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I filled majority of this put but want to know if I did it
correctly. Thank you!
Exercise 11-14A Product cost flow and financial statements land Manufacturing Compañy was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production...
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Please use excel for answering
the questions a-b. You will need to make a horizontal statements
model, as pictured in the text, for this problem.
Exercise 11-14A Product cost flow and financial statements D Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of...
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Page 512 LO 11-1, 11-2, 11-3 Exercise 11-14A Product cost flow and financial statements Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production employees $720 cash. 5. Paid $360 cash for manufacturing overhead...
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Selected financial information for the Company is presented in the following table (000s omitted). Sales revenue $4200 Purchases of direct materials $480 Direct labor $500 Manufacturing overhead $700 Operating expenses $680 Beginning raw materials inventory $290 Ending raw materials inventory $200 Beginning work in process inventory $410 Ending work in process inventory $460 Beginning finished goods inventory $340 Ending finished goods inventory $300 What was cost of goods sold? $960 $1790 $1680 O $1760
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1. Classify each cost as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or a period cost for a shoe manufacturer. Leather Utility bill for the manufacturing plant Depreciation expense on accounting dept. copier Wages of production line employees Wages of sales employees Shoe laces Plant supervisor Depreciation expense on sewing machines DM DM DM DM DM DM DM DM DL DL DL DL DL MOH Period Cost MOH Period Cost MOH Period Cost MOH Period Cost MOH Period...
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beginning RM inventory (in units) Quantity of DM needed per unit M cost per pound Hesired ending RM inventory/next quarter's RM needs desired ending RM inventory at year-end 24,000 pounds 20.00 pounds $0.30 dollars 15% 30,000 pounds Cash payments to suppliers: paid in the quarter of purchase paid in the quarter following purchase 40% of the purchases 60% of the purchases L hours per unit Late per hour 0.24 hours $12.00 dollars Manufacturing overhead Variable MOH Fixed MOH $5.00 per...
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Cost of Goods Manufactured and Sold The following data relate to three independent production periods of Riverside Manufacturing Company. Missing data are indicated by question marks. A B C Materials: Beginning inventory $312 $ 984 $ 660 Purchases ? 4,200 3,000 Ending inventory 444 600 ? Total material used 1,980 ? 2,640 Direct labor 3,480 5,760 4,800 Manufacturing overhead: Indirect material 576 ? 720 Indirect labor 960 900 2,100 Other ? 1,200 2,040 Total manufacturing overhead 3,120 2,880 Work in...
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Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
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Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted). $5,000 Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $480 $690 $670 $300 $260 $340 $440 $290 $210 What was the cost of goods manufactured? O A. $1,540 O B. $1,530 OC. $1,740 O D. $1,640
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Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513)...
I filled majority of this put but want to know if I did it
correctly. Thank you!
Exercise 11-14A Product cost flow and financial statements land Manufacturing Compañy was started on January 1, 2018. The company was affected by the following events during its first year of operation: 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production...
Please use excel for answering
the questions a-b. You will need to make a horizontal statements
model, as pictured in the text, for this problem.
Exercise 11-14A Product cost flow and financial statements D Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of...
Page 512 LO 11-1, 11-2, 11-3 Exercise 11-14A Product cost flow and financial statements Loveland Manufacturing Company was started on January 1, Year 1. The company was affected by the following events during its first year of operation 1. Acquired $2,400 cash from the issue of common stock. 2. Paid $720 cash for direct raw materials. 3. Transferred $480 of direct raw materials to work in process. 4. Paid production employees $720 cash. 5. Paid $360 cash for manufacturing overhead...
Selected financial information for the Company is presented in the following table (000s omitted). Sales revenue $4200 Purchases of direct materials $480 Direct labor $500 Manufacturing overhead $700 Operating expenses $680 Beginning raw materials inventory $290 Ending raw materials inventory $200 Beginning work in process inventory $410 Ending work in process inventory $460 Beginning finished goods inventory $340 Ending finished goods inventory $300 What was cost of goods sold? $960 $1790 $1680 O $1760
1. Classify each cost as direct materials (DM), direct labor (DL), manufacturing overhead (MOH), or a period cost for a shoe manufacturer. Leather Utility bill for the manufacturing plant Depreciation expense on accounting dept. copier Wages of production line employees Wages of sales employees Shoe laces Plant supervisor Depreciation expense on sewing machines DM DM DM DM DM DM DM DM DL DL DL DL DL MOH Period Cost MOH Period Cost MOH Period Cost MOH Period Cost MOH Period...
beginning RM inventory (in units) Quantity of DM needed per unit M cost per pound Hesired ending RM inventory/next quarter's RM needs desired ending RM inventory at year-end 24,000 pounds 20.00 pounds $0.30 dollars 15% 30,000 pounds Cash payments to suppliers: paid in the quarter of purchase paid in the quarter following purchase 40% of the purchases 60% of the purchases L hours per unit Late per hour 0.24 hours $12.00 dollars Manufacturing overhead Variable MOH Fixed MOH $5.00 per...
Cost of Goods Manufactured and Sold The following data relate to three independent production periods of Riverside Manufacturing Company. Missing data are indicated by question marks. A B C Materials: Beginning inventory $312 $ 984 $ 660 Purchases ? 4,200 3,000 Ending inventory 444 600 ? Total material used 1,980 ? 2,640 Direct labor 3,480 5,760 4,800 Manufacturing overhead: Indirect material 576 ? 720 Indirect labor 960 900 2,100 Other ? 1,200 2,040 Total manufacturing overhead 3,120 2,880 Work in...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Selected financial information for Brookeville Manufacturing is presented in the following table (000s omitted). $5,000 Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $480 $690 $670 $300 $260 $340 $440 $290 $210 What was the cost of goods manufactured? O A. $1,540 O B. $1,530 OC. $1,740 O D. $1,640
Exercise 2 Record journal entries for the following transactions: 7/1 Paid $200 to repair factory equipment (Ck #512). 7/12 Purchased $400 raw materials on account from Distributor Co. 7/18 Paid factory property taxes of $120 (Ck #513). 7/31 Recorded $160 depreciation on factory machinery. Dr. 200 Date Account / Explanation 7/1 Manufacturing overhead Cash (Repair equipment ck#512) 200 400 7/12 Raw materials inventory Accounts payable (RM purchases - Distributor Co) 100 120 7/18 Manufacturing overhead Cash (Property taxes - Ck#513)...