1. Calculate the cost of goods manufactured and the Costs of goods sold using the equation method. please to use the Excel when writing the answer. Also show working 2. The following information was extracted from the books of Bass Shoe Company, amanufacturer of loafers:Beginning of Year$700,000End of YearRaw materials inventoryWork in process inventoryFinished goods inventoryRaw materials purchasedDirect labour$600,0001,000,000300,0002,900,00013,800,0004,600,000900,000400,000Manufacturing overheadCalculate Cost of Goods Manufactured & Cost of Goods Sold using the equationmethod.tion for the vear

2. The following information was extracted from the books of Bass Il manufacturer of loafers: Beginning of Year $700,000 End of Year $600,000 Raw materials inventory Work in process inventory Finished goods inventory Raw materials purchased Direct labour 1,000,000 300,000 2,900,000 13,800,000 4,600,000 900,000 400,000 Manufacturing overhead Calculate Cost of Goods Manufactured & Cost of Goods Sold using the equation

2. The following information was extracted from the books of Bass Il manufacturer of loafers: Beginning of Year $700,000 End of Year $600,000 Raw materials inventory Work in process inventory Finished goods inventory Raw materials purchased Direct labour 1,000,000 300,000 2,900,000 13,800,000 4,600,000 900,000 400,000 Manufacturing overhead Calculate Cost of Goods Manufactured & Cost of Goods Sold using the equation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A multi- step income statement ___________. A. Seperates cost of goods sold from operating expenses. B. Considers imterest revenue an operating activity. C. Is another name for a simple income statement. D. Combines cost of goods sold and operating expenses.
The branch of accounting that deals in particular with the different cost concepts in order to arrive for the indicating the selling price is Select one: a. Cost Accounting b. Financial Accounting C. Management Accounting d. Financial and Management Accounting
Define Cost of goods sold at normal and Cost of goods sold at actual.
You have the following information for Wildhorse Gems. Wildhorse uses the periodic system of accounting for its inventory transactions. Wildhorse only carries one brand and size of diamonds-all are identical. Each batch of diamonds purchased is carefully coded and marked with its purchase cost. March 1 March 31 March 5: March 10- March 25 Beginning inventory 150 diamonds at a cost of $320 per diamond. Purchased 200 diamonds at a cost of $360 each. Sold 180 diamonds for $630 each. Purchased 350 diamonds at a cost of $385 each. Sold 395 diamonds for $680 each.
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.
Period costs include: a. current liabilities on the balance sheet b. operating costs that are shown on the income statement in the period in which they are incurred c. current assets on the balance sheet d. operating costs that are shown on the income statement when the products are sold
Which of the following statements correctly complete the sentence:"Gross Margin equals":I. sales revenue less (minus) cost of goods sold.II. contribution margin less (minus) fixed costs.III. operating income plus all period costs.IV. sales revenue less (minus) cost of goods manufactured.