3.- The following items (in millions) pertain to Chan Corporation: For Specific Date: Jan.1, year 200x $ For Specific Date: Dec.31, Year 200x S Work in process 10 Direct materials 5 Accounts receivable 50 Finished goods 12 Accounts payable 40 Accounts payable 20 Direct materials 30 Work in process 2 Finished goods 40 Accounts receivable 30 For Year 200x S Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Marketing, distribution & customer service costs 90 Plant utilities 5 Manufacturing Labor 20 Depreciation (plant building & Equipment) 9 Revenues 350 Miscellaneous Manufacturing overhead 10 Chan's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and indirect manufacturing costs. Required: Prepare an income statement and a supporting schedule of cost of goods manufactured. (using the "table" forma) WHY DO THEY GIVE ME THE INFO ABOUT ACC PAYABLE AND ACC RECEIVABLE IF IT'S NOT NEEDED?

3.- The following items (in millions) pertain to Chan Corporation: For Specific Date: Jan.1, year 200x $ For Specific Date: Dec.31, Year 200x S Work in process 10 Direct materials 5 Accounts receivable 50 Finished goods 12 Accounts payable 40 Accounts payable 20 Direct materials 30 Work in process 2 Finished goods 40 Accounts receivable 30 For Year 200x S Direct materials purchased 80 Direct manufacturing labor 40 Plant supplies used 6 Property taxes on plant 1 Marketing, distribution & customer service costs 90 Plant utilities 5 Manufacturing Labor 20 Depreciation (plant building & Equipment) 9 Revenues 350 Miscellaneous Manufacturing overhead 10 Chan's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and indirect manufacturing costs. Required: Prepare an income statement and a supporting schedule of cost of goods manufactured. (using the "table" forma) WHY DO THEY GIVE ME THE INFO ABOUT ACC PAYABLE AND ACC RECEIVABLE IF IT'S NOT NEEDED?

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 Genesis Corporation has the following account balances (in millions): For Specific Date Direct materials, January 1, 20X1 Work in process, January 1, 20XI Finished goods, January 1, 20X1 Direct materials, December 31, 20X1 Work in process, December 31, 20X1 Finished goods, December 31, 20X1 For Year 20X1 P15 Purchases of direct materials P325 10 Direct manufacturing labor 70 Depreciation - plant building and equipment 5 Plant supervisory salaries 55 Miscellaneous plant overhead 100 20 80 5 35 Revenues 950 Marketing, distribution and customer-service costs 240 Plant supplies used Plant utilities 10 30 Indirect manufacturing labor 60 Required: 1. Prepare an income statement and a supporting schedule of costs of goods manufactured for the year ended December 31, 20X1.
The below transactions pertain to La Pharma Co. during the current year:1. Purchase of Direct Materials on credit: $512,0002,Usage of $275,000 Direct material and $62,000 indirect material3. Direct labor incurred amounted to $ 28,000 and was paid in cash4.Indirect labor incurred amounted to $5,000 on account5.Manufacturing overhead costs incurred are: Plant insurance $11,000 (paid cash), Utilities $8,000 (paid cash).Manufacturing repairs $4,800 (on account), Depreciation on manufacturing machinery $15,0006.Manufacturing overhead allocated amounted to $104,0007.Completion and transfer of jobs to finished goods: $605,0008. Sale of finished goods on account: cost of goods sold amount to $260,000 and sales amount to $392,000. Thecompany uses a perpetual inventory system. 1) Journalize the above transactions. Number your entries.
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The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,950 $95,200 Work in process 110,000 95,000 Finished goods 114,750 109,800 December 31 Advertising expense $ 68,300 Depreciation expense-office equipment 21,500 Depreciation expense-factory equipment 14,460 Direct labor 186,700 Heat, light, and power-factory 5,800 Indirect labor 24,260 Materials purchased 121,600 Office salaries expense 74,850 Property taxes-factory 4,035 Property taxes-office building 13,250 Rent expense-factory 6,025 Sales 863,500 Sales salaries expense 135,000 Supplies-factory 3,500 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries.…
1. The following account balances and other information for Daiso Company pertain December operations: Accounts Balances December 31 P120,000 December 1 P140,000 100,000 20,000 Finished goods Work in process Direct Materials Accounts Payable Accrued Payroll Accumulated dep.-factory equipment 50,000 30,000 40,000 80,000 20,000 160,000 Other information: a. Direct materials purchased on account during December, P100,000. b. Daiso Company apples factory overhead at predetemined rate of P6 per direct labor hour. C. During December, direct labor employees worked 25,000 hours at a rate of P8 per direct labor hour. d. Jobs 12001, 12002 and 12003 were still in process at the end of December. A total of P 5,000 direct materials has been charged to these three jobs. To date, 5,000 direct labor hours have been worked on these jobs. e. The accrued payroll account is used for factory employees only. Assuming no payrol deductions, paymentto factory employees during the month totaled P 280,000. f.…
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The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $437,000 Work in process 625,800 592,800 Finished goods 605,200 576,000 December 31 Advertising expense $294,200 Depreciation expense-office equipment 44,760 Depreciation expense-factory equipment 56,200 Direct labor 669,600 Heat, light, and power-factory 22,060 Indirect labor 76,750 Materials purchased 658,200 Office salaries expense 184,200 Property taxes-factory 17,000 Property taxes-office building 31,600 Rent expense-factory 32,100 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,500 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions list provided for the exact wording of…
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $345,000 $436,800 Work in process 634,600 591,600 Finished goods 607,800 575,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 42,000 Depreciation expense-factory equipment 55,940 Direct labor 669,000 Heat, light, and power-factory 22,100 Indirect labor 78,500 Materials purchased 658,000 Office salaries expense 185,900 Property taxes-factory 19,000 Property taxes-office building 31,800 Rent expense-factory 32,300 Sales 3,010,000 Sales salaries expense 416,000 Supplies-factory 15,300 Miscellaneous costs-factory 9,300 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for…
The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400 December 31 Advertising expense $67,800 Depreciation expense-office equipment 23,000 Depreciation expense-factory equipment 14,600 Direct labor 186,100 Heat, light, and power-factory 5,550 Indirect labor 23,800 Materials purchased 123,800 Office salaries expense 78,300 Property taxes-factory 4,145 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 861,500 Sales salaries expense 138,500 Supplies-factory 4,750 Miscellaneous costs-factory 4,420 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.*
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400 December 31 Advertising expense $ 67,800 Depreciation expense-office equipment 23,000 Depreciation expense-factory equipment 14,600 Direct labor 186,100 Heat, light, and power-factory 5,550 Indirect labor 23,800 Materials purchased 123,800 Office salaries expense 78,300 Property taxes-factory 4,145 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 861,500 Sales salaries expense 138,500 Supplies-factory 4,750 Miscellaneous costs-factory 4,420 a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which…