Provide steps Assignment: 6.9Cloudy Comfort Company's accounting records reflect the following inventories:Raw materials inventoryDec. 31, 2012 Dec. 31, 2011$310,000Work in process inventory 300,000Finished goods inventory 190,000$260,000160,000150,000During 2012, $400,000 of raw materials were purchased, direct labor costs amounted to $500,000, andmanufacturing overhead incurred was $480,000. If Cloudy Comfort Company's cost of goods manufacturedfor 2012 amounted to $1,190,000, its cost of goods sold for the year is:

Explanation of Raw Materials Inventory: Raw materials inventory refers to the materials and…

Answered: Assignment: 6.9 Cloudy Comfort…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 3 (10 marks) Sapir Manufacturing Company has the following data at June 30, 2012: Inventories: Raw materials inventory June 30 $25,000 June 1 $30,000 Work in process inventory Finished goods inventory 84,000 75,000 23,000 20,000 Other information for June: Total manufacturing costs Manufacturing overhead Direct labour incurred Sales $754,000 72,000 342,000 990,000 Instructions a. Prepare a schedule of cost of goods manufactured for the month (7 marks) (754,000+71,000/341,000) 1168,000 (990,000+25,000+ 84,000+23,000) 25 29,000+754,000-20,0 744000 1,127,000 1,168,000-472,000 754709 ,000 759,000+342,000 72,000+75,000-890 COGM-1164,000 Lost or goods manufactured- 46000 b. Calculate the COGS (3 marks) 20,000+1,164,000-7 SE
ke# Menaga Company reports the following information pertaining to its operating activities: Materials Inventory Work in Process Inventory Finished Goods Inventory Ending Balance $80,000 50,000 25,000 Beginning Balance $75,000 85,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A. Prepare Menaga's schedule of the cost of finished goods manufactured. MENAGA COMPANY Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 choose your answer... Manufacturing costs assigned to production: choose your answer... choose your answer.... choose your answer... Total manufacturing costs Total costs in process Less: Work in process inventory, December 31 Cost of finished goods manufactured B. Prepare Menaga's income…
Subject: Cost Management & accounting QUESTION – 11**The following data have been extracted from the records of A.B.C. Manufacturing Company:-Inventory Accounts Jan. 1: Inventory Accounts Dec 31:Material Rs. 45,000 Materials Rs. 38,000Work- in- Process 15,000 Work – in – Process 12,000Finished Goods 10,000 Finished Goods 17,000The following transactions took place during the year 1990:Direct Material Purchased Rs. 6,500Indirect Materials Purchased and used 10,000Factory Payroll Rs. 38,000 out of which Rs. 8,000 represented indirect labour. Other factory overhead cost incurred Rs. 25,000. Factory overhead applied to production at the rate of 150% of direct labour cost.Selling expenses Rs. 20,000 Admin Expenses 17,000Financial Management Income 2,000 Financial Management Expense 3,000Sale for the year 236,000 Sales return…
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Laflln company reported the followlng year-end Informatlon: Beginning work in process inventory $1.080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 960,000 Direct labor 800,00O Manufacturing overhead 720,000 Laflln's Co. cost of goods manufactured for the year Is? a. $2300000 b. 2480000 c. 2120000 d. 2660000
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

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