Name: Class Schedule: he following data were taken from the records of Alda Manufacturing Company: 80,000 Work In Process, Beginning Work In Process, End Finished Goods Inventory, beginning Finished Goods Inventory, end 95,000 60,000 78,000 P46,000 63,000 Raw Material Purchases Factory overhead, 75% of direct labor cost Selling and admin expense, 12.5% of sales Net income for the month 25,000 25,000 50,000 Raw materials inventory end Raw materials inventory beginning was: a. P30,000 b. P40,000 c. P46,000 d. P50,00 Cost of Goods Available for Sale was: a. P50,000 b. P150,000 c. P168,000 d. P228, he following costs and inventory data are taken from the accounting records of Mandy he year: Rent Expense Factory P20,000 Work in Process Beninning

Name: Class Schedule: he following data were taken from the records of Alda Manufacturing Company: 80,000 Work In Process, Beginning Work In Process, End Finished Goods Inventory, beginning Finished Goods Inventory, end 95,000 60,000 78,000 P46,000 63,000 Raw Material Purchases Factory overhead, 75% of direct labor cost Selling and admin expense, 12.5% of sales Net income for the month 25,000 25,000 50,000 Raw materials inventory end Raw materials inventory beginning was: a. P30,000 b. P40,000 c. P46,000 d. P50,00 Cost of Goods Available for Sale was: a. P50,000 b. P150,000 c. P168,000 d. P228, he following costs and inventory data are taken from the accounting records of Mandy he year: Rent Expense Factory P20,000 Work in Process Beninning

Name: Name:Class Schedule:he following data were taken from the records of
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Description: Name:Class Schedule:he following data were taken from the records of Alda Manufacturing Company:80,000Work In Process, BeginningWork In Process, EndFinished Goods Inventory, beginningFinished Goods Inventory, end95,00060,00078,000P46,00063,000Raw Ma

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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On September 17, 2021, Ziltech, Inc., entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By December 31, 2021, the company’s fiscal year-end, the division had not yet been sold, but was considered held for sale. The net fair value (fair value minus costs to sell) of the division’s assets at the end of the year was $11 million. The pretax income from operations of the division during 2021 was $4 million. Pretax income from continuing operations for the year totaled $14 million. The income tax rate is 25%. Ziltech reported net income for the year of $7.2 million.Required:Determine the book value of the division’s assets on December 31, 2021.
Tuscon Corporation The records of Tuscon Corporation revealed the following data for the current year. Work in Process $73,150 Finished Goods 115,000 Cost of Goods Sold 133,650 Direct Labor 111,600 Direct Material 84,200 Refer to Tuscon Corporation. Assume that Tuscon has underapplied overhead of $37,200 and that this amount is material. What journal entry is needed to close the overhead account? (Round decimals to nearest whole percent.) Select one: a. Debit Overhead $37,200 and credit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 b. Debit Work in Process $8,456; Finished Goods $13,294; Cost of Goods Sold $15,450 and credit Overhead $37,200 c. Debit Cost of Goods Sold $37,200 and credit Overhead $37,200 d. Debit Work in Process $37,200 and credit Overhead $37,200
ssume estimated overhead cost is $4,500,000, estimated direct labor costs is $3,000,000. Overhead is based on direct labor cost. If Job 265 incurs direct material costs of $963, direct labor of $1,750, and is sold for $7,200. **Use the following format for the journal entries: Dr. Raw Materials Inventory 500 Cr. Accounts Payable 500**** 1. What is the overhead rate? % 2. What is the journal entry to apply overhead to Job 5265? 3. What is total cost of Job? $ 4. What is gross profit? $ 5. At the end of the period it was determined that actual overhead incurred was $4,468,000. What is the adjusting entry to record the over/under applied OH?
Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…
Superior Company provided the following data for the year ended December 31 (all raw materials areused in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? question mark Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 53,000 $ 31,000 Work in process ? question mark $ 24, 000 Finished goods $ 32,000 ? question mark The total manufacturing costs added to production for the year were $675, 000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667, 000, and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the…
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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending October 31: Cost of direct materials used in production Direct labor Work in process inventory, October 1 Work in process inventory, October 31 → Total factory overhead $132,800 159,400 59,800 81,000 73,000
Cost of Goods Sold, Cost of Goods Manifactured Glenville Company has the following information for April; Cost of direct materials used in production $41,000 Direct labor 55,000 Factory overhead 30, 000 Work in process inventory, April 1, 25,000 Work in process inventory, April 30, 41, 000 Finished goods mventory, April 1, 21,000 Finished goods inventory, Apnt 30, 17, 000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement of Cost of Goods Manufactured Total manufacturing costs incurred in April Total manufacturing costs
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 95,800 Direct materials inventory Work-in-process inventory Finished goods inventory 88,600 97,000 Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000. Required: Prepare a cost of goods sold statement. Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process SANTA MARIA PARTS Cost of Goods Sold Statement For the Quarter Ended September 30 Cost of goods manufactured Finished goods available for sale Cost of goods sold September 30 (Ending) $ 113,400 $ 56,200 91,000 0 $ 0 $ $ 0 0 0 0 0