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23. (10 points) Gollerowski Company has determined the following information for the year ended December 31,...
Harper Company has the following information for the year ended December 31, 2018. (Click the icon...
Harper Company has the following information for the year ended December 31, 2018. (Click the icon to view the information.) Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions. Begin by preparing a schedule of cost of goods manufactured. Harper Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 (in millions) Beginning Work-in-Process Inventory Direct Materials Used...
Axteks Corporation has the following cost records for the year ended December 31, 2020: Indirect factory...
Axteks Corporation has the following cost records for the year
ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31,...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015. Dec. 31 $24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 12,000 140,000 expenses Overhead is assigned to production at $192,000. NuTronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31, 2015 Manufacturing costs assigned to production Total manufacturing costs...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31,...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015 Dec. 31 24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 140,000 12,000 expenses Overhead is assigned to production at $192,000 a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.) NuTronics, Inc....
The accounting records of NuTronics, Inc., include the following information for the year ended December 31....
The accounting records of NuTronics, Inc., include the following information for the year ended December 31. Dec. 31 Jan. 1 Inventory of materials $ 24,000 $ 20,000 Inventory of work in process 8,000 12,000 Inventory of finished goods 90,000 80,000 Direct materials used 210,000 Direct labor 112,000 Selling expenses 170,000 General and administrative expenses 140,000 Overhead assigned to production was $192,000. a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31....
The accounting records of NuTronics, Inc., include the following information for the year ended December 31. Dec. 31Jan. 1 Inventory of materials $24,000 Inventory of work in process 8,000 Inventory of finished goods 90,000 Direct materials used 210,000 Direct labor 118,000 Selling expenses 170,000 General and administrative expenses 140,000 Jan. 1 inventory of materials $20,000 Inventory of work in process $12,000 inventory of finished goods $80,000 Overhead assigned to production was $192,000. a. Prepare a schedule of the cost of finished goods manufactured. (Not all of...
The Accounting records of Alsafi Company include the following information for the year ended December 31",...
The Accounting records of Alsafi Company include the following information for the year ended December 31", 2019: Raw Material inventory Beginning inventory S15000 Purchase of Raw Materials S50000 Ending laventory S10000 Work in process inventory Beginning inventory S7000 Direct Materials Used 1999 Manufactured Overhead S42000 Ending laventory try 000 Finished inventory Beginning inventory S60000 Cost of goods Manufactured Ending Inventory 515000 Required: For the Raw Material inventory, Calculate Direct Materials Used? For Work in process inventory, Calculate cost of manufactured...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 202,500 Direct labor 132,750 Indirect labor 52,500 Factory insurance 9,500 Depreciation—factory 36,750 Repairs and maintenance—factory 15,500 Marketing expenses 149,250 General and administrative expenses 88,250 Materials inventory $ 30,500 66,250 Work-in-Process inventory 16,750 19,000 Finished Goods inventory 18,500 24,400 Sales in the current year were $676,000. Required: Prepare a schedule of cost of goods manufactured and an...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
At December 31,2016, the end of its fiscal year, Wicno Corporation collected the following data for...
At December 31,2016, the end of its fiscal year, Wicno Corporation collected the following data for 2016 Materials inventory, January 1 $81,250 Materials inventory, December 31 48,750 Work in process inventory, January 1 97,500 Work in process inventory, December 31 133,250 Finished goods inventory, January 1 165,750 Finished goods inventory, December 31 117,000 Net delivered cost of materials purchased 406,250 Direct labor 481,000 Indirect material 39,000 Indirect labor 120,250 Factory supplies used 32,500 Factory depreciation 211,250 Factory repairs and maintenance...
Harper Company has the following information for the year ended December 31, 2018. (Click the icon to view the information.) Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in millions. Begin by preparing a schedule of cost of goods manufactured. Harper Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 (in millions) Beginning Work-in-Process Inventory Direct Materials Used...
Axteks Corporation has the following cost records for the year
ended December 31, 2020:
Indirect factory labour
$5,180
Direct materials used
252,700
Work in process (1/1/2020)
31,900
Work in process (12/31/2020)
25,800
Finished goods (1/1/2020)
35,300
Finished goods (12/31/2020)
29,200
Factory utilities
41,600
Depreciation, factory equipment
34,800
Direct labour
301,400
Indirect materials
22,300
Factory manager’s salary
63,100
Selling and administrative expenses
348,000
Net sales
1,233,000
Factory machinery rent
42,800
Prepare a cost of goods manufactured schedule for 2020. Axteks Corporation...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015. Dec. 31 $24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 12,000 140,000 expenses Overhead is assigned to production at $192,000. NuTronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31, 2015 Manufacturing costs assigned to production Total manufacturing costs...
The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015 Dec. 31 24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 140,000 12,000 expenses Overhead is assigned to production at $192,000 a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.) NuTronics, Inc....
The Accounting records of Alsafi Company include the following information for the year ended December 31", 2019: Raw Material inventory Beginning inventory S15000 Purchase of Raw Materials S50000 Ending laventory S10000 Work in process inventory Beginning inventory S7000 Direct Materials Used 1999 Manufactured Overhead S42000 Ending laventory try 000 Finished inventory Beginning inventory S60000 Cost of goods Manufactured Ending Inventory 515000 Required: For the Raw Material inventory, Calculate Direct Materials Used? For Work in process inventory, Calculate cost of manufactured...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
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