Homework Answers
Answer:
a)
| Balance Sheet | Income Statement |
| ASSETS | = | EQUITY |
| Event No. | Cash | + | MOH | + | Raw. M. | + | WIP | + | F.Goods | = | C.Stk. | + | Ret. Ear. | Rev | - | Exp. | = | Net Inc. |
| 1 | 2400 | + | NA | + | NA | + | NA | + | NA | = | 2400 | + | NA | NA | - | NA | = | NA |
| 2 | (720) | + | NA | + | 720 | + | NA | + | NA | = | NA | + | NA | NA | - | NA | = | NA |
| 3 | NA | + | NA | + | (480) | + | 480 | + | NA | = | NA | + | NA | NA | - | NA | = | NA |
| 4 | (720) | + | NA | + | NA | + | 720 | + | NA | = | NA | + | NA | NA | - | NA | = | NA |
| 5 | (360) | + | 360 | + | NA | + | NA | + | NA | = | NA | + | NA | NA | - | NA | = | NA |
| 6 | NA | + | (294) | + | NA | + | 294 | + | NA | = | NA | + | NA | NA | - | NA | = | NA |
| 7 | NA | + | NA | + | NA | + | (1200) | + | 1200 | = | NA | + | NA | NA | - | NA | = | NA |
| 8 | 1680 | + | NA | + | NA | + | NA | + | (960) | = | NA | + | 720 | 1680 | - | 960 | = | 720 |
| 9 | (480) | + | NA | + | NA | + | NA | + | NA | = | NA | + | (480) | NA | - | 480 | = | (480) |
| 10 | (60) | + | NA | + | NA | + | NA | + | NA | = | NA | + | (60) | NA | - | 60 | = | (60) |
| 11 | NA | + | (66) | + | NA | + | NA | + | NA | = | NA | + | (66) | NA | - | 66 | = | (66) |
| TOTAL | 1740 | + | 0 | + | 240 | + | 294 | + | 240 | = | 2400 | + | 114 | 1680 | - | 1506 | = | 174 |
b) Schedule of cost of goods manufactured & sold
| PARTICULARS | AMOUNT | |
| Begining Raw material inventory | 0 | |
| Add: Cost of Raw materials purchased | 720 | |
| Less: Ending raw materials inventory | (240) | |
| Raw materials used (A) | 480 | |
| Add:Direct labour cost (B) | 720 | |
| Add:Manufacturing overheads (C) | 360 | |
| Total Manufacturing cost (A+B+C) | 1560 | |
| + Change in work in process inventory | 294 | |
| Cost of goods manufactured | 1854 | |
| -Closing inventory of Finished goods | (240) | |
| Cost of goods sold | 1614 |
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Page 512 LO 11-1, 11-2, 11-3 Exercise 11-14A Product cost flow and financial statements Loveland Manufacturing...
Please use excel for answering the questions a-b. You will need to make a horizontal statements...
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model, as pictured in the text, for this problem.
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I filled majority of this put but want to know if I did it correctly. Thank you!
I filled majority of this put but want to know if I did it
correctly. Thank you!
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I filled majority of this put but want to know if I did it correctly. Thank...
I filled majority of this put but want to know if I did it
correctly. Thank you!
Exercise 11-14A Product cost flow and financial statements land Manufacturing Compañy was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production...
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Please use excel for answering
the questions a-b. You will need to make a horizontal statements
model, as pictured in the text, for this problem.
Exercise 11-14A Product cost flow and financial statements D Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of...
I filled majority of this put but want to know if I did it
correctly. Thank you!
Exercise 11-14A Product cost flow and financial statements land Manufacturing Compañy was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production...
I filled majority of this put but want to know if I did it
correctly. Thank you!
Exercise 11-14A Product cost flow and financial statements land Manufacturing Compañy was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production...
Munoz Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation. 1. Acquired $2,500 cash from the issue of common stock. 2. Paid $550 cash for direct raw materials. 3. Transferred $400 of direct raw materials to work in process. 4. Paid production employees $680 cash. 5. Paid $390 cash for manufacturing overhead costs. 6. Applied $220 of manufacturing overhead costs to work in process. 7. Completed...
Problem 12-13A Job-order costing system 0 Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Page 568 Direct Raw Materials Used Direct Labor Job 1 $ 2,800 $ 6,000 Job 2 4,000 8,000 Job 3 6.000 4,000 Total $12,800 $18,000 Factory overhead is applied using a predetermined...
Conway Manufacturing Company was started on January 1, 2014. The company was affected by the following events during its first year of operation. 1. Acquired $1,700 cash from the issue of common stock 2. Paid $510 cash for direct raw materials. 3. Transferred $380 of direct raw materials to work in process. 4. Paid production employees $640 cash 5. Paid $380 cash for manufacturing overhead costs. Applied $200 of manufacturing overhead costs to work in process. 7. Completed work on...
CHECK FIGURE d. COGM: $29,700 NI: $6,300 Problem 12-13A Job-order costing system Lehigh Manufacturing Corporation was started with the issuance of common stock for $60,000. It purchased $ 14,000 of raw materials and worked on three job orders during Year 1 for which data follow. (Assume that all transactions are for cash unless otherwise indicated.) Page 568 Direct Raw Materials Used Direct Labor $ 2,800 $ 6,000 Job 1 Job 2 4,000 8,000 Job 3 6,000 4,000 Total $12,800 $18,000...
Job-order costing system Ladora Construction Company began operations on January 1, 2019, when it acquired $30,000 cash from the issuance of common stock. During the year, Ladora purchased $6,000 of direct raw materials and used $5,640 of the direct materials. There were 108 hours of direct labor worked at an average rate of $20 per hour paid in cash. The predetermined overhead rate was $9 per direct labor hour. The company started construction on three prefabricated buildings. The job cost...
Please make sure first answer is in a HORIZONTAL FINANCIAL
STATMENTS MODEL.
Demonstration Problem for Chapter 11 Demonstration Problem 11-1: Manufacturing Cost Flows Natalie Nelson started Nelson Frame Company (NFC) to make a unique picture frame that she had invented. Ms. Nelson employs part-time workers as she needs them. Accounting information relevant to NFC's first year of operation follows. Assume all transactions are cash transactions unless otherwise stated Events 1 through 11 pertain to January, the first month of NFC's...
Problem 10-23 Effect of product versus period costs on financial statements LO 10-2, 10-3 Gibson Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP 1. Acquired $52,000 cash by issuing common stock 2. Paid $7,700 for the materials used to make its products, all of which were started and...
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