5. The following information is available for Riqqio Manufacturing Company. January 1, 2020 2020 December 31,2020 Raw materials inventory $21,000 $30,000 Work in process inventory 18,500 17,200 Finished goods inventory 27,000 31,000 Materials purchased $170,000 Direct labor $200,000 Manufacturing overhead $180,000 Sales 900,000 Required: (a) Show the presentation of the ending inventories on the December 31, 2020 balance sheet. (b) How would the Balance sheet of a merchandising company be different from Riqqio’s financial statements?

Q: Information for 2020 Beginning inventory of direct materials, 1/1/2020 Purchases of direct materials…

A: Manufacturing costs are those which are incurred by an entity on the production of the goods. It…

Q: 1 Raw Materials Used 2 Prime Cost 3 Conversion Cost

A: Calculation of Cost of Goods Purchased= Purchases - Purchase Return and Allowances + Freight In=…

Q: What is the Production Cost (Cost of production) for ABC Company?

A: Production cost is the cost that is incurred in the production process by the company.

Q: III. Manufacturing Overhead Costs estimated 500,000 Direct Labor Hours estimated 50,000 Machine…

A: In This numerical has covered the concept of Manufacturing Overhead Cost. The Predetermined overhead…

Q: Manufacturing overhead Actual OMR 80,000 Indirect materials OMR 0     Compute the adjusted…

A: COGS = Beginning Inventory + Purchases During the Period – Ending Inventory = 20,000+100,000-30,000…

Q: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2021 O $1625900…

A: The cost of goods sold includes the cost of goods that are sold during the period. The ending…

Q: nat is the Production EC Company?

A: The cost of production for any company’s product must be determined in order to control cost and…

Q: XYZ Co. has the following information: Inventory at 1st Inventory at 31st Dec 2020 Jan 2020 Raw…

A: Direct material consumed:     Beginning stock 20000   Add: Purchases of raw material…

Q: If the beginning balance for June of the materials inventory account of AAA Enterprise was P250,000,…

A: Materials used is calculated as difference between materials available for use and ending balance of…

Q: ABC Company has the following information for the period ended 31 December 2020. Direct material…

A: Manufacturing account is an account which shows the cost incurred to manufactured the goods…

Q: Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in…

A: Cost of goods available for sale means that cost of goods which include the opening stock and cost…

Q: (b) AC). At May 31, 2022, the accounts of Ivanhoe Company show the following. 1. 2. 3. 4. (a) May 1…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Q: Music, Inc. had the following beginning and ending values in its three inventory accounts:…

A: Gross profit margin is an indicator of profitability of the firm. It represents the excess of…

Q: An enterprise had the following opening and closing inventory balances in 2021: 1/1/21 12/31/21…

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Information below pertains to raw materials inventory of PQR Company for the month of February 2020:…

A: Solution: Moving average unit cost of inventory on Feb 28 = Cost of units available / Nos of units

Q: The following inventory information is available for Cullumber Manufacturing Corporation for the…

A: Total Manufacturing Overhead cost  = Utilities + Depreciation on manufacturing machinery +…

Q: Use the following income to answer all questions in this section: Music, Inc. had the following…

A: Gross margin percentage is a profitability ratio which is computed in order to determine the gross…

Q: 3) Identify the total number of units received during the month of March 2021 for Al Reem…

A: The amount of units received during the month includes receipts dated 5th March, 12th March, and…

Q: Show the presentation of the ending inventories on September 30, 2020, balance sheet. SUNLANDCO.…

A: Please find the partial balance sheet of Sunland Company in step 2 below.

Q: You are given the following details of the company L. for the financial year 1.1.2020-31.12.2020…

A: Direct costs are those costs which are directly incurred for production and manufacturing. It…

Q: Current Attempt in Progress The following data were taken from the records of Clarkson Company for…

A: The aim of the schedule of cost of goods manufactured is to calculate the total manufacturing costs…

Q: XYZ Company recorded the following information, related to their inventory accounts for 2024: Direct…

A: The sum of direct materials and direct labor is called prime cost.Prime Cost = Direct material…

Q: 5. The following information is available for Riqio Manufacturing Company. January 1, 2020 2020…

A:

Q: Treasury Management Removal Examination The Roger Corporation has requested you to prepare the…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: ABC Company has the following records for the period ended 31 December 2020. Raw Material purchased…

A: Total cost of production is the aggregate of all the cost incurred to make a product available for…

Q: Calculate the amounts to be charged to work in process, finished goods inventory and cost of goods…

A: Introduction: Cost of The goods Sold (COGS) includes the expenses associated with manufacturing…

Q: Department B of SimTech Manufacturing Company presents the following production data for the month…

A: Equivalent units is effective number of completed units of a product that an entity theoretically…

Q: 1. Profit or loss computation The net sales of Eagle Company in 2020 is P580,000. The cost of goods…

A: Net Income of the business can be calculated by deducting all the expenses from all the incomes in…

Q: Purchases of direct raw materials 191,535 58,000 Purchases of indirect raw materials Direct labour…

A: Cost of goods manufactured  = prime cost + factory cost Gross profit                             =…

Q: Concord Corporation's accounting records reflect the following inventories: Raw materials inventory…

A: The Sum of Direct Materials and Direct labor comes out to be Prime cost of the product and after…

Q: During FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods…

A: In accounting, the Work-in-Process (WIP) Inventory represents the costs of unfinished goods in the…

Q: The following were taken from accounting records of Bella Company in December 2020. Prime cost,…

A: Management accounting: The act of distinguishing, investigating, , measuring, interpreting, and…

Q: 1. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Raw materials inventory Work in process inventory Finished goods inventory Dec. 31, 2019 $81000…

A: Computation of manufacturing costs is enumerated as below:

Q: Make a system for recording the cost of raw materials using the complete Perpetual method

A: Cost of raw materials is the cost of materials which are cost of the materials which the company…

Q: Coronado Industries's accounting records reflect the following inventories: Raw materials inventory…

A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

Q: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income…

A: Cost of goods sold: The cost of goods sold is the cost value of the goods sold during the accounting…

Q: The following information was reported for Gray Enterprises on December 31, 2020. Manufacturing…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.