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

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Windsor Company reports the following costs and expenses in May. Factory utilities Depreciation on factory equipment Depreciation on delivery trucks Indirect factory labor Indirect materials Direct materials used Factory manager's salary From the information: (a) Manufacturing overhead $ LA $18,700 15,370 5,140 60,120 98,240 168,880 10,600 Office supplies used Determine the total amount of manufacturing overhead. Direct labor Sales salaries Property taxes on factory building Repairs to office equipment Factory repairs Advertising $84,680 56,020 3,050 1,670 2,440 18,300 3,160
QUESTION 2 Identify on which financial statement these costs originally appear. Period Costs ✓ Product Costs A. Income Statement B. Balance Sheet
An example of qualitative data is 1.product price 2.production cos 3.product features 4.prime cost
(Multiple Choice) A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
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.
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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
Can any accountant show me the basic and simple cost analysis of a product (for ex: a watch) in excel or google sheet? please include any cost that we need to consider
ANSWER ANY TWO QUESTIONS 1. What is the meaning of cost accounting? Write any FIVE objectives of cost accounting. 2. Briefly explain the elements of cost.
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
An analyst is constructing a simple model to determine the gross and net profit of a product, given its profit per unit, quantity sold, and the total costs assigned to the product. The calculation for gross profit is Profit per Unit times Quantity. The calculation for Net Profit is Gross Profit minus Total Costs. A B 1. 2 Profit per Unit 8 3 Quantity |10,100 4 Gross Profit 5 6 Total Costs 6,100 7 8 Net Profit With the values for Profit per Unit, Quantity, and Total Costs shown above, what should the model return for the following calculated cells? Cell Value Gross Profit Net Profit
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.