Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 56,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process-January 1 60,000 Work in Process-December 31 30,000 Direct Material-December 31 20,000 Finished Goods Inventory-December 31 55,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 61,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.

Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 56,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process-January 1 60,000 Work in Process-December 31 30,000 Direct Material-December 31 20,000 Finished Goods Inventory-December 31 55,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 61,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
Preparing a schedule of cost of goods manufactured Wilson Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018: Requirements Use the information to prepare a schedule of cost of goods manufactured. What is the unit product cost if Wilson manufactured 3,700 lamps for the year?
The cost of raw materials purchases for 2019 is?
Boston Company has the following balances as of the year ended December 31, 2018. Direct Materials Inventory=$15,000 Dr WIP Inventory =34,500 Dr Finished Goods Inventory=49,500 Dr Cost of Goods Sold = 74,500 Dr Additional information is as follows: Cost of direct materials purchased during 2018 = $41,000 Cost of direct materials requisitioned in 2018= 47,000 Cost of goods completed during 2018= 102,000 Factory overhead applied (120% of direct labour) = 48,000 Underapplied factory overhead = 4,000 Required: Compute beginning direct materials inventory. Compute beginning WIP inventory.
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided: Item Amount Sales $200,000 Cost of Goods Manufactured 60,000 Direct Material Purchased 80,000 Factory Overhead 20,000 Work in Process - January 1 60,000 Work in Process - December 31 30,000 Direct Material - December 31 20,000 Finished Goods Inventory - December 31 51,000 Net Income 30,000 Direct Materials used 60,000 Cost of Goods Sold 57,000 Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).
The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020 are given below: Ending Balance Beginning Balance Finished goods P400,000 P385,000 Work on process 520,000 495,000 Raw materials 710,000 750,000 Transactions that transpired during the year were: Raw materials costing P280,000 were purchased for cash. Raw materials costing P220,000 were purchased on account. Incurred factory overhed cost, P135,000. Other materials requisitioned for production, P30,000 Factory wages consisted of: Direct labor, P270,000; Indirect labor, P100,000. Finished goods costing 350,000 were sold for P800,000. Required: Prepare the statement of cost of goods manufactured and sold in good form. Determine the following: a. Prime cost b. Conversion cost c. Product cost.
Compute the Statement of Cost of Goods Manufactured.Please help experts. Thank you
АСTIVITY: Problem 1: Cost of Goods Manufactured (page 10-11) In addition to the year-end statement of financial position and income statement, the management of Esterlina Gevera Company required the controller to prepare the statement of cost of goods manufactured. During 2019, P361,920 of Raw materials were purchased. Operating cost data and inventory account balances for 2019 follows: Direct labor (10,430 hours at P9.50 per hour) Plant Supervision Indirect labor (20,280 hours at P6.25 per hour) Factory Insurance Factory Utilities Depreciation-Factory Building Depreciation-Factory Utilities Manufacturing Supplies Repairs and Maintenance Selling and Administrative Expenses Raw Materials Inventory, Jan. 1, 2019 Work in Process Inventory, Jan. 1, 2019 P 99,085 42,500 126,750 8,100 29,220 46,200 62,800 9,460 14,980 76,480 26,490 101,640 148,290 24,910 100,400 141,100 Finished Goods Inventory, Jan. 1, 2019 Raw Materials Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2019…
Please help me
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending -raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.