Homework Answers
A : Cost of goods sold = Revenues - Gross margin = 52,000 - 18,000 = 34,000
B: Finished goods , 31/12 = 1000
Working:
| Beginning work in process , January 1 | 3000 |
| Add: Direct materials used | 13,000 |
| Direct Labor | 4500 |
| Manufacturing overheads | 9500 |
| Less: Ending work in process , 12/31 | 0 |
| Cost of goods manufactured | 30000 |
| Add: Beginning finished goods | 5000 |
| Cost of goods available for sale | 35000 |
| Less: Ending finished goods | 1000 |
| Cost of goods sold | 34000 |
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products (D)) All of these answers are correct 2. Find the unknown amounts (designated by the...
2-48 Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some...
2-48 Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2. Accounts receivable, 12/31 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished-goods inventory, 12/31 Gross margin Work-in-process inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 1/1 Direct materials...
2-48 Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some...
2-48 Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2 Case 1 $8,000 500 Case 2 $3,150 31,800 2550 Accounts receivable, 12/31 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished-goods inventory, 12/3 Gross margin Work-in-process inventory,...
Exercise 7 (Finding unknown balances) An auditor for the Internal Revenue Service is trying to reconstruct...
Exercise 7 (Finding unknown balances) An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find the unknown designated by capital letters (figures are assumed to be in thousands). Case 1 Case 2 Accounts receivable, December 31, 20X1 Cost of goods sold Accounts payable, January 1, 20xI P6,000 P 2,100 A 20,000 3,000 1,700 1,800 1,50 B 5,300 Accounts payable, December 31, 20xi...
Required: Supply the missing data in the following cases. Each case is independent of the others....
Required: Supply the missing data in the following cases. Each case is independent of the others. Case 2 5,000 $ 3,500 6,500 $ 3,500 4,500 5,500 $ 7,500 4,500 9,500 5,500 19.000 3,000 20,500 3,500 2,250 1,500 3,250 18,500 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory Cost of goods sold Gross...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18...
Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the...
Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Classic Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs ClassicClassic's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead...
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as...
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter Off Company On Company 319,410 x $ 2. Prepare On Company's statement of cost of goods manufactured for December. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 $ 173,240 Direct materials: Materials inventory, December 1 Purchases Cost of materials available for use Materials inventory, December 31 Cost of direct...
Jasper, Inc. reports the following cost information for March. What is the cost of goods sold...
Jasper, Inc. reports the following cost information for March. What is the cost of goods sold for March? Cost of Goods Manufactured Manufacturing Overhead Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in - Process Inventory, March 1 Work-in - Process Inventory, March 31 Direct Materials Used $74,600 18,500 4,500 2,700 9,800 1,500 25,800 O A. $72,800 O B. $76,400 O c. $79,100 OD. $2,500
FILL OUT BLUE SQUARES Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's...
FILL OUT BLUE SQUARES
Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,700 for the year has not yet been closed into cost of goods sold. Required: Complete the following T-accounts. Bal. 1/1 Raw-Material Inventory 21,300 134,800 36,000 Accounts Payable 2,700 Bal. 1/1 136,500 1,000 Bal. 12/31 Bal. 12/31 Work-in-Process Inventory 17,000 Finished-Goods Inventory 12,000 Bal....
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories....
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016: july Received material costing $2,000 from a supplier. The material was purchased on account. Requisitioned $6,000 of material for use in the factory, consisting of $5,000 of direct material and $1,000 of indirect 9 mrial. 11 Recorded the factory payroll: $13,500 of direct labor and $1,500 of indirect labor. 17 Incurred various overhead costs totaling $14,000....
2-48 Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2. Accounts receivable, 12/31 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished-goods inventory, 12/31 Gross margin Work-in-process inventory, 1/1 Work-in-process inventory, 12/31 Finished-goods inventory, 1/1 Direct materials...
2-48 Finding unknown amounts. An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find the unknowns designated by the letters A and B for Case 1 and C and D for Case 2 Case 1 $8,000 500 Case 2 $3,150 31,800 2550 Accounts receivable, 12/31 Cost of goods sold Accounts payable, 1/1 Accounts payable, 12/31 Finished-goods inventory, 12/3 Gross margin Work-in-process inventory,...
Exercise 7 (Finding unknown balances) An auditor for the Internal Revenue Service is trying to reconstruct some partially destroyed records of two taxpayers. For each of the cases in the accompanying list, find the unknown designated by capital letters (figures are assumed to be in thousands). Case 1 Case 2 Accounts receivable, December 31, 20X1 Cost of goods sold Accounts payable, January 1, 20xI P6,000 P 2,100 A 20,000 3,000 1,700 1,800 1,50 B 5,300 Accounts payable, December 31, 20xi...
Required: Supply the missing data in the following cases. Each case is independent of the others. Case 2 5,000 $ 3,500 6,500 $ 3,500 4,500 5,500 $ 7,500 4,500 9,500 5,500 19.000 3,000 20,500 3,500 2,250 1,500 3,250 18,500 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory Cost of goods sold Gross...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18...
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter Off Company On Company 319,410 x $ 2. Prepare On Company's statement of cost of goods manufactured for December. On Company Statement of Cost of Goods Manufactured For the Month Ended December 31 Work in process inventory, December 1 $ 173,240 Direct materials: Materials inventory, December 1 Purchases Cost of materials available for use Materials inventory, December 31 Cost of direct...
Jasper, Inc. reports the following cost information for March. What is the cost of goods sold for March? Cost of Goods Manufactured Manufacturing Overhead Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 Work-in - Process Inventory, March 1 Work-in - Process Inventory, March 31 Direct Materials Used $74,600 18,500 4,500 2,700 9,800 1,500 25,800 O A. $72,800 O B. $76,400 O c. $79,100 OD. $2,500
FILL OUT BLUE SQUARES
Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31. Additional information: a. Accounts payable is used only for direct-material purchases. b. Underapplied overhead of $2,700 for the year has not yet been closed into cost of goods sold. Required: Complete the following T-accounts. Bal. 1/1 Raw-Material Inventory 21,300 134,800 36,000 Accounts Payable 2,700 Bal. 1/1 136,500 1,000 Bal. 12/31 Bal. 12/31 Work-in-Process Inventory 17,000 Finished-Goods Inventory 12,000 Bal....
Journal Entries Paulson Manufacturing Company uses the perpetual inventory system to account for its manufacturing inventories. The following are Paulson's transactions during July 2016: july Received material costing $2,000 from a supplier. The material was purchased on account. Requisitioned $6,000 of material for use in the factory, consisting of $5,000 of direct material and $1,000 of indirect 9 mrial. 11 Recorded the factory payroll: $13,500 of direct labor and $1,500 of indirect labor. 17 Incurred various overhead costs totaling $14,000....
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