Homework Answers
Cost of goods sold = Finished Goods Inventory, Beginning + Cost of Goods Manufactured - Finished Goods Inventory, Ending
= $ 45,000 + $ 575,000 - $ 80,000
= $ 540,000
Income Statement:
| Amount ($) | |
| Sales | 900,000 |
| Cost of Goods Sold | 540,000 |
| Gross Profit | 360,000 |
| Operating Expenses | 300,000 |
| Operating Income | 60,000 |
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Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On Company Off Company Materials inventory, December 1 $71,830 $94,820 Materials inventory, December 31 (a) 107,150 Materials purchased 182,450 213,350 Cost of direct materials used in production 192,500 (a) Direct labor 270,800 (b) Factory overhead 84,040 106,200 Total manufacturing costs incurred in December (b) 613,490 Total manufacturing...
Several items are omitted from the income statement and cost of goods manufactured statement data for...
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December On Off Company Company $86,850 $118,980 (a) 134,450 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production 220,600 (a) 232,760 (b) 327,420 267,710 Direct labor 101,610 133,260 (b) 769,800 828,540 1,056,540 166,750 286,740 Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory,...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
prepare the income statement for east aquatic company for the most recent year. use the calculation...
prepare the income statement for east aquatic company for the most
recent year. use the calculation of cost of goods sold, cost of
goods manufactured, and the amount below. Assume that the company
sold 30,000 units for its product at a price of $11 each during the
year.
DATA:
------------------------------------------
^^ what i did so far .. please use same format because i am
confused
Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct...
Income Statement Lederman Manufacturing Corporation sold 30,000 units of product for $49 each dur year, 10,000...
Income Statement Lederman Manufacturing Corporation sold 30,000 units of product for $49 each dur year, 10,000 shares of common stock were outstanding. Prepare an income stateme (ignore income taxes). Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory Cost of materials purchased Cost of material available Less: Ending materials Inventory Total materials used Less: Indirect material used Direct materials used $50,000 250,000 300,000 30,000 270,000 24,000 246,000...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $81,910 $103,210 Materials inventory, December 31 (a) 116,630 Materials purchased 208,050 (a) Cost of direct materials used in production 219,520 (b) Direct labor 308,800 232,220 Factory overhead 95,830 115,600 Total manufacturing costs incurred in December (b) 667,770 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On Company Off Company Materials inventory, December 1 $56,220 $75,330 Materials inventory, December 31 (a) 85,120 Materials purchased 142,800 169,490 Cost of direct materials used in production 150,670 (a) Direct labor 211,950 (b) Factory overhead 65,780 84,370 Total manufacturing costs incurred in December (b) 487,390 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statem...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $81,910 $103,210 Materials inventory, December 31 (a) 116,630 Materials purchased 208,050 (a) Cost of direct materials used in production 219,520 (b) Direct labor 308,800 232,220 Factory overhead 95,830 115,600 Total manufacturing costs incurred in December (b) 667,770 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On Company Off Company Materials inventory, December 1 $82,890 $113,560 Materials inventory, December 31 (a) 128,320 Materials purchased 210,540 255,510 Cost of direct materials used in production 222,150 (a) Direct labor 312,500 (b) Factory overhead 96,980 127,190 Total manufacturing costs incurred in December (b) 734,730 Total manufacturing...
Prepare the income statement for Aqua SourceAqua Source Company, for the most recent year, using the...
Prepare the income statement for Aqua SourceAqua Source Company,
for the most recent year, using the amounts and the schedule of
cost of goods manufactured below. Assume that the company sold
40,000 units of its product at a price of $15 each during the
year.
Prepare the income statement for Aqua Source Company, for the most recent year, using the amounts and the schedule of cost of goods manufactured below. Assume that the company sold 40,000 units of its product...
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December On Off Company Company $86,850 $118,980 (a) 134,450 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production 220,600 (a) 232,760 (b) 327,420 267,710 Direct labor 101,610 133,260 (b) 769,800 828,540 1,056,540 166,750 286,740 Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory,...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
prepare the income statement for east aquatic company for the most
recent year. use the calculation of cost of goods sold, cost of
goods manufactured, and the amount below. Assume that the company
sold 30,000 units for its product at a price of $11 each during the
year.
DATA:
------------------------------------------
^^ what i did so far .. please use same format because i am
confused
Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct...
Income Statement Lederman Manufacturing Corporation sold 30,000 units of product for $49 each dur year, 10,000 shares of common stock were outstanding. Prepare an income stateme (ignore income taxes). Lederman Manufacturing Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory Cost of materials purchased Cost of material available Less: Ending materials Inventory Total materials used Less: Indirect material used Direct materials used $50,000 250,000 300,000 30,000 270,000 24,000 246,000...
Prepare the income statement for Aqua SourceAqua Source Company,
for the most recent year, using the amounts and the schedule of
cost of goods manufactured below. Assume that the company sold
40,000 units of its product at a price of $15 each during the
year.
Prepare the income statement for Aqua Source Company, for the most recent year, using the amounts and the schedule of cost of goods manufactured below. Assume that the company sold 40,000 units of its product...
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