CLO1
docx
keyboard_arrow_up
School
Westcliff University *
*We aren’t endorsed by this school
Course
500
Subject
Accounting
Date
Jun 22, 2024
Type
docx
Pages
6
Uploaded by ChancellorRabbitPerson1043
1
CLO Assignment 1
Michael Ayala Coba
Westcliff University
FIN500: Financial & Accounting Skills for Managers
Professor Blount
May 22, 2024
2
Please note:
Abstracts are not
required for student
papers (they do not
take the place of introductions)
Only write an abstract if your professor specifically
requires one
(If it is required, please see these tutorials for
assistance on structure and content: Abstract, Overview
Abstract, Informative
)
3
CLO Assignment 1
Cost of Goods Sold in Manufacturing vs Merchandising Companies
The calculation of the cost of goods sold (COGS) in manufacturing companies differs from that in merchandising companies due to the nature of their operations. Manufacturing companies produce goods from raw materials, so their COGS includes raw materials, direct labor, and manufacturing overhead. The formula for manufacturing COGS is: Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory. Cost of Goods Manufactured encompasses all production costs incurred during the period, making the calculation more complex.
(Wild & Shaw, 2022) (Ross et al., 2021)
In contrast, merchandising companies buy finished goods for resale without altering them. Their COGS calculation is simpler, focusing on the cost of purchases and any freight-in costs. The formula for merchandising COGS is: Beginning Inventory + Purchases - Ending Inventory. The key differences lie in the components of costs and the complexity of the calculation, with manufacturing companies needing to account for multiple stages of inventory (raw materials, work-in-progress, and finished goods) and production costs, whereas merchandising companies primarily manage merchandise inventory. (Wild & Shaw, 2022) (Ross
et al., 2021)
Calculation
The annual financial data at December 31, 2017, taken from two different companies are shown below:
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
4
Cost of Goods Sold Music World Retail
Cost of Goods Sold Wave-Board Manufacturing
5
Memorandum
6
References
Baye, M. R., & Prince, J. T. (2022). Managerial economics and business strategy (10th ed.). Mcgraw-Hill Education, Ross, S. A., Westerfield, R., & Jordan, B. D. (2021). Fundamentals of Corporate Finance
. Mcgraw Hill.
Wild, J. J., & Shaw, K. W. (2022). Financial & managerial accounting : information for decisions (9th ed.). Mcgraw-Hill Education.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
b
Preview File Edit View Go Tools Window
♥
mgt120h-a17.pdf
Page 4 of 10
Cost-Volume-Profit Analysis
Help
40
The Effect Of Prepaid Taxes On Assets
And Liabili...
O
13. Goodwill can be recorded
a. When customers keep returning because they are satisfied with the company's products.
b. When the company acquires a good location for its business.
c. When the company has exceptional management.
d.
Only when there is an exchange transaction involving the purchase of an entire
business.
Debenture Valuation
CC
7
Www
D
mi popisiva
V
Search
-------
(Cª
Ơ
www
Sat Apr 15 3:05 PM
Page 4 of 11
www
arrow_forward
Using the information in picture 1 answer 3 and 4
arrow_forward
multiplymovement.com/english_multiply.pdf
WileyPLUS
WileyPLUS: MyWileyPLUS | Help I Contact Us | Log C
Weygandt, Accounting Principles, 13e
FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/20
CALCULATOR
STANDARD VIEW
PRINTER VERSION
1 BACK
NEXT
Exercise 10-13 a1-a2 (Part Level Submission) (Video)
Gill Company, organized in 2020, has the following transactions related to intangible assets.
1/2/20
Purchased patent (7-year life)
$595,000
4/1/20
Goodwill purchased (indefinite life)
360,000
7/1/20
10-year franchise
480,000
9/1/20
Research and development costs
185,000
- (a1)
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit
account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,
select "No Entry" for the account titles and enter 0…
arrow_forward
2 Project: Company Accour X
D21. 7-1 Problem Set: Module Sev X
CengageNOWv2 | Online tea X
Cengage Learning
+| x
Dw.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress%3Dfalse
eBook
Show Me How
Current Position Analysis
The following items are reported on a company's balance sheet:
$365,600
Marketable securities
285,700
Accounts receivable (net)
254,900
Inventory
236,400
Accounts payable
394,000
Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place.
a. Current ratio
b. Quick ratio
Check My Work
a. Divide current assets by current liabilities.
b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables.
