1)Coronado Industries reported the following year-end information: beginning work in process inventory, S82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, 542000. How much is Coronado's cost of goods sold for the year? a) $760000 b) S750000 C) S770000 di S780000

1)Coronado Industries reported the following year-end information: beginning work in process inventory, S82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, 542000. How much is Coronado's cost of goods sold for the year? a) $760000 b) S750000 C) S770000 di S780000

Name: 1)Coronado Industries reported the following year-end information: be
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 1)Coronado Industries reported the following year-end information: beginning work in process inventory,$82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending workin process inventory, S72000; and ending finis

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are 70% complete and the Units are 30% complete with respect to conversion.
1)Coronado Industries reported the following year-end information: beginning work in process inventory, $82000; cost of goods manufactured, $760000; beginning finished goods inventory, $52000; ending work in process inventory, S72000; and ending finished goods inventory, $42000. How much is Coronado's cost of goods sold for the year? a) $760000 b) S750000 c) S770000 d) $780000
Sheffield Corp. reported the following year-end information: beginning work in process inventory, $88000; cost of goods manufactured, $820000; beginning finished goods inventory, $58000; ending work in process inventory, $78000; and ending finished goods inventory, $48000. How much is Sheffield’s cost of goods sold for the year? $810000 $830000 $820000 $840000
Bonita Industries reported the following year-end information: beginning work in process inventory, $72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000: ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000
Sheffield Corp. reported the following year-end information: beginning work in process inventory, $260000; cost of goods manufactured, $866000; beginning finished goods inventory, $322000; ending work in process inventory, $300000; and ending finished goods inventory, $344000. Sheffield Corp.'s cost of goods sold for the year is $826000. $844000. $522000. $888000.
Sunland Company reported the following year-end information: beginning work in process inventory, $200000: cost of goods manufactured, $866000; beginning finished goods inventory, $262000; ending work in process inventory, $240000; and ending finished goods inventory, $284000. Sunland Company's cost of goods sold for the year is $826000. $888000. S844000. $582000.
Worth Company reported the following year-end information- beginning work in process inventory, $180,000; cost of goods manufactured, $866,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished goods inventory, $264,000. Worth Company's cost of goods sold for the year is? requirement: with solution
Edmiston Companny reported the folowing year end information: beginning work in process inventory, s80,000; cost of goods manufactured, $750,000; beginning finished goods inventory, $50,000; endng work in process inventory, $70,000; and ending finished goods inventory, $40,000. How much is Edmiston's cost of goods sold for the year? $740,000 $770,000 $760,000 $750,000