Schedule of Cost of Goods Manufactured Ball Bearing Corporation Schedule of cost of Goods Manufactured Solve...
Schedule of Cost of Goods Manufactured
Ball Bearing Corporation
Schedule of cost of Goods Manufactured
Solve for missing data
Raw Material Used $300,000
Direct Labor 70,000
Total Manufacturing Overhead 130,000
Total Manufacturing Cost ?
Add: Work In Process, Inventory February 1 240
Subtotal ?
Deduct: Work In Process inventory, December 31 200
Cost of Goods Manufactured ?
Ball Bearing Corporation
Income Statement
For The Year Ended December 31, 2020
Sales Revenue $900,000
Less: Cost of goods sold 515,000
Gross Margin ?
Selling & Admin Expenses 100,000
Income before taxes ?
Income Tax Expense 20,000
NET INCOME ?
Homework Answers
|
Ball Bearing Corporation Schedule of Cost of Goods Manufactured |
|
| Raw Material Used | $ 300,000 |
| Add: Direct Labor | $ 70,000 |
| Add: Total Manufacturing Overhead | $ 130,000 |
| Total Manufacturing Cost | $ 500,000 |
| Add: Work In Process, Inventory February 1 | $ 240 |
| $ 500,240 | |
| Less: Work In Process inventory, December 31 | ($ 200) |
| Cost of Goods Manufactured | $ 500,040 |
|
Ball Bearing Corporation Income Statement For The Year Ended December 31, 2020 |
|
| Sales Revenue | $ 900,000 |
| Less: Cost of goods sold | ($ 515,000) |
| Gross Margin | $ 385,000 |
| Less: Selling & Admin Expenses | ($ 100,000) |
| Income before taxes | $ 285,000 |
| Less: Income Tax Expense | ($ 20,000) |
| NET INCOME | $ 265,000 |
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Schedule of Cost of Goods Manufactured
Ball Bearing Corporation
Schedule of cost of Goods Manufactured
Solve...
Required Supply the missing information on the following schedule of cost of goods manufactured. BOULDER CORPORATION...
Required Supply the missing information on the following schedule of cost of goods manufactured. BOULDER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2 Raw materials Beginning inventory Plus: Purchases Raw materials available for use Minus: Ending raw materials inventory 240,000 296,000 $ Cost of direct raw materials used $ 248,000 Direct labor 48,000 648,000 Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in...
Required Supply the missing information on the following schedule of cost of goods manufactured. FISCHER CORPORATION...
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Required Supply the missing information on the following schedule of cost of goods manufactured. FISCHER CORPORATION...
Required Supply the missing information on the following schedule of cost of goods manufactured. FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2018 Raw materials Beginning inventory Plus: Purchases 118,400 Raw materials available for use $ 148,300 $ 148,300 Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory Cost...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Sarasota
Company.
SARASOTA
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2017For the Month Ended December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,100
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,650
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
26,990
Direct materials used
$189,070
Direct labor
Manufacturing overhead
Indirect...
Required: Supply the missing information on the following schedule of cost of goods manufactured. Schedule of...
Required: Supply the missing information on the following schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Raw materials Beginning inventory Plus: Purchases 119,500 Raw materials available for $ use 148,400 Minus: Ending raw materials inventory Cost of direct raw materials used 123,600 Direct labor Manufacturing overhead 22,600 Total manufacturing costs 308,700 Plus: Beginning work in process inventory Total work in process Minus: Ending work in 46,200 process inventory Cost...
Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the...
Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $ 60000 x Beginning work in process inv X 60000 x Cost of material available...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Sarasota
Company.
SARASOTA
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2017For the Month Ended December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,100
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,650
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
26,990
Direct materials used
$189,070
Direct labor
Manufacturing overhead
Indirect...
Support Schedule of Cost of Goods Manufactured and sold At December 31, 2019, the end of...
Support Schedule of Cost of Goods Manufactured and sold At December 31, 2019, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2019: Materials inventory, January 1 $25,000 Materials inventory, December 31 15,000 Work in process inventory, January 1 30,000 Work in process inventory, December 31 41,000 Finished goods inventory, January 1 51,000 Finished goods inventory, December 31 36,000 Net delivered cost of materials purchased 150,000 Direct labor 148,000 Indirect material 12,000 Indirect labor 37,000...
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Required Supply the missing information on the following schedule of cost of goods manufactured. BOULDER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2 Raw materials Beginning inventory Plus: Purchases Raw materials available for use Minus: Ending raw materials inventory 240,000 296,000 $ Cost of direct raw materials used $ 248,000 Direct labor 48,000 648,000 Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in...
Required Supply the missing information on the following schedule of cost of goods manufactured. FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2018 Raw materials Beginning inventory Plus: Purchases 118,100 Raw materials available for use $ 149,100 Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory Cost of goods...
Required Supply the missing information on the following schedule of cost of goods manufactured. FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2018 Raw materials Beginning inventory Plus: Purchases 118,400 Raw materials available for use $ 148,300 $ 148,300 Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory Total work in process Minus: Ending work in process inventory Cost...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Sarasota
Company.
SARASOTA
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2017For the Month Ended December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,100
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,650
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
26,990
Direct materials used
$189,070
Direct labor
Manufacturing overhead
Indirect...
Required: Supply the missing information on the following schedule of cost of goods manufactured. Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014 Raw materials Beginning inventory Plus: Purchases 119,500 Raw materials available for $ use 148,400 Minus: Ending raw materials inventory Cost of direct raw materials used 123,600 Direct labor Manufacturing overhead 22,600 Total manufacturing costs 308,700 Plus: Beginning work in process inventory Total work in process Minus: Ending work in 46,200 process inventory Cost...
Prepare a schedule of cost of goods manufactured and sold for Lederman Manufacturing Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above Do not use negative signs with any of your answers. Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $ 60000 x Beginning work in process inv X 60000 x Cost of material available...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Sarasota
Company.
SARASOTA
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2017For the Month Ended December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,100
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,650
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
26,990
Direct materials used
$189,070
Direct labor
Manufacturing overhead
Indirect...
Support Schedule of Cost of Goods Manufactured and sold At December 31, 2019, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2019: Materials inventory, January 1 $25,000 Materials inventory, December 31 15,000 Work in process inventory, January 1 30,000 Work in process inventory, December 31 41,000 Finished goods inventory, January 1 51,000 Finished goods inventory, December 31 36,000 Net delivered cost of materials purchased 150,000 Direct labor 148,000 Indirect material 12,000 Indirect labor 37,000...
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