1) Messinger Manufacturing Company had the following account balances for the quarter endingMarch 31, unless otherwise noted:Work-In-process Inventory (January 1)Work-in-process inventory (March 31)Finished goods inventory (January 1)Finished goods inventory (March 31)Direct materials usedIndirect materials usedDirect manufacturing labourIndirect manufacturing labourProperty taxes on manufacturing plant buildingSalespersons' company vehicle costsAmortization of manufacturing equipmentAmortization of office equipmentMiscellaneous plant overheadPlant utilitiesGeneral office expensesMarketing distribution costs$140,400171,000540,000510,000378,00084,000480,000186,00028,80012,000264,000123,600135,00092,400305,40030,000Required:a. Prepare a cost of goods manufactured schedule for the quartor.b. Prepare a cost of goods sold schedule for the quarter.2) Berhannan's Cellular sells phones for $100. The unit variable cost per phone is $50 plus aselling commission of 10%. Fixed manufacturing costs total $1,250 per month, while fixed sellingand administrative costs total $2,500.

Raw materials: It is the basic input required to manufacture the finished products. The raw…

Answered: 1) Messinger Manufacturing Company had…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 14,500 $ 18,700 18,200 21,600 11,000 14,850 33,250 25,450 22,000 36,200 Finished goods inventory, ending 18,800 14,900 Work in process inventory, ending 27,780 21,200 Raw materials inventory, ending 6,700 10,000 Factory utilities 13,500 15,250 General and administrative expenses 23,000 59,000 Indirect labor 12,150 12,760 Repairs-Factory equipment 4,820 3,850 Raw materials purchases 37,500 62,000 Cash Selling expenses Sales Accounts receivable, net 53,600 53,800 276,720 376,880 27,000 23,200 15,800 23,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both…
Required information [The following information applies to the questions displayed below] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 4,780 33,000 50,000 Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended Naramhar 11 195,030 20,000 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860…
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to Work In Process, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,000 Indirect materials issued to production 30,000 Total materials issued to production 110,000 Beginning materials inventory 50,000 The debit to Work-in-Process Inventory account for materials is: Multiple Choice $110,000. $30,000. $90,000. $80,000. $50,000.
On November 30, 2022, there was a fire in the factory of Oriole Manufacturing Limited, where you work as the controller. The work in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged. Oriole uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October 31, 2022, and November 30, 2022, follows: Supplies (including both direct and indirect materials) Work in process inventory Finished goods inventory Cost of goods sold (year to date) Accounts payable (relates to materials purchased only) Manufacturing overhead incurred (year to date) Manufacturing overhead applied Other information for November 2022: Cash payments to suppliers Payroll (including $15.570 indirect) Indirect materials used Over-applied overhead (during November only) October 31, 2022 $80,250 59,575 60,000 574,000 18,460 130,300 128,700 $60,000 83,500 5,870 2.830 November 30, 2022 $73,700 ? 63,200 662,700…
The following data refers to Huron Corporation for the year 2005 Activities Amount Sales revenue Raw material inventory, 12/31/2004 Purchases of raw material in 2005 Raw material inventory, 12/31/2005 Direct labor cost incurred Selling & administrative expenses Indirect labor cost incurred Property tax on factory Depreciation on factory building Income tax expenses Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work in process inventory, 12/31/2004 Work-in-process inventory ,12/31/2005 Finished goods inventory, 12/31/2004 Finished goods inventory, 12/31/2005 Applied manufacturing overhead $ 2,105,000 89,000 731,000 59,000 474,000 269,000 150,000 90,000 125,000 25,000 45,000 60,000 40,000 70,000 - 0 - 40,000 35,000 40,000…
[The following Information applies to the questions displayed below. The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 13,300 15,700 11,700 27,750 21,800 21,950 25,600 7,100 13,800 27,500 15,700 6,380 40,000 53,600 284,550 26,000 14,400 Pepper Company $ 18,550 19,500 12,000 25,750 38,600 13,600 19, 200 8,600 14,750 43,500 13,920 3,300 55,500 57,400 379,108 17,700 21,950 Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare Income statements for both Garcon Company and…
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Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,300 $ 17,650 Work in process inventory, beginning 17, 100 23,700 Raw materials inventory, beginning 11,700 14,700 Rental cost on factory equipment 31, 250 23,650 Direct labor 24,200 44,600 Finished goods inventory, ending 19,400 14,800 Work in process inventory, ending 24, 400 20, 600 Raw materials inventory, ending 7, 600 9,000 Factory utilities 13,650 14,250 General and administrative expenses 25,000 56, 500 Indirect labor 12, 150 15,480 Repairs-Factory equipment 5, 900 3, 550 Raw materials purchases 39, 500 63, 500 Selling expenses 54,000 58, 600 Sales 287, 520 388,810 Cash 21,000 21, 200 Accounts receivable, net 14, 600 22,950 GARCON COMPANY Income Statement For Year Ended December 31 Sales $287, 520 Cost of goods sold: Finished goods inventory, beginning $14, 300 Cost…
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Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $15,300 6,900 20,800 The following transactions occurred during January: (a) Purchased materials on account for $26,800. (b) Issued materials to production totaling $20,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $16,300 were recorded as follows: $11,100 for assembly workers 2,000 for factory supervision 1,700 for administrative personnel 1,500 for sales commissions (d) Recorded depreciation: $4,000 for factory machines, $500 for the copier used in the admidistrative office. (e) Recorded $1,100 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (f)…
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: On Company $66,090 (a) 167,870 177,120 249,160 77,330 (b) 630,500 126,890 107,070 (c) 111,690 116,980 974,170 (d) (e) 126,890 (f) Off Company $83,270 94,100 (a) (b) 187,360 93,260 538,760 630,500 200,680 (c) 533,760 93,260 (d) 832,700 538,760 (e) (f) 184,860 1. Determine the amounts of…
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.

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