use the following to compute Cost of Goods Sold Beginning Merchandise Inventory $ 19,000 Beginning Materials...
use the following to compute Cost of Goods Sold
| Beginning Merchandise Inventory | $ 19,000 |
| Beginning Materials Inventory | $ 22,000 |
| Rent Expense | $ 24,000 |
| Ending Merchandise Inventory | $ 29,000 |
| Ending Supplies Inventory | $ 8,000 |
| Sales Salaries | $ 15,000 |
| Cost of Merchandise Purchased | $ 65,000 |
| Advertising Expense | $ 16,000 |
Homework Answers
Cost of goods sold = Beginning Inventory + Purchases − Ending Inventory
= $41,000 + $65,000-$37,000
= $69,000
Explanation
Beginning Inventory = Beginning Merchandise Inventory + Beginning Materials Inventory
= $19,000 + $22,000 = $41,000
Purchases = Cost of Merchandise Purchased = $65,000
Ending Inventory = Ending Merchandise Inventory+Ending Supplies Inventory
=$29,000+$8,000 = $37,000
Add Answer to:
use the following to compute Cost of Goods Sold
Beginning Merchandise Inventory
$ 19,000
Beginning Materials...
Schedule of Cost of Goods Manufactured and sold The following amounts are available for 2019 for...
Schedule of Cost of Goods Manufactured and sold The following amounts are available for 2019 for Bourne Manufacturing Company: Administrative salaries (non-factory) $70,000 Administrative rent (non-factory) 35,000 Advertising and promotion expense 41,000 Depreciation-administrative 22,000 Depreciation-factory 30,000 Depreciation-selling 17,000 Direct labor 175,000 Factory rent 18,000 Factory supplies used 12,000 Finished goods inventory (January 1) 57,000 Finished goods inventory (December 31) 50,000 Indirect material used 14,000 Indirect labor 19,000 Materials inventory (January 1) 15,000 Materials inventory (December 31) 20,000 Net delivered cost...
Office salaries $25,000 Advertising expense $13,000 Materials inventory, Jan $39,000 11 Direct labor $30,000 Materials inventory,...
Office salaries $25,000 Advertising expense $13,000 Materials inventory, Jan $39,000 11 Direct labor $30,000 Materials inventory, Jan $38.000 31 Office supplies $1,000 Sales $118,000 Work-in-process, Jan 1 $12,000 Materials purchased $16,000 Work-in-process, Jan 31 $16,000 Finished goods, Jan 1 $24,000 Factory depreciation $12,000 Finished goods, Jan 31 $22,000 Units completed 5,600 Factory utilities $6,000 $17,000 Factory rent Use the above information to answer questions 7-9 Cook Co. reports the above information for January. Determine the cost of materials used in...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
cost of goods manufactured=346900 Part 2: Compute cost of goods sold Pina Colada Corp. incurred the...
cost of goods
manufactured=346900
Part 2: Compute cost of goods
sold
Pina Colada Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,100 Advertising expense 70,700 Property taxes on plant 8,060 Delivery expense 111,900 Sales commissions 24,000 Salaries paid to sales clerks $53,400 16,500 22,000 44,200 51,100 Work in process inventory was $14,300 at January 1 and $16,600 at December 31....
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in procesS inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net $12,30i0 19,000 11,800 33,500 $ 17,050 19, 500 13,800 22,600 21,800 17,150 41,400 15,000 22, 300 17,000 6,800 11,850 10,000 8,000...
Required: 1. Compute the company’s net sales for the year. 2. Compute the company’s total cost...
Required:
1. Compute the company’s net sales
for the year.
2. Compute the company’s total cost of merchandise purchased for
the year.
3. Prepare a multiple-step income statement that includes separate
categories for net sales, cost of goods sold, selling expenses, and
general and administrative expenses.
4. Prepare a single-step income statement that includes these
expense categories: cost of goods sold, selling expenses, and
general and administrative
expenses.
