Case 13-31 (Algo) Cost of goods manufactured, cost of goods sold, and income statement LO 4, 5, 7Determine each of the following missing amounts: (Input all amounts as positive values) Beginning raw materials inventoryPurchases of raw materials during the yearRaw materials available for useEnding raw materials inventoryCost of raw materials usedDirect labor costs incurredVariable manufacturing overhead appliedFixed manufacturing overhead appliedTotal manufacturing costs incurredBeginning work in processEnding work in processCost of goods manufacturedSalesBeginning finished goods inventoryCost of goods manufacturedCost of goods available for saleEnding finished goods inventoryCost of goods soldGross profitSelling, general, and administrative expensesIncome from operations$Firm A17,00012,00090,000130,000100,000370,00015,00025,00030,00050,000140,00068,000$$$Firm B67,20083,30070,70023,80042,0004,9007,700186,200287,000186,200212,100191,100$22,400 $Firm C37,800203,40045,900286,20064,80017,10014,40054,900684,90043,200178,20080,100

The question is based on the concept of Cost Accounting. Direct Material used = Material Purchased +…

Beginning raw materials inventory Purchases of raw materials during the year Raw materials available for use Ending raw materials inventory Cost of raw materials used Direct labor costs incurred Variable manufacturing overhead applied Fixed manufacturing overhead applied Total manufacturing costs incurred Beginning work in process $ Firm A 17,000 12,000 90,000 130,000 100,000 370,000 15,000 Firm B 67,200 83,300 70,700 23,800 42,000 4,900 $ Firm C 37,800 203,400 45,900 286,200 64,800 17,100

Beginning raw materials inventory Purchases of raw materials during the year Raw materials available for use Ending raw materials inventory Cost of raw materials used Direct labor costs incurred Variable manufacturing overhead applied Fixed manufacturing overhead applied Total manufacturing costs incurred Beginning work in process $ Firm A 17,000 12,000 90,000 130,000 100,000 370,000 15,000 Firm B 67,200 83,300 70,700 23,800 42,000 4,900 $ Firm C 37,800 203,400 45,900 286,200 64,800 17,100

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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Question

Case 13-31 (Algo) Cost of goods manufactured, cost of goods sold, and income statement LO 4, 5, 7

Determine each of the following missing amounts: (Input all amounts as positive values)

Beginning raw materials inventory
Purchases of raw materials during the year
Raw materials available for use
Ending raw materials inventory
Cost of raw materials used
Direct labor costs incurred
Variable manufacturing overhead applied
Fixed manufacturing overhead applied
Total manufacturing costs incurred
Beginning work in process
Ending work in process
Cost of goods manufactured
Sales
Beginning finished goods inventory
Cost of goods manufactured
Cost of goods available for sale
Ending finished goods inventory
Cost of goods sold
Gross profit
Selling, general, and administrative expenses
Income from operations
$
Firm A
17,000
12,000
90,000
130,000
100,000
370,000
15,000
25,000
30,000
50,000
140,000
68,000
$
$
$
Firm B
67,200
83,300
70,700
23,800
42,000
4,900
7,700
186,200
287,000
186,200
212,100
191,100
$
22,400 $
Firm C
37,800
203,400
45,900
286,200
64,800
17,100
14,400
54,900
684,900
43,200
178,200
80,100

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

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