A company provided the following data for its first year of operations ended on June 30. Figures are all in thousands. Thecompany closes any under- or over-applied manufacturing overhead costs to cost of goods sold at the end of their fiscal year-end.Selling and administrative expensesManufacturing overhead applied to Work-in-processActual manufacturing overhead costCost of goods available for sale during the yearFinished goods, ending balanceNet operating income (after adjusting COGS)2663373587305621What was the total sales for the year?(All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. Eg., you should type1000 for one thousand. Negative numbers should be added with a minus sign, e.g., -1000 for a decrease or loss of one thousand.)Sales = $

1. Sales Revenue - Sales Revenue is the income earned by the organization during the accounting…

Answered: A company provided the following data…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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It is the end of the fiscal year for Sophco. The company applies Manufacturing Overhead to its inventory and cost of goods sold using a normal costing system and a predetermine overhead rate. At the end of the year the following balances are in the inventory, cost of good sold and manufacturing overhead accounts. WIP INV FG INV COGS RM 1,000,000 RM 500,000 RM 2,500,000 DL 3,000,000 DL DL 2,500,000 8,500,000 MO MO MO H 4,000,000 H 3,000,000 H 14,000,000 MFG OH 150,000 Required: ©Copyrighted by Richard S. Claire 6/14/2020. All rights reserved. Page 5 of Using the proration method, prorate the $150,000 of over applied manufacturing overhead to each account and enter the amounts into the "T" accounts above.
Jackson Company had the following information for the year Direct materials used $299,900 Direct labor incurred (9,000 hours) Actual manufacturing overhead incurred $246,500 $343,500 Jackson Company used a predetermined overhead rate using estimated overhead of $411,600 and 8,400 estimated diredt laber hours Assume the only Inventory balance Is an ending Finished Goods balance of $19,100. How much overhead was applied during the year?
The following information relates to Jarden Industries for fiscal 2020, the company's first year of operation: Units produced Units sold Units in ending inventory Fixed manufacturing overhead Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using full costing. (Round fixed manufacturing overhead per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.) Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be expensed in 2020 using variable costing. 150,000 120,000 30,000 $900,000 Fixed manufacturing overhead expensed $ Calculate the amount of fixed manufacturing overhead that would be included in ending inventory under full costing and reconcile it to the difference between parts a and b. Fixed manufacturing overhead in ending inventory $ FMOH expensed under variable costing FMOH expensed under full costing Difference 1
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Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.
COGS?
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Carley products has no work in progress or finished goods at year end. The balances of Carley's accounts include the following. Cost of good sold $2,040,000 General and admin expenses 900,000 Sales 3,600,000 Manufacturing overhead control 700,000 Manufacturing overhead applied 648,000 Carley's pretax income for the year is... A. 608,000 B. 660,000 C. 712,000 D. 1,5087,000
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
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