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Chec 3 Exercise 1-8A (Algo) Allocating product costs between ending inventory and cost of goods sold...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Solomon...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Solomon Manufacturing Company began operations on January 1. During the year, it started and completed 1660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3.540 2. Wages of production workers-$3,600. 3. Salaries of administrative and sales personnel - $1,895. 4. Depreciation on manufacturing equipment-$5,212 5. Depreciation on administrative equipment-$1765. Solomon...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Vernon...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Vernon Manufacturing Company began operations on January 1. During the year, it started and completed 1,660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,915. 4. Depreciation on manufacturing equipment-$5,388. 5. Depreciation on administrative equipment-$1,805. Vernon sold 1,150...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Zachary...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Zachary Manufacturing Company began operations on January 1. During the year, it started and completed 1760 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs 1. Raw materials purchased and used-$3,160. 2. Wages of production workers--$3.540 3. Salaries of administrative and sales personnel-1985 4. Depreciation on manufacturing equipment-$6.348. 5. Depreciation on administrative equipment-$1790 Zachary sold 1.210...
Exercise 1-6A (Algo) Identifying product versus SG&A costs LO 1-2, 1-3 A review of the accounting...
Exercise 1-6A (Algo) Identifying product versus SG&A costs LO 1-2, 1-3 A review of the accounting records of Thornton Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$32,400, 2. Salary of the vice president of manufacturing-$15,300. 3. Salary of the chief financial officer-$18.400. 4. Salary of the vice president of marketing-$15,100. 5. Salaries of middle managers (department...
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO...
Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases LO 5-6 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $43 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 260-unit purchase at $48 per unit; the second was a 390-unit purchase at $50 per unit. During the period, it sold 490 chairs. Required Determine the...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 chairs. Required Determine the...
LO 5-6 Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple...
LO 5-6 Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases Suggs Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 400 units at $50 per unit. During the year, Suggs made two batch purchases of coffee makers. The first was a 500-unit purchase at $55 per unit; the second was a 600-unit purchase at $58 per unit. During the period, Suggs sold 1,200 coffee makers. 196 Chapter...
Allocating product cost between cost of goods sold and ending inventory: Multiple purchases Cortez Company sells...
Allocating product cost between cost of goods sold and ending inventory: Multiple purchases Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. Required Determine the amount of product costs...
Problem 1-20A ( Static) Product versus selling, general, and administrative (SG &A) costs LO 1-2, 1-3...
Problem 1-20A ( Static) Product versus selling, general, and
administrative (SG &A) costs LO 1-2, 1-3 Stuart Manufacturing
Company was started on January 1 year 1 when it acquired $ 89,000
cash by issuing common stock. Stuart Immediately purchased office
furniture and manufacturing equipment costing $32 and $40,000 ,
respectively. The office furniture had an eight-year useful life
and a zero salvage value. The manufacturing equipment had a $ 4,000
salvage value and an expected useful life of six years....
Campbell Manufacturing Company began operations on January 1. During the year, it started and completed 1,650...
Campbell Manufacturing Company began operations on January 1. During the year, it started and completed 1,650 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1.Raw materials purchased and used---$3,150. 2,Wages of production workers--$3,490. 3.Salaries of administrative and sales personnel--$1,960. 4.Depreciation of manufacturing equipment--$4,415. 5.Depreciation on administrative equipment--$1,830. Campbell sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Solomon Manufacturing Company began operations on January 1. During the year, it started and completed 1660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3.540 2. Wages of production workers-$3,600. 3. Salaries of administrative and sales personnel - $1,895. 4. Depreciation on manufacturing equipment-$5,212 5. Depreciation on administrative equipment-$1765. Solomon...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Vernon Manufacturing Company began operations on January 1. During the year, it started and completed 1,660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,915. 4. Depreciation on manufacturing equipment-$5,388. 5. Depreciation on administrative equipment-$1,805. Vernon sold 1,150...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Zachary Manufacturing Company began operations on January 1. During the year, it started and completed 1760 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs 1. Raw materials purchased and used-$3,160. 2. Wages of production workers--$3.540 3. Salaries of administrative and sales personnel-1985 4. Depreciation on manufacturing equipment-$6.348. 5. Depreciation on administrative equipment-$1790 Zachary sold 1.210...
Exercise 1-6A (Algo) Identifying product versus SG&A costs LO 1-2, 1-3 A review of the accounting records of Thornton Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$32,400, 2. Salary of the vice president of manufacturing-$15,300. 3. Salary of the chief financial officer-$18.400. 4. Salary of the vice president of marketing-$15,100. 5. Salaries of middle managers (department...
Exercise 5-3A Allocating product cost between cost of goods sold and ending inventory: multiple purchases LO 5-1 Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $45 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 174-unit purchase at $51 per unit; the second was a 212-unit purchase at $54 per unit. During the period, it sold 294 chairs. Required Determine the...
LO 5-6 Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory: Multiple purchases Suggs Company sells coffee makers used in business offices. Its beginning inventory of coffee makers was 400 units at $50 per unit. During the year, Suggs made two batch purchases of coffee makers. The first was a 500-unit purchase at $55 per unit; the second was a 600-unit purchase at $58 per unit. During the period, Suggs sold 1,200 coffee makers. 196 Chapter...
Allocating product cost between cost of goods sold and ending inventory: Multiple purchases Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. Required Determine the amount of product costs...
Problem 1-20A ( Static) Product versus selling, general, and
administrative (SG &A) costs LO 1-2, 1-3 Stuart Manufacturing
Company was started on January 1 year 1 when it acquired $ 89,000
cash by issuing common stock. Stuart Immediately purchased office
furniture and manufacturing equipment costing $32 and $40,000 ,
respectively. The office furniture had an eight-year useful life
and a zero salvage value. The manufacturing equipment had a $ 4,000
salvage value and an expected useful life of six years....
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