1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing to finlshed goods, and (c) cost of goods sold. 2 Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing. (b) goods transferred from sewing to finished goods, (C) sale of finished goods, and (a) cost of goods sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sevwing to finished goods, and (c) cost of goods sold. (a) Sewing (b) Finished Goods

1. Compute the (a) cost of products transferred from weaving to sewing. (b) cost of products transferred from sewing to finlshed goods, and (c) cost of goods sold. 2 Prepare journal entries dated June 30 to record (a) goods transferred from weaving to sewing. (b) goods transferred from sewing to finished goods, (C) sale of finished goods, and (a) cost of goods sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the (a) cost of products transferred from weaving to sewing, (b) cost of products transferred from sevwing to finished goods, and (c) cost of goods sold. (a) Sewing (b) Finished Goods

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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Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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eBook Show Me How Calculator E Print Item Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production $65,000 Direct labor 75,000 Factory overhead 27,000 Work in process inventory, March 1 54,000 Work in process inventory, March 31 41,990 Finished goods inventory, March 1 24,000 Finished goods inventory, March 31 16,000 a. For March, determine the cost of goods manufactured. く Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured KSHEET.A... 24 $4 Total manufacturing costs incurred during March Total manufacturing costs NKSHEET.A... LANKSHEET Cost of goods manufactured CEL.ALGO Check My Work 5 more Check My Work uses remaining. D items : 30% All work saved. MacBook Pro 20 F1 F2 F3 F4 F5 F6 F7 F8 %23 LC
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prepare a costs of good schedule
1. What is the Raw Material balance at the end of the period?2. What is the Work in process account balance at the end of the period?3. What is the Cash account balance at the end of the period?4. What is the Net Income at the end of the period in the Income Statement?5. What is the Total Inventory balance at the end of the period in the Balance sheet?
a. Prepare a schedule of cost of goods manufactured. b. Prepare an income statement.
Please show the journal entries in regards to the same question for: g. Overhead appliedh. Goods transferred from Cutting to Stitchingi. Goods transferred from Stitching to finished goods
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Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. 0 Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales. Equipment Cost of goods sold $ 17,900 15,900 19,900 20,900 41,900 13,900 56,900 29,900 95,800 2,900 REX MANUFACTURING Income Statement For Year Ended December 31