TB MC Qu. 3-22 The following information was taken from the accou ... The following information...
TB MC Qu. 3-22 The following information was taken from the accou ...
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction.
| Sales Revenue | $ | 70,750 | |
| Finished Goods Inventory, Beginning | 13,250 | ||
| Finished Goods Inventory, Ending | 9,400 | ||
| Cost of Goods Sold | ? | ||
| Gross Margin | 36,050 | ||
| Direct Materials Used | 12,550 | ||
| Selling and Administrative Expense | ? | ||
| Operating Income | 17,400 | ||
| Work-in-Process Inventory, Beginning | ? | ||
| Work-in-Process Inventory, Ending | 7,550 | ||
| Direct Labor Used | 10,275 | ||
| Factory Overhead | 13,700 | ||
| Total Manufacturing Cost | ? | ||
| Cost of Goods Manufactured | ? | ||
Cost of goods sold is calculated to be:
Homework Answers
Answer:
Cost of Goods Sold = Sales – Gross Margin
Cost of Goods Sold = $70,750 - $36,050
Cost of Goods Sold = $34,700
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TB MC Qu. 3-22 The following information was taken from the
accou ...
The following information...
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of...
The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $ 65,500 Finished Goods Inventory, Beginning 11,500 Finished Goods Inventory, Ending 8,000 Cost of Goods Sold ? Gross Margin 31,500 Direct Materials Used 11,500 Selling and Administrative Expense ? Operating Income 16,000 Work-in-Process Inventory, Beginning ? Work-in-Process Inventory, Ending 6,500 Direct Labor Used 9,750 Factory Overhead 13,000 Total Manufacturing Cost ? Cost of Goods...
TB MC Qu. 3-208 Chavez Corporation reported the ... Chavez Corporation reported the following data for...
TB MC Qu. 3-208 Chavez Corporation reported the ... Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Beginning Ending $ 37,000 $35,000 $ 21,000 $27,000 $ 37,000 $52,000 Additional information: $ 71,000 $ 96,000 $64,000 Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $10,000 $63,000 Any underapplied or overapplied manufacturing overhead...
TB MC Qu. 3-47 Stephenson Company's computer system recently cras... Stephenson Company's computer system recently crashed,...
TB MC Qu. 3-47 Stephenson Company's computer system recently cras... Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting information was discovered soon afterwards on the CFO's back-up computer data. Cost of Goods Sold $ 387,000 Work-in-Process Inventory, Beginning 31,750 Work-in-Process Inventory, Ending 42,100 Selling and Administrative Expense 53,150 Finished Goods Inventory, Ending 16,050 Finished Goods Inventory, Beginning ? Direct Materials Purchased 178,700 Factory Overhead Applied 122,500 Operating Income 25,850 Direct Materials Inventory,...
TB MC Qu. 14-167 Use the following information... Use the following information to calculate the cost...
TB MC Qu. 14-167 Use the following information... Use the following information to calculate the cost of goods sold for the period Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured $ 21,500 20,000 128,800 Multiple Choice O $170,300 O $128,800 $127,300. O $150.300 $150,300 < Prev !!! Next Seved Help Save & Exit naing rinisnea boas inventory ost of Goods Manufactured ZU, UUU 128,800 Multiple Choice O $170,300 O $128,800 $127,300. O $150,300 o $130,300
Ch 14 Help Save & Exit Sub TB MC Qu. 14-132 A manufacturing company has... A...
Ch 14 Help Save & Exit Sub TB MC Qu. 14-132 A manufacturing company has... A manufacturing company has a beginning finished goods inventory of $29,000, cost of goods manufactured of $59,200, and an ending finished goods inventory of $28,300. The cost of goods sold for this company is: Multiple Choice ( $116,500 0 $58,500 O $1,900 0 O $87,500 $59,900. < Prev 4 of 10 !!! Next >
TB MC Qu. 8-172 Sarafiny Corporation is in the process of ... Sarafiny Corporation is in...
