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 $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 40,000 94,000 171,000 112,000 Factory overhead General and administrative expenses Totals 24,000 40,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 531 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

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 $ 71,000 40,000 25,000 0 12,000 4,000 $ 10,000 13,000 40,000 94,000 171,000 112,000 Factory overhead General and administrative expenses Totals 24,000 40,000 $ 328,000 $ 328,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 111 Materials requisition 121 Labor time ticket 521 Labor time ticket 531 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

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 38?
ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
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The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
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S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor…
Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 68,000 37,000 23,500 0 9,000 3,000 Credit These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: BERGO BAY COMPANY List of Account Balances December 31 $ 10,800 13,800 30,000 93,000 175,900 113,000 25,000 45,000 $ 323,500 $ 323,500 $ 4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 Debit $ 1,500 indirect materials $ 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 150% of direct labor cost. 3.…