Amazing Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances a the beginning and end of 2005: Inventory Classification Raw material Work-in-process Finished Goods January 1, 2005 P 60,000 120,000 150,000 During 2005, the company purchased P250,000 of raw materials and spent P400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material... Indirect labor........ Depreciation on plant and equipment..... Utilities December 31, 2005 P70,000 115,000 165,000 ********** ..P 10,000 23,000 100,000 25,000

Amazing Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances a the beginning and end of 2005: Inventory Classification Raw material Work-in-process Finished Goods January 1, 2005 P 60,000 120,000 150,000 During 2005, the company purchased P250,000 of raw materials and spent P400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material... Indirect labor........ Depreciation on plant and equipment..... Utilities December 31, 2005 P70,000 115,000 165,000 ********** ..P 10,000 23,000 100,000 25,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
XYZ Company recorded the following information, related to their inventory accounts for 2024: Direct materials inventory Work in process inventory Finished goods inventory Indirect materials Prime costs .... XYZ Company's accounting records for 2024 provided the following information: Direct materials purchased Depreciation, factory equipment. Utilities (see note below) Sales commissions TI HE Depreciation, office equipment Rent, factory building . January 1 $74,000 $48,000 $51,000 Advertising .... Production supervisor's salary I $ 56,000 $ 63,000 $ 40,000 $ 81,000 $ 33,000 $202,000 December 31 $37,000 $83,000 $26,000 $ 37,000 $ 70,000 $ 89,000 $ 57,000 Note: 75% of the utilities relate to the general office building while 25% of the utilities relate to the factory. Calculate XYZ Company's direct labor cost for 2024.
Bonita Industries reported the following year-end information: beginning work in process inventory, S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000
Give me answer for this question
14. Groh Co. recorded the following data pertaining to raw material X during January 2012: Units Received On Hand 3,200 1,600 5,600 Date Cost Issued 1/1/12 $4.00 Inventory Issue Purchase 1/11/12 1,600 1/22/12 4,000 $4.70 The moving-average unit cost of X inventory at January 31, 2012 is a. $4.35. b. $4.42. c. $4.50. d. $4.70.
1)Coronado Industries reported the following year-end information: beginning work in process inventory, S82000; cost of goods manufactured, $760000; beginning finished goods inventory, S52000: ending work in process inventory, S72000; and ending finished goods inventory, 542000. How much is Coronado's cost of goods sold for the year? a) S760000 b) $750000 C) $770000 d) $780000
10. A review of a company's Work-in-Process Inventory account found a debit for materials of P67,000. If all procedures were performed in the correct manner, this means that the firm: also recorded a credít to Manufacturing Supplies Inventory. a. b. was accounting for the usage of direct materials. was accounting for the usage of indirect materials. d. was accounting for the' usage of direct materials by also crediting the Raw-Material Inventory account. с.
Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
Sunland Company reported the following year-end information: beginning work in process inventory, $200000: cost of goods manufactured, $866000; beginning finished goods inventory, $262000; ending work in process inventory, $240000; and ending finished goods inventory, $284000. Sunland Company's cost of goods sold for the year is $826000. $888000. S844000. $582000.
Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described in the picture. Assume that the Raw Materials Inventory contains only direct materials.
Goods placed in process during 20x1? Cost of goods manufactured during 20x1? Prime cost during 20x1? Conversion cost during 20x1? Goods available for sale during 20x1? Cost of goods sold during 20x1? Gross margin for 20x1? Net income for 20x1?