Homework Answers
| Comparable type of inventory for Merchadising company | |||
| Raw material: | Raw material is the input material which is used by manufacturer to manufacture the final product. To make one final product many items can be the raw material. For example to manufacture a plastic mineral water bottle, water, bottle cap, platix bottle and its packing wrapper will be the raw material. Raw material is of two type direct and indirect. Material which can be directly traceable to the product is called direct and all other items are called indirect. | No such inventory | |
| Work In process: | Work in process as the name suggest ar such inventory which are currently under manufacturing process, or we can say such inventory which are niether raw material not final product. | No such inventory | |
| Finished goods: | A final product produced which are ready to sale is called finished goods. | Merchandise invetory or trading inventory | |
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1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a...
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a...
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. • Raw Materials - • Work in Process - • Finished Goods- 2. What are the accounts that you will see in an Income Statement for a manufacturing company that you do not see in an Income Statement for a merchandising company? 3. What is the basic equation for inventory accounts?
Manufacturing-sector companies report direct materials inventory and finished goods inventory accounts only only merchandise inventory only...
Manufacturing-sector companies report direct materials inventory and finished goods inventory accounts only only merchandise inventory only finished goods inventory direct materials inventory, work-in-process inventory, and finished goods inventory accounts
Service Organization Accounts. Provide the account name commonly used by service companies for each of the...
Service Organization Accounts. Provide the account name commonly used by service companies for each of the following accounts used in a manufacturing environment. Raw materials inventory Work-in-process inventory Finished goods inventory Cost of goods sold Manufacturing overhead
5. The first type of inventory account for a manufacturing company: a. Work in Process b....
5. The first type of inventory account for a manufacturing company: a. Work in Process b. Finished Goods c. Raw materials d. Cost of goods sold
QUESTION 32 Which is the appropriate order of presentation of the inventory accounts on the balance...
QUESTION 32 Which is the appropriate order of presentation of the inventory accounts on the balance sheet of a manufacturing company? 1.Finished goods, Raw materials, Work in process 2. Work in process, Finished Goods, Raw materials 3. Finished Goods, Work in process, Raw materials 4. There is no specific order of presentation QUESTION 33 THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 32 AND 33. Evans Inc. had the following activities during 2008: Direct materials: BEGINNING INVENTORY $ 40,000 Purchases 123,200 Ending...
Rockeagle Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials...
Rockeagle Corporation began fiscal Year 2 with the following
balances in its inventory accounts.
Raw Materials
$
30,000
Work in Process
45,000
Finished Goods
14,000
During the accounting period, Rockeagle purchased $125,000 of raw
materials and issued $124,000 of materials to the production
department. Direct labor costs for the period amounted to $162,000,
and manufacturing overhead of $24,000 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied
overhead. Goods costing $306,000 to produce were...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Question 6 (2 points) Carly Manufacturing Company's accounting records reflect the following amounts: Raw Materials Inventory,...
Question 6 (2 points) Carly Manufacturing Company's accounting records reflect the following amounts: Raw Materials Inventory, Jan 1, 2008 - $260,000 Raw Materials Inventory, Dec 31, 2008 - $310,000 Work in Process Inventory, Jan 1, 2008 - $160,000 Work in Process Inventory, Dec 31, 2008 - $300,000 Finished Goods Inventory, Jan 1, 2008 - $150,000 Finished Goods Inventory, Dec 31, 2008 - $190,000 Raw materials purchased during 2008 - $500,000 Direct labor costs during 2008 - $600,000 Manufacturing overhead incurred...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,200 107,500 42,000 December 31 (Ending) $ 110,500 107,800 43,200 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,855,000 Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning finished goods inventory Manufacturing...
Selected accounts of Kosar Manufacturing Company at year end appear below: RAW MATERIALS INVENTORY (a) 40,000...
Selected accounts of Kosar Manufacturing Company at year end appear below: RAW MATERIALS INVENTORY (a) 40,000 (d) 25,000 FINISHED GOODS INVENTORY (g) 140,000 (h) 120,000 FACTORY LABOR (b) 110,000 (e) 110,000 WORK IN PROCESS INVENTORY (d) 25,000 (g) 140,000 (e) 80,000 (f) 100,000 COST OF GOODS SOLD (h) 120,000 MANUFACTURING OVERHEAD (c) 75,000 (f) 100,000 (e) 30,000 Explain the probable transaction that took place for each of the items identified by letters in the accounts. For example: (a) Raw materials...
1. Describe the following inventory accounts for manufacturing companies. Compare type of inventory accounts for a merchandising company. • Raw Materials - • Work in Process - • Finished Goods- 2. What are the accounts that you will see in an Income Statement for a manufacturing company that you do not see in an Income Statement for a merchandising company? 3. What is the basic equation for inventory accounts?
Manufacturing-sector companies report direct materials inventory and finished goods inventory accounts only only merchandise inventory only finished goods inventory direct materials inventory, work-in-process inventory, and finished goods inventory accounts
QUESTION 32 Which is the appropriate order of presentation of the inventory accounts on the balance sheet of a manufacturing company? 1.Finished goods, Raw materials, Work in process 2. Work in process, Finished Goods, Raw materials 3. Finished Goods, Work in process, Raw materials 4. There is no specific order of presentation QUESTION 33 THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 32 AND 33. Evans Inc. had the following activities during 2008: Direct materials: BEGINNING INVENTORY $ 40,000 Purchases 123,200 Ending...
Rockeagle Corporation began fiscal Year 2 with the following
balances in its inventory accounts.
Raw Materials
$
30,000
Work in Process
45,000
Finished Goods
14,000
During the accounting period, Rockeagle purchased $125,000 of raw
materials and issued $124,000 of materials to the production
department. Direct labor costs for the period amounted to $162,000,
and manufacturing overhead of $24,000 was applied to Work in
Process Inventory. Assume that there was no over- or underapplied
overhead. Goods costing $306,000 to produce were...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,600 109,300 42,300 December 31 (Ending) $ 109,500 107,400 45,100 Direct materials purchased during the year amount to $514,200, and the cost of goods sold for the year was $1,865,000 Required: Prepare a cost of goods sold statement. $ 109,300 CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning work-in-process inventory...
Question 6 (2 points) Carly Manufacturing Company's accounting records reflect the following amounts: Raw Materials Inventory, Jan 1, 2008 - $260,000 Raw Materials Inventory, Dec 31, 2008 - $310,000 Work in Process Inventory, Jan 1, 2008 - $160,000 Work in Process Inventory, Dec 31, 2008 - $300,000 Finished Goods Inventory, Jan 1, 2008 - $150,000 Finished Goods Inventory, Dec 31, 2008 - $190,000 Raw materials purchased during 2008 - $500,000 Direct labor costs during 2008 - $600,000 Manufacturing overhead incurred...
The following balances are from the accounts of Crabtree Machining Company Direct materials inventory Work-in-process inventory Finished goods inventory January 1 (Beginning) $ 98,200 107,500 42,000 December 31 (Ending) $ 110,500 107,800 43,200 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,855,000 Required: Prepare a cost of goods sold statement. CRABTREE MACHINING COMPANY Cost of Goods Sold Statement For the Year Ended December 31 Beginning finished goods inventory Manufacturing...
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