Homework Answers
| Cost of Goods Manufactured | ||
| Materials (Working Note) | 558000 | |
| Direct Labor | 324000 | |
| Overheads: | ||
| Utilities Factory | 41200 | |
| Indirect Material | 72800 | |
| Indirect Labor | 64800 | 178800 |
| Total | 1060800 | |
| Add: Opening WIP | 47000 | |
| Less: Closing WIP | 41600 | |
| Cost of Goods Manufactured | 1066200 | |
| Cost of Goods Sold | ||
| Opening Finished Goods | 143000 | |
| Add: Cost of Goods Manufactured | 1066200 | |
| Less: Closing Finished Goods | 79400 | |
| Cost of Goods Sold | 1129800 |
Working Note:
| Cost of Material Used | |
| Opening Materials | 29000 |
| Add: Purchases | 575000 |
| Less: Closing Materials | 46000 |
| Cost of Material Used | 558000 |
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Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,000 66,000 60,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 408,500 357,000 45,600 602,500 82,150 71,400 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 34,500 49,750 154,000 December 31 $ 54,250 43,800 85,450 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. For the Year Ended December 31 Direct...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 405,500...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 405,500 351,000 Factory rent Direct labor Utilities-factory Purchases of direct materials 44,800 597,500 80,450 70,200 Indirect materials Indirect labor Inventories for the year were as follows: .ces January 1 $ 33,500 49,250 152,000 December 31 Materials $ 52,750 43,400 84,350 Work-in-Process Finished Goods Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Direct materials Materials available Materials used...
Urgent need help ...please read the below Case and answer the required questions : Cornelius Company...
Urgent need help ...please read the below Case
and answer the required questions :
Cornelius Company produces women's clothing. During the year, the company incurre Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 410,000 360,000 46,000 605,000 83,000 72,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 35,000 50,000 155,000 December 31 $ 55,000 44,000 86,000 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process Inventory began the year with a $5,500 balance and ended the year with...
Allen Company used $71,000 of direct materlals and Incurred $37,000 of direct labor costs during the...
Allen Company used $71,000 of direct materlals and Incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with...
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 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
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 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-Process inventory Finished Goods inventory Current December 31 $ 165,000 114,000 45,000 8,000 33,000 11,000 144,000 86,000 55,000 16,000 24,000 $ 23,000 13,000 17,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an...
Saved Young Fashions Company produces children's clothing. During the current year, the company incurred the following...
Saved Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs Factory Rent Direct labor used Factory utilities Direct materials purchase Indirect materials Indirect labor $ 144, e00 525,800 120,000 850,000 106,000 90,000 Inventories for the year were danuary 1 December 31 Direct materials $220,000$155,00o Work in process 160,0128,000 310,000 Finished goods320,000 Required: Prepare a statement of cost of goods manufactured and cost of goods sol Essay Toolba This question will be sent to...
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information...
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost $496,550 Purchases of direct materials 375,520 Freight-in on materials 7,620 Factory supplies used 18,960 Factory utilities 55,000 Commissions paid 78,364 Factory supervision and indirect labor 164,880 Advertising 144,140 Materials handling 15,740 Work-in-process inventory, January 1 204,410 Work-in-process inventory, December 31 116,960 Direct materials inventory, January 1 38,880 Direct materials inventory, December 31...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 380,000 300,000 38,000 555,000 66,000 60,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 25,000 45,000 135,000 December 31 $ 40,000 40,000 75,000 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Cornelius Company Statement of Cost of Goods...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 408,500 357,000 45,600 602,500 82,150 71,400 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 34,500 49,750 154,000 December 31 $ 54,250 43,800 85,450 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. For the Year Ended December 31 Direct...
Cornelius Company produces women's clothing. During the year, the company incurred the following costs: $ 405,500 351,000 Factory rent Direct labor Utilities-factory Purchases of direct materials 44,800 597,500 80,450 70,200 Indirect materials Indirect labor Inventories for the year were as follows: .ces January 1 $ 33,500 49,250 152,000 December 31 Materials $ 52,750 43,400 84,350 Work-in-Process Finished Goods Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Direct materials Materials available Materials used...
Urgent need help ...please read the below Case
and answer the required questions :
Cornelius Company produces women's clothing. During the year, the company incurre Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 410,000 360,000 46,000 605,000 83,000 72,000 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 35,000 50,000 155,000 December 31 $ 55,000 44,000 86,000 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate...
Allen Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process Inventory began the year with a $5,500 balance and ended the year with...
Allen Company used $71,000 of direct materlals and Incurred $37,000 of direct labor costs during the current year. Indirect labor amounted to $2,700, while indirect materials used totaled $1,600. Other operating costs pertaining to the factory included utilities of $3,100, maintenance of $4,500, supplies of $1,800, depreciation of $7,900, and property taxes of $2,600. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $5,500 balance and ended the year with...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-Process inventory Finished Goods inventory Current December 31 $ 165,000 114,000 45,000 8,000 33,000 11,000 144,000 86,000 55,000 16,000 24,000 $ 23,000 13,000 17,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an...
Saved Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs Factory Rent Direct labor used Factory utilities Direct materials purchase Indirect materials Indirect labor $ 144, e00 525,800 120,000 850,000 106,000 90,000 Inventories for the year were danuary 1 December 31 Direct materials $220,000$155,00o Work in process 160,0128,000 310,000 Finished goods320,000 Required: Prepare a statement of cost of goods manufactured and cost of goods sol Essay Toolba This question will be sent to...
Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost $496,550 Purchases of direct materials 375,520 Freight-in on materials 7,620 Factory supplies used 18,960 Factory utilities 55,000 Commissions paid 78,364 Factory supervision and indirect labor 164,880 Advertising 144,140 Materials handling 15,740 Work-in-process inventory, January 1 204,410 Work-in-process inventory, December 31 116,960 Direct materials inventory, January 1 38,880 Direct materials inventory, December 31...
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