a) Problem 1: What is your total for Inventory? See circle on the printed exercise.
b) Problem 1: What is your total for Net Income? See circle.
c) Problem 2: What is your total for Cost of Goods Sold? See circle.
d) Problem 2: What is your total for Net Income? See circle.
e) Problem 2: What is your total for Ending Inventory (in dollars)?
Material | 6800 | |
Wages | 7200 | |
PRIME COST | 14000 |
COGS PER UNIT: 14000/4000 = 3.5 |
Salary | 4300 | |
18300 | ||
Depreciation | 6600 |
Equipment: (23-3)/4=5 Furniture: (9-1)/5=1.6 |
Total Cost of Production | 24900 | |
Cost per Unit | 6.225 | 24900/4000 |
Selling price | 9.96 | 6.225*160/100 |
So, Total Net Income | 11205 | |
Cogs | 10500 |
2) COGS (11000+8000)/8000*6000=14250
NET INCOME (9*6000)-14250-16000=23750
CLOSING INVRNTORY: 4750
a) Problem 1: What is your total for Inventory? See circle on the printed exercise. b) Problem 1: What is your total for Net Income? See circle. c) Problem 2: What is your total for Cost of Goods Sold...
Chec 3 Exercise 1-8A (Algo) Allocating product costs between ending inventory and cost of goods sold LO 1-3 3 points Stuart Manufacturing Company began operations on January 1. During the year, it started and completed 1720 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Skipped eBook 1. Raw materials purchased and used --$3,080. 2. Wages of production workers-$3.490. 3. Salaries of administrative and sales personnel -$1,960 4. Depreciation on manufacturing...
Exercise 10-8 Allocating product costs between ending inventory and cost of goods sold LO 10-3 Vernon Manufacturing Company began operations on January 1. During the year, it started and completed 1,660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,915. 4. Depreciation on manufacturing equipment-$5,388. 5. Depreciation on administrative equipment-$1,805. Vernon sold 1,150...
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The following transactions pertain to 2018, the first-year operations of Rooney Company. All inventory was started and completed during 2018. Assume that all transactions are cash transactions. Acquired $4,100 cash by issuing common stock. Paid $650 for materials used to produce inventory. Paid $1,940 to production workers. Paid $1,120 rental fee for production equipment. Paid $120 to administrative employees. Paid $113 rental fee for administrative office equipment. Produced 350 units of inventory of which 230 units were sold at a...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $674,000; Raw Materials Inventory, $52,000; Work in Process Inventory, $23,000; Finished Goods Inventory, $48,000; Common Stock, $601,000; and Retained Earnings, $196,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Required information Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 (The following information applies to the questions displayed below.) Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $662,000: Raw Materials Inventory. $53,000; Work in Process Inventory. $33,000: Finished Goods Inventory. $44,000; Common Stock, $601,000, and Retained Earnings. $191,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $55,000; Common Stock, $589,000; and Retained Earnings, $216,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
Problem 10-27 Schedule of cost of goods manufactured and sold LO 10-3 [The following information applies to the questions displayed below.] Antioch Company makes eBook readers. The company had the following amounts at the beginning of 2018: Cash, $665,000; Raw Materials Inventory, $57,000; Work in Process Inventory, $28,000; Finished Goods Inventory, $55,000; Common Stock, $589,000; and Retained Earnings, $216,000. Antioch experienced the following accounting events during 2018. Other than the adjusting entries for depreciation, assume that all transactions are cash...
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