Ashley Company had the following balance sheet extract at December 31, 20X8: Cash $100,000 Accounts Receivable 200,000 Inventories: Raw materials 50,000
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- The following information pertains to the Cannady Corporation: Beginning work-in-process inventory $ 50,000 Ending work-in-process inventory 48,000 Beginning finished goods inventory 180,000 Ending finished goods inventory 195,000 Cost of goods manufactured 1,220,000 What is the cost of goods sold? a. $1,235,000 b. $1,205,000 c. $1,218,000 d. $1,222,000Prepare a schedule of cost of goods manufactured and an income statement for YNP corporation as of December 31, 2018. List whether the following fall primarily under managerial or financial accounting.Help
- The following information taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…Cash Accounts receivable Raw materiala inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Coat of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 112,000 24,000 40,000 40,000 94,000 171,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materiala requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 53: Labor time ticket 541 $ 4,800 direct materials to Job 402 $ 7,400 direct materials to Job 404 $ 2,100 indirect materiala $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 100% of direct labor cost. Problem 19-3A (Algo) Parts 4 and 5 4. Prepare an income…Related data Scott Summers Company: Sales P4,150,200 Cost of goods manufactured 3,153,500 Ending finished goods inventory 189,700 Administrative and selling expenses 387,600 Income from operation 675,200 How much is the beginning finished goods inventory?
- Assume that in Case 1 the other items in the current assets section are as follows: cash $ 3,090, receivables (net) $ 10,110, raw materials $ 850, and prepaid expenses $ 300. Incomplete manufacturing costs, expenses, and selling data for two different cases are given below: (a) Your answer is correct. Indicate the missing amount for each letter. Direct Materials Used Direct Labour Manufacturing Overhead Total Manufacturing Costs Beginning Work in Process Inventory 1 Case 2 $6,600 $ 6630 3,180 8,550 6,120 3,000 15900 (a) 18,180 1,460 8200 (h)Use the following data for Exercises E16-16, E16-17, and E16-18. Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. Identifying differences between service, merchandising, and manufacturing companies Using the data on the previous page, calculate total current assets for each company.Question 7. Part 4. Please fill in the blanks in the same format as the question
- A corporation reports the following on 3/31/23 prior to preparing financial statements: Debit $ 24,000 15,000 30,000 10,000 23,000 90,000 Cash Account Receivable Raw Material Inventory Work in Process Inventory Finished Goods Inventory Equipment Accumulated Depreciation Account Payable Common Stock Retained Earnings 1/1/23 Sales Revenue Cost of Goods Sold Operating Expenses Factory Overhead 115,000 80,000 1,000 Credit 30,000 35,000 100,000 18,000 205,000 Calculate the total assets to be reported on the balance sheet on 3/31/23 (you must include the calculation in order to receive credit) Calculate the total stockholder equity to be reported on the balance sheet on 3/31/23 (you must include the calculation in order to receive credit)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. . . . . . . . .…The following information is from the records of the Silver Company: Net direct materials purchase cost 450,000 Direct materials used 550,000 Materials beginning inventory 250,000 What is the materials ending inventory? a. 150,000 b. 200,000 c. 100,000 d. 350,000