Homework Answers
1. Epsilon Merchandising Co.
| Merchandise inventory, April 1 | 38000 |
| Add: Purchases | 121000 |
| Cost of goods available for sale | 159000 |
| Less: Merchandise inventory, April 30 | 33000 |
| Cost of goods sold $ | 126000 |
2. Gamma Manufacturing Inc.
| Finished goods, April 1 | 67000 |
| Add: Cost of goods manufactured | 287000 |
| Cost of goods available for sale | 354000 |
| Less: Finished goods, April 30 | 61000 |
| Cost of goods sold $ | 293000 |
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LAI and factory overhedu 7. d of the first month of operations in the current fiscal...
P1-2 Cost of goods sold-merchandiser and manufacturer The following data were taken from the general ledgers...
P1-2 Cost of goods sold-merchandiser and manufacturer The following data were taken from the general ledgers and other sources of Gamma Manufacturing Inc. and Epsilon Merchandising Co. on April 30 of the current year: X Merchandise inventory, April 1 $ 38,000 Finished goods, April 1 67,000 Purchases..... 121,000 Cost of goods manufactured.. 287,000 Merchandise inventory, April 30. 33,000 Finished goods, April 30 61,000 Required: 1. Compute the cost of goods sold for Epsilon Merchandising Co., selecting the appropriate items from...
E1-9 L04 LO5 Determining materials, labor, and cost of goods sold The following inventory data relate...
E1-9 L04 LO5 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending Beginning Finished goods.. $75,000 $110,000 Work in process 80,000 70,000 Direct materials...... 95,000 90,000 Revenues and Costs for the Period: Sales $900,000 Cost of goods available for sale 775,000 Total manufacturing costs 675,000 Factory overhead 175,000 Direct materials used 205,000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods...
Labels Actual factory overhead Depreciation of equipment Direct labor used Direct materials used Factory overhead applied...
Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
Required information (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory...
Use the following data to compute total factory overhead costs for the month: ales comm15510ns Direct...
Use the following data to compute total factory overhead costs for the month: ales comm15510ns Direct labor Indirect materials Factory manager salaries Factory supplies Indirect labor Depreciation-office equipment Direct materials Corporate office salaries Depreciation-factory equipment $11,800 40,600 16,200 8,200 10,000 7,300 6,000 41,500 43,500 8,500 Multiple Cholce $150100. $132.300. $50,200. Mustang Corporation has accumulated the following accounting data for the month of April: Finished goods inventory, April 1 Finished goods inventory, April 30 Total cost of goods manufactured $ 31,400...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materials used in production $ 62,000 Direct labor 72,000 Factory overhead 23,000 Work in process inventory, April 1 50,000 Work in process inventory, April 30 39,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 18,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company...
Schedule of Cost of Goods Manufactured and Sold At December 31,2016, the end of its fiscal...
Schedule of
Cost of Goods Manufactured and Sold
At December 31,2016, the end of its fiscal year, Lederman
Manufacturing Corporation collected the following data for 2016
Materials inventory, January 1
$81,250
Materials inventory, December 31
48,750
Work in process inventory, January 1
97,500
Work in process inventory, December 31
133,250
Finished goods inventory, January 1
165,750
Finished goods inventory, December 31
117,000
Net delivered cost of materials purchased
406,250
Direct labor
481,000
Indirect material
39,000
Indirect labor
120,250
Factory supplies...
Cost of Goods Sold, The total cost of making and finishing a product.Cost of Goods Manufactured...
Cost of Goods Sold, The total cost of making and finishing a product.Cost of Goods Manufactured Glenville Company has the following information for April: The cost of materials that are an integral part of the finished product.Cost of direct materials used in production $ 49,000 The wages of factory workers who are directly involved in converting materials into a finished product.Direct labor 55,000 All of the costs of producing a product except for direct materials and direct labor.Factory overhead 28,000...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materials used in production $39,000 Direct labor Factory overhead Work in process inventory, April 1 Work in process inventory, April 30 Finished goods inventory, April 1 Finished goods inventory, April 30 49,000 30,000 24,000 37,000 27,000 21,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement...
