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15. Gannon Company had the following information at December 31: Finished goods inventory, January 1 Finished goods...
Marigold Corp. had the following information at December 31: Finished goods inventory, January 1 $ 40000...
Marigold Corp. had the following information at December 31: Finished goods inventory, January 1 $ 40000 Finished goods inventory, December 31 90000 If the cost of goods manufactured during the year amounted to $2200000 and annual sales were $2750000, the amount of gross profit for the year is
Inventory calculation On January 1, the finished goods inventory of the Manuel Company was $300,000during the...
Inventory calculation On January 1, the finished goods inventory of the Manuel Company was $300,000during the year Manuel’s cost of goods manufactured was $1,900,000sales were $2,000,000 with a 20% gross profit Required: The cost assigned to the December 31 finished goods inventory
The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw...
The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule Prepare an income statement through gross profit. AIKMAN COMPANY Income Statement (Partial) Show the presentation of the ending inventories on the December 31, 2017, balance...
Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in finished goods inven...
Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 floor lamps in finished goods inventory. The lamps sell for $50 each. Daniels accounting records provide the following information for the past year: Purchases of direct materials $1,675,000 Direct materials inventory, January 1 $380,000 Direct materials inventory, December 31 $327,000 Direct labor $2,000,000 Indirect labor...
Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory,...
Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory, December 31 Total cost of goods sold $ 3,200 4,000 14,200 The cost of goods manufactured for the year is: $21,400. $11,000 O $15,000 $17,400 $10,200. --$7.000.000 2 pts A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold...
The following information is available for Dynatech, Inc. for the fiscal year ending December 31, 2017:...
The following information is available for Dynatech, Inc. for
the fiscal year ending December 31, 2017:
ber 31, 07 is available for Dynatech, Inc. for the f Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $150,000 280,000 450,000 380,000 2,100,000 2,700,000 1,400,000 1,250,000 7,200,000 Prepare a schedule of cost...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials Work in process 642,350 Finished goods617,370 $356,860 $435,370 592,100 605,160 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory $295,620 41,800 56,160 670,470 22,200 78,370 657,410 229,440 18,290 37,880 30,910 3,078,070 377,900 15,240 < ) Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 1. Prepare...
The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw...
The following information is available for Aikman
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$21,240
$32,930
Work in process inventory
16,990
18,070
Finished goods inventory
30,180
24,300
Materials purchased
$154,190
Direct labor
224,280
Manufacturing overhead
184,560
Sales revenue
903,230
Compute cost of goods manufactured.
Aikman Company
Cost of Goods Manufactured Schedule
Prepare an income statement through gross profit.
AIKMAN COMPANY
Income Statement (Partial)
Show the presentation of the ending inventories on the December
31, 2017, balance...
The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the...
The budgeted finished goods inventory and cost of goods sold for a manufacturing company for the year 2008 are as follows: January 1 finished goods, $765,000; December 31 finished goods, $540,000; cost of goods sold for the year, $2,560,000. The budgeted costs of goods manufactured for the year is?
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $231,660 Selling expenses 77,390 Administrative expenses 40,910 Sales 492,900 Finished goods inventory, January 1 55,700 Finished goods inventory, January 31 50,770 a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January...
Romeo Corporation reports the following for the year, Finished goods inventory, January 1 Finished goods inventory, December 31 Total cost of goods sold $ 3,200 4,000 14,200 The cost of goods manufactured for the year is: $21,400. $11,000 O $15,000 $17,400 $10,200. --$7.000.000 2 pts A manufacturing company has a beginning finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and an ending finished goods inventory of $17,800. The cost of goods sold...
The following information is available for Dynatech, Inc. for
the fiscal year ending December 31, 2017:
ber 31, 07 is available for Dynatech, Inc. for the f Beginning balance in Work in Process Inventory Ending balance in Work in Process Inventory Beginning balance in Finished Goods Inventory Ending balance in Finished Goods Inventory Direct material cost Direct labor cost Manufacturing overhead Selling and administrative expenses Sales $150,000 280,000 450,000 380,000 2,100,000 2,700,000 1,400,000 1,250,000 7,200,000 Prepare a schedule of cost...
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials Work in process 642,350 Finished goods617,370 $356,860 $435,370 592,100 605,160 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory $295,620 41,800 56,160 670,470 22,200 78,370 657,410 229,440 18,290 37,880 30,910 3,078,070 377,900 15,240 < ) Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory Required: 1. Prepare...
The following information is available for Aikman
Company.
January 1, 2017
2017
December 31, 2017
Raw materials inventory
$21,240
$32,930
Work in process inventory
16,990
18,070
Finished goods inventory
30,180
24,300
Materials purchased
$154,190
Direct labor
224,280
Manufacturing overhead
184,560
Sales revenue
903,230
Compute cost of goods manufactured.
Aikman Company
Cost of Goods Manufactured Schedule
Prepare an income statement through gross profit.
AIKMAN COMPANY
Income Statement (Partial)
Show the presentation of the ending inventories on the December
31, 2017, balance...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $231,660 Selling expenses 77,390 Administrative expenses 40,910 Sales 492,900 Finished goods inventory, January 1 55,700 Finished goods inventory, January 31 50,770 a. For the month ended January 31, determine Bandera Manufacturing's cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January...
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