Check My Work
Previous
ELE
AD
dy
f4
f12
prt sc
米
arrow_forward
Chap 14. Q.3
arrow_forward
M (no subject) - redmond.vicki@gn X
A Role of Cost in Managerial Accou X
D Question 4 - Practice Exam 1 - C x+
Ô https://ezto.mheducation.com/ext/map/index.html?_con3Dcon&external_browser%3D0&launchUrl=https%253A%252F%252Fnewconnect.m
Saved
H
kam 1 G
Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for
direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as
variable or fixed cost. (Select "NA" wherever necessary.)
Cost
Costs
Type of cost
Cost head
classification
Product
Factory rent
Company advertising
Wages paid to assembly workers
Depreciation for salespersons' vehicles
Screws
Period
Product
Period
Product
Product
Product
Utilities for factory
Assembly supervisor's salary
Sandpaper
President's salary
Plastic tubing
Product
Period
Product
Product
Period
Paint
Sales commissions
Factory insurance
Depreciation on cutting machines
Wages paid to…
arrow_forward
X
Topic: Discussion - What is the rol X +
rses/1545/discussion_topics/15677?module_item_id=111468
Q Search entries or author...
All
>
↓ Sort
View Split Screen
Expand Threads
You must post before seeing replies. Edit history will be available to instructors.
Due Jan 4, 2025 11:59pm
时☆
10 points possib
Discussion - What is the role of ethics in accounting?
Requirement:
Include Introduction, Body, and Conclusion.
Your initial Discussion posting should be at least 150 words in length.
9 Replies, 9 Unread
Be sure to include a related Title, at least two different citations and references to support your statement
Read and post brief responses to at least two of your classmates' postings (minimum 75 words).
arrow_forward
A ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.american.edU
Saved
CH 9 Concept Overview Videos
Required Information
Cost of Goods Sold
Accounts Payable Turnover
Average Accounts Payable
Company Is paylng suppllers
In a timely manner
0.38
High accounts payable ratio
polnts
eBook
Print
Knowledge Check 01
Roberts Company reported the following information:
References
Accounts Payable:
Beginning of year
End of year
Net sales
75,000
125,000
1,600,000
800,000
Cost of goods sold
What is the company's accounts payable turnover ratio? (Round your answer to 1 decimal place.)
Accounts payable turnover ratio
%24
arrow_forward
>
A Blackboard Learn
A My Grades - ACCT-1170-017-F X | +
1
U
CA
k
个
N
= X
myCT
ctccs.blackboard.com/ultra/courses/_209880_1/cl/outline
Λ
P*
ACCT-1170-017-Fall 2024-Principles of Managerial Accounting
Question Completion Status:
>
QUESTION 1
Take Test: Unit 4 Homework
Relaunch to update:
Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity
base to allocate overhead:
Raw materials purchased
$ 320,000
Raw materials, beginning inventory
Raw materials, ending inventory
15,000
14,000
Work in process, beginning inventory
35,000
0
Work in process, ending inventory
37,000
Estimated overhead
300,000
Depreciation of factory building
50,000
Factory real estate taxes
Factory utility expenses
Indirect materials
7,382
45,000
20,000
Indirect labor
Direct labor cost
Direct labor hours incurred
11,000
100,000
24,000
Estimated direct labor hours
25,000
Compute the cost of goods manufactured.
ہے
Click Save and Submit to save and submit. Click Save All…
arrow_forward
I need help to solve this or at least explain how to solve? Thank you
arrow_forward
Don’t understand
arrow_forward
in
CengageNOWv2| Online teachi x
Cengage Learning
8-1 Problem Set: Module Eight X
how.comn/akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false
eBook
Show Me How
Changes in Current Operating Assets and Liabilities-Indirect Method
Covington Corporation's comparative balance sheet for current assets and liabilities was as follows:
Dec. 31, 20Y2
Dec. 31, 20Y1
Accounts receivable
$15,300
Inventory
66,500
67,200
Accounts payable
20,100
0098
Dividends payable
000'
Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities.
( Previou:
Check My Work
レ
AD
12
arrow_forward
p.mheducation.com/ext/map/index.html?_con=con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mhe
D and P
Indeed
6 Monster Jobs
w Degree Programs
O L02
A Hearn: Student Da..