Schedule of Cost of Goods Manufactured and sold At December 31,2016, the end of its fiscal...
Schedule of Cost of Goods Manufactured and sold At December 31,2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016 Materials inventory, January 1 $81,250 Materials inventory, December 31 48,750 Work in process inventory, January 1 97,500 Work in process inventory, December 31 133,250 Finished goods inventory, January 1 165,750 Finished goods inventory, December 31 117,000 Net delivered cost of materials purchased 406,250 Direct labor 481,000 Indirect material 39,000 Indirect labor 120,250 Factory supplies...
The following data were taken from the records of Clarkson Company for the fiscal year ended...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $49,900 45,000 96,100 28,500 22,700 29,200 145,050 27,360 34,100 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Man er's Salary Factory Property...
P1-2 Cost of goods sold-merchandiser and manufacturer The following data were taken from the general ledgers and other sources of Gamma Manufacturing Inc. and Epsilon Merchandising Co. on April 30 of the current year: X Merchandise inventory, April 1 $ 38,000 Finished goods, April 1 67,000 Purchases..... 121,000 Cost of goods manufactured.. 287,000 Merchandise inventory, April 30. 33,000 Finished goods, April 30 61,000 Required: 1. Compute the cost of goods sold for Epsilon Merchandising Co., selecting the appropriate items from...
E1-9 L04 LO5 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending Beginning Finished goods.. $75,000 $110,000 Work in process 80,000 70,000 Direct materials...... 95,000 90,000 Revenues and Costs for the Period: Sales $900,000 Cost of goods available for sale 775,000 Total manufacturing costs 675,000 Factory overhead 175,000 Direct materials used 205,000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods...
Labels
Actual factory overhead
Depreciation of equipment
Direct labor used
Direct materials used
Factory overhead applied
Factory rent
Factory utilities
Indirect labor
Indirect materials
Required information (The following information applies to the questions displayed below. Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $27,000; factory rent, $39,000; factory utilities, $24,000; and factory...
Use the following data to compute total factory overhead costs for the month: ales comm15510ns Direct labor Indirect materials Factory manager salaries Factory supplies Indirect labor Depreciation-office equipment Direct materials Corporate office salaries Depreciation-factory equipment $11,800 40,600 16,200 8,200 10,000 7,300 6,000 41,500 43,500 8,500 Multiple Cholce $150100. $132.300. $50,200. Mustang Corporation has accumulated the following accounting data for the month of April: Finished goods inventory, April 1 Finished goods inventory, April 30 Total cost of goods manufactured $ 31,400...
Schedule of
Cost of Goods Manufactured and Sold
At December 31,2016, the end of its fiscal year, Lederman
Manufacturing Corporation collected the following data for 2016
Materials inventory, January 1
$81,250
Materials inventory, December 31
48,750
Work in process inventory, January 1
97,500
Work in process inventory, December 31
133,250
Finished goods inventory, January 1
165,750
Finished goods inventory, December 31
117,000
Net delivered cost of materials purchased
406,250
Direct labor
481,000
Indirect material
39,000
Indirect labor
120,250
Factory supplies...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materials used in production $39,000 Direct labor Factory overhead Work in process inventory, April 1 Work in process inventory, April 30 Finished goods inventory, April 1 Finished goods inventory, April 30 49,000 30,000 24,000 37,000 27,000 21,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement...
Schedule of Cost of Goods Manufactured and sold At December 31,2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016 Materials inventory, January 1 $81,250 Materials inventory, December 31 48,750 Work in process inventory, January 1 97,500 Work in process inventory, December 31 133,250 Finished goods inventory, January 1 165,750 Finished goods inventory, December 31 117,000 Net delivered cost of materials purchased 406,250 Direct labor 481,000 Indirect material 39,000 Indirect labor 120,250 Factory supplies...
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 Raw Materials Inventory 6/30/20 Finished Goods Inventory 7/1/19 Finished Goods Inventory 6/30/20 Work in Process Inventory 7/1/19 Work in Process Inventory 6/30/20 Direct Labor Indirect Labor Accounts Receivable $49,900 45,000 96,100 28,500 22,700 29,200 145,050 27,360 34,100 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Man er's Salary Factory Property...
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