...
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor Manufacturing overhead applied to work in process Underapplied overhead $32,000 $ 4,850 $59,900 $88,700 $ 4,030 Inventories Raw materials Work in process Finished goods Beginning $ 11,900 $ 55,400 $ 34,600 Ending $ 19,400 $ 65,500 $ 44,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month 2. Prepare a schedule of...
Instruction Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 37,000 Factory overhead Work in process, March 1 22,000 Work in process, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 Sales 23,500 21,000 30,000 257,000 79,000 Sales and administrative expenses Required: Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March...
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