6 Consumer Center
ework: Assignment 1 i
Saved
Perez Company reported the following operating results for two consecutive years:
Required
Compute each income statement component for each of the two years as a percentage of sales
due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be e
PEREZ COMPANY
Vertical Analysis of Income Statements
Percentage of
Sales
Percentage of
Sales
Year 4
Year 3
Sales
1,077,500
00S'000'L
Cost of goods sold
550,275
000 Z09
Gross margin on sales
450,225
475,500
Operating expenses
130,500
149,800
319.725
325,700
Income before taxes
79.700
81,800
Income taxes
240.025
243.900
%
Net income
arrow_forward
w- 202106070805337561
Qv Search in Document
Home
Insert
Draw
Design
Layout
References
Mailings
Review
View
+ Share a
Calibri (Body)
11
A- A-
Aa
AaBbCcDc AaBbCcDdE AaBb
AaBbCcDdEE
AaBbCcDdEe
AaBbCcDdEe
Paste
I
U
v abe X, x²
A
A
Styles
Pane
Sensitivity
Normal
No Spacing
Heading 1
Heading 2
Title
Subtitle
Orthodox School
ESTIMATED PROFIT AND LOSS ACCOUNT (INCOME STATEMENT) FOR KARACHI
TRADERS LTD
$
Revenue (5000 units @ $3.00)
15000
Cost of goods sold (@ $1.00 per unit)
Gross profit
5000
10000
Overhead expenses
4000
Operating profit (profit before tax and interest)
6000
Finance costs (interest)
2000
Profit before tax
4000
Corporation tax @ 20%
Profit for the year
800
3200
Dividends paid
1200
Retained profit
2000
Profit and loss account for Karachi Traders Ltd for the year ending 31 December 2014
20 marks, 40 minutes
1. By amending this profit and loss account (income statement), calculate the new
level of retained profits if the following changes actually occurred:
• each unit was sold…
arrow_forward
Cengage
CengageNOWv2 | Online teachin
X
Cengage Digital Learning
X
X
X
m/ilrn/takeAssignment/takeAssignment Ma in . do? invoker- assignments&ta keAssignment Session Locator=assignment-take&inprogress-false
& ApI
еВook
Calculator
Print Item
Wage and Tax Statement Data on Employer FICA Tax
Ehrlich Co. began business on January 2, 20Y8. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal
income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that month. All
required payroll tax reports were filed, and the correct amount of payroll taxes was remitted by the company for the calendar year. Early in 20Y9, before the Wage
and Tax Statements (Form W-2) could be prepared for distribution to employees and for filing with the Social Security Administration, the employees' earnings
records were inadvertently destroyed.
None of the employees resigned or…
arrow_forward
Courses
Mastering Chernie X
2MateryCheme X
loud/modules/unproctoredTest.QuestionSheet
McCraith-Sectic x
Updte
Help Caroline Achienge S01243611acadceduLogout
all 2021 I Chapter 1 Consumer Finance / Section 1.5 Digital Exercises
Gradebook.
Extemat
kercises
Remaining Time Unimted
Suppose you are paid $3,000 per month and your employer's 401(k) matches your contributions by 10% up to a
maximum of 15% of your pay. Assuming you max-out your retirement savings and you work for 25 years, how
much will the 401(k) be worth when you retire (if you can get an APR of 8% during your work years)? If you are
taxed at a rate of 27%, then how much will you have when you retire?
Round all answers to 2 decimal places.
Before taxes retirement amount $
Number
After taxes retirement amount $
Number
Submit Assignment
Quit & Save
Васк
Question Menu 4
Next
38°F Partly sunny A 0)
411 PM
11/19/202
end
home
delete
prt sc
144
4+
4-
40
num
lock
backspace
&
8.
6.
7.
home
|近
arrow_forward
Question No. 15 sub: financial accounting
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Related Questions
- b Preview File Edit View Go Tools Window ♥ mgt120h-a17.pdf Page 4 of 10 Cost-Volume-Profit Analysis Help 40 The Effect Of Prepaid Taxes On Assets And Liabili... O 13. Goodwill can be recorded a. When customers keep returning because they are satisfied with the company's products. b. When the company acquires a good location for its business. c. When the company has exceptional management. d. Only when there is an exchange transaction involving the purchase of an entire business. Debenture Valuation CC 7 Www D mi popisiva V Search ------- (Cª Ơ www Sat Apr 15 3:05 PM Page 4 of 11 wwwarrow_forwardUsing the information in picture 1 answer 3 and 4arrow_forwardmultiplymovement.com/english_multiply.pdf WileyPLUS WileyPLUS: MyWileyPLUS | Help I Contact Us | Log C Weygandt, Accounting Principles, 13e FINANCIAL/MANAGERIAL ACCOUNTING (ACC 124/125/201/20 CALCULATOR STANDARD VIEW PRINTER VERSION 1 BACK NEXT Exercise 10-13 a1-a2 (Part Level Submission) (Video) Gill Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (7-year life) $595,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 10-year franchise 480,000 9/1/20 Research and development costs 185,000 - (a1) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0…arrow_forward
- 2 Project: Company Accour X D21. 7-1 Problem Set: Module Sev X CengageNOWv2 | Online tea X Cengage Learning +| x Dw.com/ilm/takeAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress%3Dfalse eBook Show Me How Current Position Analysis The following items are reported on a company's balance sheet: $365,600 Marketable securities 285,700 Accounts receivable (net) 254,900 Inventory 236,400 Accounts payable 394,000 Determine (a) the current ratio and (b) the quick ratio. Round to one declmal place. a. Current ratio b. Quick ratio Check My Work a. Divide current assets by current liabilities. b. Divide quick assets by current liabilities. Quick assets are cash, temporary investments, and receivables. Check My Work Previous ELE AD dy f4 f12 prt sc 米arrow_forwardChap 14. Q.3arrow_forwardM (no subject) - redmond.vicki@gn X A Role of Cost in Managerial Accou X D Question 4 - Practice Exam 1 - C x+ Ô https://ezto.mheducation.com/ext/map/index.html?_con3Dcon&external_browser%3D0&launchUrl=https%253A%252F%252Fnewconnect.m Saved H kam 1 G Identify each of the preceding costs as either a product or a period cost. If the cost is a product cost, decide whether it is for direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and also identify each of the preceding costs as variable or fixed cost. (Select "NA" wherever necessary.) Cost Costs Type of cost Cost head classification Product Factory rent Company advertising Wages paid to assembly workers Depreciation for salespersons' vehicles Screws Period Product Period Product Product Product Utilities for factory Assembly supervisor's salary Sandpaper President's salary Plastic tubing Product Period Product Product Period Paint Sales commissions Factory insurance Depreciation on cutting machines Wages paid to…arrow_forward
- X Topic: Discussion - What is the rol X + rses/1545/discussion_topics/15677?module_item_id=111468 Q Search entries or author... All > ↓ Sort View Split Screen Expand Threads You must post before seeing replies. Edit history will be available to instructors. Due Jan 4, 2025 11:59pm 时☆ 10 points possib Discussion - What is the role of ethics in accounting? Requirement: Include Introduction, Body, and Conclusion. Your initial Discussion posting should be at least 150 words in length. 9 Replies, 9 Unread Be sure to include a related Title, at least two different citations and references to support your statement Read and post brief responses to at least two of your classmates' postings (minimum 75 words).arrow_forwardA ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.american.edU Saved CH 9 Concept Overview Videos Required Information Cost of Goods Sold Accounts Payable Turnover Average Accounts Payable Company Is paylng suppllers In a timely manner 0.38 High accounts payable ratio polnts eBook Print Knowledge Check 01 Roberts Company reported the following information: References Accounts Payable: Beginning of year End of year Net sales 75,000 125,000 1,600,000 800,000 Cost of goods sold What is the company's accounts payable turnover ratio? (Round your answer to 1 decimal place.) Accounts payable turnover ratio %24arrow_forward> A Blackboard Learn A My Grades - ACCT-1170-017-F X | + 1 U CA k 个 N = X myCT ctccs.blackboard.com/ultra/courses/_209880_1/cl/outline Λ P* ACCT-1170-017-Fall 2024-Principles of Managerial Accounting Question Completion Status: > QUESTION 1 Take Test: Unit 4 Homework Relaunch to update: Freeman Furnishings has summarized its data as shown. Direct labor hours will be used as the activity base to allocate overhead: Raw materials purchased $ 320,000 Raw materials, beginning inventory Raw materials, ending inventory 15,000 14,000 Work in process, beginning inventory 35,000 0 Work in process, ending inventory 37,000 Estimated overhead 300,000 Depreciation of factory building 50,000 Factory real estate taxes Factory utility expenses Indirect materials 7,382 45,000 20,000 Indirect labor Direct labor cost Direct labor hours incurred 11,000 100,000 24,000 Estimated direct labor hours 25,000 Compute the cost of goods manufactured. ہے Click Save and Submit to save and submit. Click Save All…arrow_forward
- I need help to solve this or at least explain how to solve? Thank youarrow_forwardDon’t understandarrow_forwardin CengageNOWv2| Online teachi x Cengage Learning 8-1 Problem Set: Module Eight X how.comn/akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=D&inprogress3false eBook Show Me How Changes in Current Operating Assets and Liabilities-Indirect Method Covington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Accounts receivable $15,300 Inventory 66,500 67,200 Accounts payable 20,100 0098 Dividends payable 000' Adjust net income of $84,200 for changes in operating assets and liabilities to arrive at net cash flow from operating activities. ( Previou: Check My Work レ AD 12arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you