Question

15) Romeo Corporation has accumulated the following accounting data for the year: Finished goods inventory, January 1 Finishe
1 0
Add a comment Improve this question Transcribed image text
Answer #1

15) cost of goods manufactured are the goods manufactured during the given period of time.

Finished Goods ending Inventory = Beginning inventory+cost of goods manufactured-Cost of goods sold

Suppose the cost of goods manufactured is X

$4,000 = $3,200 + X - $14,200

X = $4,000-$3,200+$14,200

=$15,000

Thus, The cost of goods manufactured is $15,000

Answer B)

Add a comment
Know the answer?
Add Answer to:
15) Romeo Corporation has accumulated the following accounting data for the year: Finished goods inventory, January...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory,...

    Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory, December 31 Total cost of goods sold $ 3,200 4,000 14,200 The cost of goods manufactured for the year is: $21,400. $11,000 O $15,000 $17,400 $10,200. --$7.000.000 2 pts A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold...

  • 15. Gannon Company had the following information at December 31: Finished goods inventory, January 1 Finished goods...

    15. Gannon Company had the following information at December 31: Finished goods inventory, January 1 Finished goods inventory, December $ 50,000 150,000 31 If the cost of goods manufactured during the year amounted to $2,200, 000 and annual sales were $2,750,000, the amount of gross profit for the year is A) $550,000. B) $2,100,000 C) $650,000. $450,000.

  • The following data has been taken from the accounting records of Chase Corporation for the year...

    The following data has been taken from the accounting records of Chase Corporation for the year ended 2019: Sales                                                                $930,000 Raw materials inventory, beginning                    $70,000                        Raw materials inventory, ending             $40,000 Raw materials, purchases                               $190,000 Direct labor                                                     $150,000 Manufacturing overhead                                 $210,000 Administrative expenses                                $95,000 Selling expenses                                             $120,000 Work in process inventory, beginning        $80,000 Work in process inventory, ending             $75,000 Finished goods inventory, beginning                    $90,000 Finished goods inventory, ending             $140,000 Use the data to answer...

  • Valley Inc. has the following data for January. The balance in the Finished Goods inventory account...

    Valley Inc. has the following data for January. The balance in the Finished Goods inventory account at the beginning of the month was $43,000 and at the end of the month was $47,000. The cost of goods manufactured for the month was $188,000. The actual manufacturing overhead cost incurred was $71,000 and the manufacturing overhead cost applied was $67,000. The adjusted cost of goods sold that would appear on the income statement for January is: $184,000 $196,000 $180,000 $188,000

  • 1 In a job order cost accounting system, the total balances on the entire job cost...

    1 In a job order cost accounting system, the total balances on the entire job cost sheets for unfinished jobs equals the balance in the Goods in Process Inventory account. Select one: True false 2 Return on total assets for a cost center is a useful measure to evaluate the cost center manager. Select one: True False False 3 Under a job order cost accounting system, individual jobs are always charged with actual overhead costs when they are transferred to...

  • Bledsoe Corporation has provided the following data for the month of November: Inventories: Raw materials Work...

    Bledsoe Corporation has provided the following data for the month of November: Inventories: Raw materials Work in process Finished Goods Beginning Ending $ 25,400 $21,400 $ 17,400 $10,400 $ 48,400 $56,400 Additional information: Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $72,400 $92,400 $42,440 $ 4,040 $41,400 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. Required:...

  • Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...

    Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...

  • Kelsh Company has the following estimated costs for next year: $ 10,000 30,000 40,000 20,000 4.000...

    Kelsh Company has the following estimated costs for next year: $ 10,000 30,000 40,000 20,000 4.000 1. Direct materials Direct labor Sales commissions Salary of production supervisor Indirect materials Advertising expense Rent on factory equipment 8,000 10,000 Kelsh estimates that 10,000 machine hours will be worked during the year. The overhead rate per machine hour will be (Hint: Choose which of the above costs are Overhead costs, add them together, and divide the total by 10,000): a.$6.80. Os3.40. d. S8.20...

  • 21. Under variable costing, which of the following costs would be included in finished goods inventory?...

    21. Under variable costing, which of the following costs would be included in finished goods inventory? a.wages of carpenters in a furniture factory b.straight-line depreciation on factory equipment c.salary of vice-president of finance d.salary of salesperson 22. A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (10,000 units): Direct materials $170,000 Direct labor 360,000 Variable factory overhead 190,000 Fixed factory overhead 50,000 $770,000 Operating expenses: Variable operating expenses $ 60,000 Fixed...

  • Chapter 18 Managerial Accounting Concepts and Principles Compute cost of goods sold using the following information...

    Chapter 18 Managerial Accounting Concepts and Principles Compute cost of goods sold using the following information sold Finished goods inventory beginning ............ Cost of goods manufactured ..... 5500 4,000 Finished goods inventory ending Compute cost of goods sold using the following information .. Finished goods inventory beginning.... Work in process inventory beginning...... Work in process inventory ending $345.000 83.500 72.100 Cost of goods manufactured... Finished goods inventory ending........ 5918,700 283.600 Prepare the schedule of cost of goods manufactured for Barton...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT