Homework Answers
The answer is manufacturing
A manufacturing company purchases raw material and converts them into finished goods
A service and professional firm provides services
A merchandising firm is involved in retail
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sector companies purchase materials and components and convert them into finished goods. Professional Service Manufacturing Merchandising
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
Below are data for two companies: 1. Define the three business types: service, merchandising, and manufacturing....
Below are data for two companies: 1. Define the three business types: service, merchandising, and manufacturing. 2. Based on the data given for the two companies, determine the business type of each one. 3. Calculate the cost of goods sold for each company. Company A Company B Beginning balances: Merchandise Inventory $10,200 Finished Goods Inventory $15,200 Ending balances: Merchandise Inventory 12,900 Finished Goods Inventory 12,300 Net Purchases 155,000 Cost of Goods Manufactured 211,00
VULSTION #2 Manufacturing vs. Merchandising Companies Calculate cost of goods sold for each of these companies...
VULSTION #2 Manufacturing vs. Merchandising Companies Calculate cost of goods sold for each of these companies for the year ended December 31, 2014 The Ltd. Boston Manufacturing $300,000 S400.000 Beginning Inventory: Merchandise Finished Goods Cost of Purchases Cost of Goods Manufactured Ending Inventory: Merchandise Finished Goods $500,000 $700,000 $200,000 $300,000 ANSWER: The Ltd Cost of Goods Sold Section For the year ended December 31", 2020 Boston Manufacturing Cost of Goods Sold Section For the year ended December 31, 2020
Manufacturing companies typically have one or more of the following three types of inventory: direct materials,...
Manufacturing companies typically have one or more of the following three types of inventory: direct materials, work-in-process, and finished goods. The companies purchase materials and components and convert them into various finished goods. To be able to solve for the amounts required in this problem you need to understand the flow of inventory. Direct materials, direct labor and manufacturing overhead flow into work-in-process inventory as the units are being produced. When the units are completed the cost of the goods...
CIK WIL VIR Read the requirements Requirement 1. Define the three business types, service, merchandising and...
CIK WIL VIR Read the requirements Requirement 1. Define the three business types, service, merchandising and manufacturing Business type Definition Service Merchandising Manufacturing Requirement 2. Based on the data given for the two companies determine the business type of each one Company Als a company and Company B is a M company Requirement 3. Calculate the cost of goods sold for each company Begin by calculating the cost of goods sold for Company A Company A X i Data Table...
Which of the following types of organizations purchases raw materials from suppliers and uses them to...
Which of the following types of organizations purchases raw materials from suppliers and uses them to create a finished product? Multiple Choice Retailers Service companies Merchandising companies Manufecturing firms
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies....
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. HHDCụ CITIZ. 87. Gantner Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) Physical Units 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000...
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-
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
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
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
VULSTION #2 Manufacturing vs. Merchandising Companies Calculate cost of goods sold for each of these companies for the year ended December 31, 2014 The Ltd. Boston Manufacturing $300,000 S400.000 Beginning Inventory: Merchandise Finished Goods Cost of Purchases Cost of Goods Manufactured Ending Inventory: Merchandise Finished Goods $500,000 $700,000 $200,000 $300,000 ANSWER: The Ltd Cost of Goods Sold Section For the year ended December 31", 2020 Boston Manufacturing Cost of Goods Sold Section For the year ended December 31, 2020
CIK WIL VIR Read the requirements Requirement 1. Define the three business types, service, merchandising and manufacturing Business type Definition Service Merchandising Manufacturing Requirement 2. Based on the data given for the two companies determine the business type of each one Company Als a company and Company B is a M company Requirement 3. Calculate the cost of goods sold for each company Begin by calculating the cost of goods sold for Company A Company A X i Data Table...
Which of the following types of organizations purchases raw materials from suppliers and uses them to create a finished product? Multiple Choice Retailers Service companies Merchandising companies Manufecturing firms
8. Cost of goods sold A) is calculated exactly the same for merchandising and manufacturing companies. B) only appears on manufacturing companies' income statements. C) appears on both manufacturing and merchandising companies' income statements. D) only appears on merchandising companies' income statements. HHDCụ CITIZ. 87. Gantner Company had the following department information about physical units and percentage of completion: Work in process, May 1 (60%) Physical Units 60,000 Completed and transferred out 180,000 Work in process, May 31 (40%) 50,000...
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-
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