Question

Question'7 The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal): Item/Account 2019 2018 Accounts Receivable $36,000 $32,000 Inventor 42,000 38,000 Net Sales (all credit) 390,000 350,000 Cost of Goods Sold 154,000 152,000 Net Income 27.200 24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 day vear. Round your answers to one decimal place.) Question S8 Towson Manufacturing had a Work in Process balance of $78,000 on January 1 2018. The year end balance of Work in Process was $96,000 and the Cost of Goods Manufactured was $660,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.) Question9 During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $15,000 & ending finished goods inventory of $16,500. Beginning work-in-process was $20,000 and ending work-in-process was 17,500. Factory overhead was $22,500. The total manufacturing costs amounted to $260,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.) Question 10 During FY 2019, Dorchester Company plans to sell Widgets for S13 a unit Current variable costs are $4 a unit and fixed costs are expected to total of $165,000. Use this information to determine the number of units of Widgets for Dorchester to breakeven. (Round to the nearest whole number)

Answer 1

7.

Average accounts receivable = (Beginning accounts receivable + Ending accounts receivable)/2

= (32,000 + 36,000)/2

= $34,000

Accounts receivable turnover = Net credit sales/Average accounts receivables

= 390,000/34,000

= 11.47

Accounts receivable average collection period = 365/Accounts receivable turnover

= 365/11.47

= 31.8 days

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