Homework Answers
a)
Purchases = $420,000
Cost of goods sold = $446,000
Merchandise inventory, Beginning balance = $82,000
Merchandise inventory, Ending balance = $
Cost of goods sold = Beginning balance, Merchandise inventory + Purchases - Ending balance, Merchandise inventory
446,000 = 82,000 + 420,000 - Ending balance, Merchandise inventory
Ending balance, Merchandise inventory, = $56,000
b)
Purchases = $96,000
Direct materials used = $
Direct materials, Beginning balance = $14,000
Direct materials, Ending balance = $28,000
Direct materials used = Beginning balance, Direct materials + Purchases - Ending balance, Direct materials
= 14,000 + 96,000 - 28,000
= $82,000
c)
Work in process, Beginning balance = $16,000
Work in process, Ending balance = $44,000
Cost of goods manufactured = $42,000
Current manufacturing costs = $
Cost of goods manufactured = Beginning balance, Work in process, + Current manufacturing costs - Ending balance, Work in process,
42,000 = 16,000 + Current manufacturing costs - 44,000
Current manufacturing costs = $70,000
d)
Finished goods, Beginning balance = $
Finished goods, Ending balance = $40,000
Cost of goods manufactured = $124,000
Cost of goods sold = $122,000
Cost of goods sold = Beginning balance, Finished goods, + Cost of goods manufactured - Ending balance, Finished goods,
122,000 = Beginning balance, Finished goods, + 124,000 - 40,000
Beginning balance, Finished goods, = $38,000
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
Add Answer to:
8) Using the following information find the unknown amounts. Assume each set of information is an...
E16-21 (similar to) Use the following information for a manufacturer to compute cost of goods manufactured...
E16-21 (similar to) Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view the information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured i Data Table Balances: Ending $ 32,000 Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Beginning...
Certain iter descriptions and amounts are missing from the monthly schedule of cost of goods manufactured...
Certain iter descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company Click the icon to view the schedule of cost of goods manufactured.) (Click the icon to view the income statement.) Fill in the blanks with the missing words, and replace the Xs with the correct amounts. Now we will fill in the missing information on the income statement. Select the heading, then complete the statement Elly Manufacturing...
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured...
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company. B (Click the icon to view the schedule of cost of goods manufactured.) 2 (Click the icon to view the income statement.) Data Table i Data Table Elly Manufacturing Company Elly Manufacturing Company June 30, 2018 June 30, 2018 $ x $ 27,000 Net Sales Revenue Cost of Goods Sold: Beginning Beginning Direct $ 110,000 Beginning Direct...
Required information Use the following information for the Exercises below. The following selected account balances are...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,126,000 37,000 51,500 69,000 162,400 220,000 15,200...
Use the following information for a manufacturer to compute cost of goods manufactured and cost of...
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view the information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured x Direct Materials Used: Data Table Balances: Beginning $ 20,000 Ending $ 30,000 42,000 37,000 Direct Materials Used Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Purchases of direct materials 17,000 29,000 $ 78,000 Total Manufacturing Costs incurred during the Year Total...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,153,000 42,000 55,500 64,200 158,600 226,000 16,800 54,000 5,250 56,000 87,000 128,000 44,400 39,600 70,400...
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units...
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product Current information for the Duerr Company follows: 8 00 20:45 Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Beginning finished goods inventory Ending finished goods inventory $ 22,980 25,000 99,000 34,000 44,000 124,000 99,000 74,000 54,000 The company's cost of raw materials used, cost...
drums. Brody provided the following information for last year: Raw materials purchases Direct labor Depreciation on...
drums. Brody provided the following information for last year: Raw materials purchases Direct labor Depreciation on factory equipment Depreciation on factory building Depreciation on headquarters building Factory insurance Property taxes: Factory Headquarters Utilities for factory $250,000 140,000 45,000 30,000 50,000 15,000 Utilities for sales office Administrative salaries Indirect labor salaries Sales office salaries 20,000 18,000 34,000 1,800 150,000 156,000 90,000 124,000 124,000 84,000 102,000 130,000 82,000 Beginning balance, raw materials Beginning balance, work in process Beginning balance, finished goods Ending...
25. Use the information below to calculate the missing amounts (shown by letters) in the Schedule...
25. Use the information below to calculate the missing amounts (shown by letters) in the Schedule of Cost of Goods Manufactured and the Schedule of Cost of Goods Sold. (6 Points) $ 102,000 Newenstle Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended January 31 WIP Inventory, beginning balance Current period manufacturing costs: Direct materials 118,000 Direct labor Manufacturing overhead 54,000 Total current period manufacturing costs Total cost of work in process WIP Inventory, ending balance Cost of Goods...