[The following information applies to the questions displayed below.) Valley Company's adjusted...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) $105,000 Administrative rent (non-factory) 52,500 Advertising and promotion expense 61,500 Depreciation-administrative 33,000 Depreciation-factory 45,000 Depreciation-selling 25,500 Direct labor 262,500 Factory rent 27,000 Factory supplies used 18,000 Finished goods inventory (January 1) 85,500 Finished goods inventory (December 31) 78,000 Indirect material used 21,000 Indirect labor 28,500 Materials inventory (January 1) 19,500 Materials inventory (December 31) 30,000 Net delivered cost...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
1. compute the companys net sales for the year 2. compute the companys total cost of...
1.
compute the companys net sales for the year
2. compute the companys total cost of merchandise purchased
for year
3. prepare multiple step income statement
4. prepare single step income statement
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense--selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 39,500...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
Schedule of Cost of Goods Manufactured and sold The following amounts are available for 2019 for Bourne Manufacturing Company: Administrative salaries (non-factory) $70,000 Administrative rent (non-factory) 35,000 Advertising and promotion expense 41,000 Depreciation-administrative 22,000 Depreciation-factory 30,000 Depreciation-selling 17,000 Direct labor 175,000 Factory rent 18,000 Factory supplies used 12,000 Finished goods inventory (January 1) 57,000 Finished goods inventory (December 31) 50,000 Indirect material used 14,000 Indirect labor 19,000 Materials inventory (January 1) 15,000 Materials inventory (December 31) 20,000 Net delivered cost...
Office salaries $25,000 Advertising expense $13,000 Materials inventory, Jan $39,000 11 Direct labor $30,000 Materials inventory, Jan $38.000 31 Office supplies $1,000 Sales $118,000 Work-in-process, Jan 1 $12,000 Materials purchased $16,000 Work-in-process, Jan 31 $16,000 Finished goods, Jan 1 $24,000 Factory depreciation $12,000 Finished goods, Jan 31 $22,000 Units completed 5,600 Factory utilities $6,000 $17,000 Factory rent Use the above information to answer questions 7-9 Cook Co. reports the above information for January. Determine the cost of materials used in...
Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
cost of goods
manufactured=346900
Part 2: Compute cost of goods
sold
Pina Colada Corp. incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $126,100 Advertising expense 70,700 Property taxes on plant 8,060 Delivery expense 111,900 Sales commissions 24,000 Salaries paid to sales clerks $53,400 16,500 22,000 44,200 51,100 Work in process inventory was $14,300 at January 1 and $16,600 at December 31....
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in procesS inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net $12,30i0 19,000 11,800 33,500 $ 17,050 19, 500 13,800 22,600 21,800 17,150 41,400 15,000 22, 300 17,000 6,800 11,850 10,000 8,000...
Required:
1. Compute the company’s net sales
for the year.
2. Compute the company’s total cost of merchandise purchased for
the year.
3. Prepare a multiple-step income statement that includes separate
categories for net sales, cost of goods sold, selling expenses, and
general and administrative expenses.
4. Prepare a single-step income statement that includes these
expense categories: cost of goods sold, selling expenses, and
general and administrative
expenses.
[The following information applies to the questions displayed below.) Valley Company's adjusted...
Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory (direct materials) Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used (indirect materials) General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts receivable, net Garcon Company $ 13,400 16,000 7,700 32,250 23,600 20,900 26, 200 5,500 10,500 9,700 28,500 2,100 4,700...
1.
compute the companys net sales for the year
2. compute the companys total cost of merchandise purchased
for year
3. prepare multiple step income statement
4. prepare single step income statement
Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense--selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 39,500...
Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise Inventory Supplies Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Cost of Goods Sold Salaries Expense Utilities Expense Rent Expense Interest Expense Totals $3,000 25,000 293,000 22,000 6.00 465,000 200,000 15,000 68,000 53,000 __4.000 $808,000 $808,000 How much is the gross profit? O A. $129,000 B. $119,000 O C. $125,000 D. $265,000
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