Required information
[The following information applies to the questions
displayed below.]
The following data refer to San Fernando Fashions Company for the year 20x2:
Sales revenue | $ | 1,050,000 | |
Work-in-process inventory, December 31 | 30,000 | ||
Work-in-process inventory, January 1 | 32,000 | ||
Selling and administrative expenses | 150,000 | ||
Income tax expense | 80,000 | ||
Purchases of raw material | 160,000 | ||
Raw-material inventory, December 31 | 25,000 | ||
Raw-material inventory, January 1 | 40,000 | ||
Direct labor | 180,000 | ||
Utilities: plant | 40,000 | ||
Depreciation: plant and equipment | 40,000 | ||
Finished-goods inventory, December 31 | 50,000 | ||
Finished-goods inventory, January 1 | 20,000 | ||
Indirect material | 8,000 | ||
Indirect labor | 12,000 | ||
Other manufacturing overhead | 60,000 | ||
2. Prepare San Fernando Fashions’ schedule of cost of goods sold for the year.
Answer is complete but not entirely correct.
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what am I doing wrong
Schedule of cost of goods sold
Finished goods inventory, January 1 | 20000 |
Add: Cost of goods manufactured | 483000 |
Cost of goods available for sale | 503000 |
Less: Finished goods inventory, December 31 | -50000 |
Cost of goods sold | 453000 |
Required information [The following information applies to the questions displayed below.] The following data refer to...
The following data refer to San Fernando Fashions Company for the
year 20x2:
Sales revenue
$
1,050,000
Work-in-process inventory, December 31
30,000
Work-in-process inventory, January 1
36,000
Selling and administrative expenses
150,000
Income tax expense
70,000
Purchases of raw material
160,000
Raw-material inventory, December 31
25,000
Raw-material inventory, January 1
20,000
Direct labor
200,000
Utilities: plant
40,000
Depreciation: plant and equipment
50,000
Finished-goods inventory, December 31
50,000
Finished-goods inventory, January 1
20,000
Indirect material
8,000
Indirect labor
12,000
Other manufacturing...
2..
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and...
Required information
[The following information applies to the questions
displayed below.]
Alexandria Aluminum Company, a manufacturer of recyclable soda
cans, had the following inventory balances at the beginning and end
of 20x1.
Inventory Classification
January 1, 20x1
December 31, 20x1
Raw material
$
60,000
$
70,000
Work in process
120,000
115,000
Finished goods
170,000
165,000
During 20x1, the company purchased $250,000 of raw material and
spent $400,000 on direct labor. Manufacturing overhead costs were
as follows:
Indirect material
$
8,000...
Required information The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipmenft Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x(0 Cash balance, 12/31/x1 Indirect material used $ 8,000 13,700 3,600 8,300 14,000 7,000 4,300 2,100 10,200 2,400 Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 15,300 38,800 6,000 2,400 3,800 29,000 3,600 1,200...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/XO Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/xl Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative...
Required information
[The following information applies to the questions
displayed below.]
The following selected information was extracted from the 20x1
accounting records of Lone Oak Products:
Raw material purchases
$
175,000
Direct labor
254,000
Indirect labor
109,000
Selling and administrative salaries
133,000
Building depreciation*
80,000
Other selling and administrative expenses
195,000
Other factory costs
344,000
Sales revenue ($130 per unit)
1,495,000
*Seventy-five percent of the company's building was devoted to
production activities; the remaining 25 percent was used for
selling...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor...
Required information [The following information applies to the questions displayed below.) Finlon Upholstery, Inc. uses a job-order costing system to accumulate manufacturing costs. The company's work-in- process on December 31, 20x1, consisted of one job (no. 2077), which was carried on the year-end balance sheet at $156,800. There was no finished-goods inventory on this date. Finlon applies manufacturing overhead to production on the basis of direct-labor cost. (The budgeted direct-labor cost is the company's practical capacity, in terms of direct-labor...