FY16 Factory Rent $330,000 Direct Materials Inventory, Beginning 96,000 Direct Materials Inventory, Ending 87,000 Direct...
FY16 Factory Rent $330,000 Direct Materials Inventory, Beginning 96,000 Direct Materials Inventory, Ending 87,000 Direct Materials Purchases 654,000 Direct Labor-Wages 425,000 Indirect Labor-Wages 28,000 Finished Goods Inventory, Beginning 25,000 Finished Goods Inventory, Ending 44,000 Indirect Materials 66,000 Plant Utilities 40,000 General and Administrative 101,350 Work-in-Process Inventory, Beginning 27,000 Work-in-Process Inventory, Ending 33,000 Marketing Expenses 225,000 Sales Revenue 2,550,000 A. Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2016. B....
E16-21 (similar to) Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view the information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured i Data Table Balances: Ending $ 32,000 Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Beginning...
Certain iter descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company Click the icon to view the schedule of cost of goods manufactured.) (Click the icon to view the income statement.) Fill in the blanks with the missing words, and replace the Xs with the correct amounts. Now we will fill in the missing information on the income statement. Select the heading, then complete the statement Elly Manufacturing...
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company. B (Click the icon to view the schedule of cost of goods manufactured.) 2 (Click the icon to view the income statement.) Data Table i Data Table Elly Manufacturing Company Elly Manufacturing Company June 30, 2018 June 30, 2018 $ x $ 27,000 Net Sales Revenue Cost of Goods Sold: Beginning Beginning Direct $ 110,000 Beginning Direct...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,126,000 37,000 51,500 69,000 162,400 220,000 15,200...
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view the information.) First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured x Direct Materials Used: Data Table Balances: Beginning $ 20,000 Ending $ 30,000 42,000 37,000 Direct Materials Used Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Purchases of direct materials 17,000 29,000 $ 78,000 Total Manufacturing Costs incurred during the Year Total...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,153,000 42,000 55,500 64,200 158,600 226,000 16,800 54,000 5,250 56,000 87,000 128,000 44,400 39,600 70,400...
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product Current information for the Duerr Company follows: 8 00 20:45 Beginning raw materials inventory Ending raw materials inventory Raw material purchases Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead Beginning finished goods inventory Ending finished goods inventory $ 22,980 25,000 99,000 34,000 44,000 124,000 99,000 74,000 54,000 The company's cost of raw materials used, cost...
drums. Brody provided the following information for last year: Raw materials purchases Direct labor Depreciation on factory equipment Depreciation on factory building Depreciation on headquarters building Factory insurance Property taxes: Factory Headquarters Utilities for factory $250,000 140,000 45,000 30,000 50,000 15,000 Utilities for sales office Administrative salaries Indirect labor salaries Sales office salaries 20,000 18,000 34,000 1,800 150,000 156,000 90,000 124,000 124,000 84,000 102,000 130,000 82,000 Beginning balance, raw materials Beginning balance, work in process Beginning balance, finished goods Ending...
25. Use the information below to calculate the missing amounts (shown by letters) in the Schedule of Cost of Goods Manufactured and the Schedule of Cost of Goods Sold. (6 Points) $ 102,000 Newenstle Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended January 31 WIP Inventory, beginning balance Current period manufacturing costs: Direct materials 118,000 Direct labor Manufacturing overhead 54,000 Total current period manufacturing costs Total cost of work in process WIP Inventory, ending balance Cost of Goods...
Most questions answered within 3 hours.
-
Assume that all interest rates in the economy increase from 9
percent to 10 percent. Which...
asked 1 minute ago -
Describe the function of a Change Control Board.
When calculating Planned Value (PV), what is the...
asked 7 minutes ago -
The customer help center in your company receives calls from
customers who need help with some...
asked 18 minutes ago -
A manufacturer wished to compare the wearing qualities of two
different types of automobile tires, A...
asked 16 minutes ago -
Write a MATLAB script file that will sum all the positive
entries in V and stop...
asked 25 minutes ago -
The objective of this assignment is to demonstrate an
understanding of key course concepts and reflect...
asked 26 minutes ago -
A plant's flower colour is determined by the pathway shown
below:
white1 ----Gene A----->
white2----Gene
B---->Blue...
asked 33 minutes ago -
Sketch an acceleration-versus-time
graph for an object, starting with some initial speed, traveling on
a flat...
asked 40 minutes ago -
Bi2O3(s) + 2C (s) yields 2 Bi (s) + 3 CO (g)
What substances are in...
asked 47 minutes ago -
Describe the relationship between the free energy change for a
spontaneous process and the amount of...
asked 42 minutes ago -
Overproduction of uric acid in the body can be an indication of
cell breakdown. This may...
asked 1 hour ago -
I very foolishly got in a fight with Big Joe during our last
basketball game. He...
asked 1 hour ago