Clyde's Pets manufactures chewing bones for puppies. At the end of December 2008, his accounting records showed the following: Inventories Materials Work in process Finished goods Other information: Direct material purchases Plant janitorial service Sales salaries expense Delivery expense Sales revenue Beginning $13,500 Ending $9,000 1,250 5,700 $31,000 Utilities for plant 1,250 Rent on plant 5,000 Customer service hotline expense 1,500 Direct labour $4,500 9,000 1,000 18,000 105,000 Requirements: i) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 Prepare an income statement for Clyde's Pets for the year ended December 31, 2008 ii) iii) Given that the company manufactured 17,500 units, of its product in 2008, compute the company's unit product cost for the year.

Clyde's Pets manufactures chewing bones for puppies. At the end of December 2008, his accounting records showed the following: Inventories Materials Work in process Finished goods Other information: Direct material purchases Plant janitorial service Sales salaries expense Delivery expense Sales revenue Beginning $13,500 Ending $9,000 1,250 5,700 $31,000 Utilities for plant 1,250 Rent on plant 5,000 Customer service hotline expense 1,500 Direct labour $4,500 9,000 1,000 18,000 105,000 Requirements: i) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 Prepare an income statement for Clyde's Pets for the year ended December 31, 2008 ii) iii) Given that the company manufactured 17,500 units, of its product in 2008, compute the company's unit product cost for the year.

Name: Clyde's Pets manufactures chewing bones for puppies. At the end of De
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Clyde's Pets manufactures chewing bones for puppies. At the end of December 2008,his accounting records showed the following:InventoriesBeginning$13,500Ending$9,000MaterialsWork in processFinished goodsOther information:Direct material purchasesPlan

