Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add Less V: Add V: Beginning WIP Inventory Cost of Goods Manufactured Less V: Ending WIP Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118.500 575,100 27600 17700 i 585000 22600 8500 599100

Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add Less V: Add V: Beginning WIP Inventory Cost of Goods Manufactured Less V: Ending WIP Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118.500 575,100 27600 17700 i 585000 22600 8500 599100

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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Product Cost Flows Complete the following T-accounts: Materials Inventory 1,120 Answer Answer 18,120 250 Wages Payable 9,000 1,050 Finished Goods Inventory 1,500 Answer Answer 1,200 Manufactured Overhead 175 Answer Answer 18,000 4,500 0 Work in Process Inventory 3,500 Answer Answer 9,000 Answer 500 Cost of Goods Sold Answer Save AnswersNext
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A lease agreement that qualifies as a finance lease calls for annual lease payments of $50,000 over a six-year lease term (also the asset's useful life), with the first payment at January 1, the beginning of the lease. The interest rate is 5%. The lessor's fiscal year is the calendar year. The lessor manufactured this asset at a cost of $235,000. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: a. Determine the price at which the lessor is "selling" the asset (present value of the lease payments). b. Create a partial amortization table through the second payment on January 1, 2017. c. What would be the increase in earnings that the lessor would report in its income statement for the year ended December 31, 2016 (ignore taxes)? Complete this question by entering your answers in the tabs below. Required A Required B Required C What would be the increase in earnings that the lessor would report in its…
Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
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Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
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PAS. LO 4.5 Complete the information in the cost computations shown here: Raw Materials Work in Pracess nventory $ 342 S 92 Beginning imventory Purchases Materials avalable for use Ending inentory Beginning inventory Materials used in production Drect labor 1,533 1,535 Overhead applied Manufacturing costs incurred Ending inventory 321 22441 Materials used in production Cost of Geods Marufactured Finished Goods Inventory Beginning inventory Coot of Goeds Mandactured Goods Available for Sale Ending inventory Cost of Goods Sold $25,002 21.788 ANSWER Raw Materials Beginning inventory Purchases Material available for use Ending inventey Materials used in production Work in Process Iaventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cast of goods manufactured Finished Goods Iaventory Beginning inventory Cast of goods manufactured Goods available for sale Ending inventory Cost of goods sold