TB MC Qu. 8-172 Sarafiny Corporation is in the process of ... Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning Inventory 24,000 54,000 Ending Inventory 74,000 44,000 Finished goods (units) Raw material (grams) Each unit of finished goods requires 3 grams of raw material. The company plans to sell 710,000 units during the year. How much of the raw material should the company purchase...
COTB MC Qu. 3-35 (Algo) Assume the following information from... Assume the following information from a...
COTB MC Qu. 3-35 (Algo) Assume the following information from... Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs to account for $ 158,000 $ 30,000 $ 50,000 $ 90,000 $225, 700 What is the ending work in process inventory? Multiple Choice $117,700 $97,700
TB MC Qu. 3-83 Luebke Inc. has provided the following data ... Luebke Inc. has provided...
TB MC Qu. 3-83 Luebke Inc. has provided the following data ... Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $67,000 and at the end of the month was $31,500. The cost of goods manufactured for the month was $219,500. The actual manufacturing overhead cost incurred was $59,500 and the manufacturing overhead cost applied to Work in Process was $64,000. The...
TB MC Qu. 16-96 A company's beginning Work...
TB MC Qu. 16-96 A company's beginning Work...A company's beginning Work in Process inventory consisted of 37,000 units that were 90 %complete with respect to direct labor. A total of 107,000 were finished during the period and 42,000 remaining in Work in Process inventory were 50 %complete with respect to direct labor at the end of the period, Using the weighted-average method, the equivalent units of production with regard to direct labor were:
4 TB Problem Qu. 3-242 Eppich Corporation has provided... 15 Eppich Corporation has provided the following...
4 TB Problem Qu. 3-242 Eppich Corporation has provided... 15 Eppich Corporation has provided the following data for the most recent month points Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance $26,000 $35,000 $53,000 eBook Transactions: (1) Raw m (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5) Manufacturing overhead applied (6) Cost of units completed and transferred from Work in aterials purchases $ 78,000 $...
TB MC Qu. 3-208 Chavez Corporation reported the ... Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Beginning Ending $ 37,000 $35,000 $ 21,000 $27,000 $ 37,000 $52,000 Additional information: $ 71,000 $ 96,000 $64,000 Raw materials purchases Direct labor cost Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process $10,000 $63,000 Any underapplied or overapplied manufacturing overhead...
TB MC Qu. 14-167 Use the following information... Use the following information to calculate the cost of goods sold for the period Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured $ 21,500 20,000 128,800 Multiple Choice O $170,300 O $128,800 $127,300. O $150.300 $150,300 < Prev !!! Next Seved Help Save & Exit naing rinisnea boas inventory ost of Goods Manufactured ZU, UUU 128,800 Multiple Choice O $170,300 O $128,800 $127,300. O $150,300 o $130,300
Ch 14 Help Save & Exit Sub TB MC Qu. 14-132 A manufacturing company has... A manufacturing company has a beginning finished goods inventory of $29,000, cost of goods manufactured of $59,200, and an ending finished goods inventory of $28,300. The cost of goods sold for this company is: Multiple Choice ( $116,500 0 $58,500 O $1,900 0 O $87,500 $59,900. < Prev 4 of 10 !!! Next >
TB MC Qu. 8-172 Sarafiny Corporation is in the process of ... Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning Inventory 24,000 54,000 Ending Inventory 74,000 44,000 Finished goods (units) Raw material (grams) Each unit of finished goods requires 3 grams of raw material. The company plans to sell 710,000 units during the year. How much of the raw material should the company purchase...
COTB MC Qu. 3-35 (Algo) Assume the following information from... Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs to account for $ 158,000 $ 30,000 $ 50,000 $ 90,000 $225, 700 What is the ending work in process inventory? Multiple Choice $117,700 $97,700
TB MC Qu. 3-83 Luebke Inc. has provided the following data ... Luebke Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $67,000 and at the end of the month was $31,500. The cost of goods manufactured for the month was $219,500. The actual manufacturing overhead cost incurred was $59,500 and the manufacturing overhead cost applied to Work in Process was $64,000. The...
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