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Columbine Company makes artificial flowers and reports the following data for the month: Journalize the entries relating to materials and labor. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Purchases of materials, on account $48,000 Materials requisitions: Direct materials 39,500 Indirect materials 300 Labor incurred (not yet paid): Direct labor 27,600 Indirect labor 1,940
manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records showed the following: Data Table Balances: Beginning Ending Direct Materials $13,800 $8,500 Work-in-Process Inventory 0 2,500 Finished Goods Inventory 0 5,500 Data Table Other information: Direct materials purchases $35,000 Plant janitorial services 400 Sales salaries 5,600 Delivery costs 1,700 Net sales revenue 109,000 Utilities for plant 1,700 Rent on plant 14,000 Customer service hotline costs 1,600 Direct labor 24,000 Requirement 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Yum Yum Treats Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 Direct Materials Used:…
Hi owns and operates three Compufix shops in Caloocan City area. Compufix repairs and upgrades computers on site. In August, purchases of materials equaled P 9,750, the beginning inventory materials was P 850, and the ending inventory of materials was P 950. Payments for direct labor during the month totaled P 18,570. Overhead incurred was P 15,000. The Caloocan City shops also spent P 5,000 on advertising during the month. Administrative costs (primarily accounting and legal services) amounted to P 3,000 for the month. Revenues for August were P 60,400. What was the total cost of services for August?
Bag Teeth manufactures dental supplies & equipment. Bag Teeth Ack's Total sales for year 2022 is $1,587,560 cost of goods sold & gross margin Calculate Inventory: Finished Goods, Jan. 01 Work in process, Jan.o1 Raw Materials Jan. 01 Raw materials purchased Raw Materials, Dec 31 Work in Process, Dec. 31 Finished Goods, Dec. 31. other Factory Expenses! Factory Supervisor salary Equipment repairs Plant utilities plant property tax Assembly employees info: # of employees. hour Wages per Daily hours Annual total days work per employee How much is an 552,000.00 165,000.00 16,500.00 28,000.00 15,000.00 21,000.00 465,000.00 45,000.00 15,500.00 13,500.00 11,500.00 18. 18.50 8 260 total manufacturing account? cost to
Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. 1. Plastic for casing-$20,000 2. Wages of assembly workers-$89,000 3. Property taxes on factory-$6,000 4. Office accounting salaries-$39,000 5. Drum stands-$35,000 6. Rent cost of office for accountants-$48,000 7. Office management salaries-$210,000 8. Annual fee for factory maintenance $16,000 9. Sales commissions-$21,000 10. Factory machinery depreciation, straight-line-$41,000 Costs Required: 1. Classify each cost and its amount as either product or period. The first cost is completed as an example. Costs 1. Plastic for casing 2. Wages of assembly workers 3. Property taxes on factory 4. Office accounting salaries 5. Drum stands 6. Rent cost of office for accountants 7. Office management salaries 8. Annual fee for factory maintenance 9 Sales commissions 10 Factory machinery depreciation, straight-line i $ Product 20,000 Period
please answer ques no. 8,9
Aelan Products Company, a small manufacturer, has submitted the items below concerning last year's operations. The president's secretary, trying to be helpful, has alphabetized the list. Administrative salaries $4,800 Advertising expense 2,400 Depreciation—factory building 1,600 Depreciation—factory equipment 3,200 Depreciation—office equipment 360 Direct labour cost 43,800 Raw materials inventory, beginning 4,200 Raw materials inventory, ending 6,400 Finished goods inventory, beginning 93,960 Finished goods inventory, ending 88,820 General liability insurance expense 480 Indirect labour cost 23,600 Insurance on factory 2,800 Purchases of raw materials 29,200 Repairs and maintenance of factory 1,800 Sales salaries 4,000 Taxes on factory 900 Travel and entertainment expense 2,820 Work in process inventory, beginning 3,340 Work in process inventory, ending 2,220…
Synder Corp., a lamp manufacturer, provides the following information for the year ended December 2008: Inventories Beginning Ending Materials $50,000 $25,000 Work in process 100,000 65,000 Finished goods 40,000 43,000 Other information: Depreciation: Plant Building Repairs & maintenance-plant $5,000 & Equipment $15,000 Indirect labor 30,000 Materials purchases 155,000 Direct labor 120,000 Insurance on plant 20,000 Administrative expenses 52,000 Sales salaries expense 48,000 sales revenue 550,700 Requirements: a) Prepare a schedule of…
Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your…
ABC Manufacturing is a producer of a local product used in house cleaning, called Agent C. The production manager is required to present a production report for the month August, however he got no idea on what information he needed for the report, and what analysis could be made to help the top management on their decision-making. The production manager sought your expertise on the subject matter and gave to you the following information: Sales (in Pesos) 4,957,875.00 22,500.00 Sales Volume Variable Costs: Cost of Direct Raw Materials 895,000.00 530,000.00 124,200.00 Cost of Direct Labor Cost of Packaging Materials Fixed Costs: Monthly Depreciation Monthly Rent of Warehouse Fixed Monthly Allowance for Electricity Other Fixed Manufacturing Overhead 650,000.00 100,000.00 675,000.00 146,700.00 Required: SENSITIVITY ANALYSIS If the selling price per unit is increased by 20% of its current price while the variable cost per unit is also increased by 30%, compute the following: d. How many…
Hartley Uniforms produces uniforms. The company allocates manufacturing overhead based on the machine hours each job uses. Hartley Uniforms reports the following cost data for the past year: Budget Actual 7,600 hours 6,100 hours Direct labor hours Machine hours 7,200 hours 6,300 hours Depreciation on salespeople's autos $23,000 $23,000 Indirect materials $48,500 $50,500 Depreciation on trucks used to deliver uniforms to customers solla $13,000 $70,000 $40,000 $11,000 Depreciation on plant and equipment Indirect manufacturing labor $72,500 $42,000 Customer service hotline $19,000 $21,000 Plant utilities $35,900 $38,400 Direct labor cost $72,500 $85,500 Requirements 1odel tba 1. Compute the predetermined manufacturing overhead rate. 2. Calculate the allocated manufacturing overhead for the past year. 3. Compute the underallocated or overallocated manufacturing overhead. How will this underallocated or overallocated manufacturing overhead be disposed of? 4. How can managers usA acco