What is the solution for this questions X Company had $10,000 of ending finished goods inventory, beginning finished goods inventorywas $25,000, and cost of goods sold $157,000Refer to the above, how much would the company report for cost of goodsmanufactured? *$122,000$172,000$142,000O None of the aboveRefer to the above, assume that sales revenue for the year was $260,000 andtotal period costs were $78,00O. The company's gross profit for the year was: *$25,000$103,000$182,000None of the aboveBackNextPage 6 of 9Clear formacerF6F8F9F10F11DIOPrtScSysRqF12Scr Lk&*O O

Solution: Cost of goods manufactured is the total product cost of goods that has been completed…

Answered: Company had $10,000 of ending finished…

Company had $10,000 of ending finished goods inventory, beginning finished goods inventor as $25,000, and cost of goods sold $157,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Related questions

Q: A student puts $10,000 in a savings account that pays 16% annual interest, compounded quarterly.…

A: Amount put in savings bank = $ 10,000 Interest Rate(r) = 16% compounded quarterly = 16/4 = 4% Total…

Q: 3.Find the value of a 15 % coupon 3 year maturity bond, whose face value will be repaid at the end…

A: A bond is a fixed-rate debt security that provides funds to the company for a certain maturity…

Q: Which of the following best characterizes the bonus method of recording a new partner's investment…

A: Solution:- The following best characterizes the bonus method of recording a new partner's investment…

Q: Partners Mcdo and Jobbe have capital balances ofP150,000 and P45,000 and share income in a ratio of…

A: Since, It is given in question that Total Capital will be P267,000.Therefore, Capital Balance of…

Q: 2.A person got a loan of 200.000 € from Bank A at 12 % annual interest rate. The bond will be repaid…

A: Amortization table: It is the schedule showing repayment of the loan amount that includes principal…

Q: In the ABC Partnership, A's capital is P40,000,B's capital is P70,000, and C's Capital is P20,000.…

A: Solution Given A’s capital 40000 B’s capital 70000 C’s capital 20000 Profit…

Q: Dufry Gift Shop Part I The Dufry Gift Shop purchases souvenir turtles from a vendor in Vieux Forte…

A: Hi student Since there are multiple subparts, we will answer only first three subparts

Q: 1.A father is investing 1000 t, every 6 months into a life insurance account for his son. According…

A: Using Future value in excel

Q: An entity began operations January 1, 2015 and reported the following net income or loss for five…

A: The details regarding company's income from 2015 to 2019 is given. The capital structure of the…

Q: The following selected accounts are taken from the Crandle Corporation's December 31, 2017 adjusted…

A: Income Statement: It is statement which shows income and expenditures and also shows the profit or…

Q: 1. Arden has the following information to evaluate: his current salary of $50,000 versus total…

A: Opportunity Cost is the cost of next best alternative. It is the cost of benefit forgone in favour…

Q: On June 30, 2021, the statement of financial position of Meycauyan Marketing, a partnership, is…

A: The partnership comes into existence when two or more persons agree to do the business together and…

Q: есе for Bad Debts ivable able nsurance Fixtures d Depn. - Furniture

A: As you have posted multiple independent questions, we are answering the first question. Kindly…

Q: 19. Firm X has a Return on Equity (ROE) equal to 10%, a total debt ratio equal to 0.6. If the firm…

A: Note: Hi! Thank you for the question, as per the honour code, we are allowed to answer one question…

Q: What is this question answer?

A: Net realizable value = Estimated Selling Price - Cost of Completion and Disposal where, Cost of…

Q: Exercise - ABC Inc. provided the following information: Cost per Period Unit Cost $ 5.00 $3.00 $1.50…

A: Manufacturing Overhead Cost All the cost of indirect nature being spent by a company in the…

Q: 5. When an organization underwrites and distributes new investment securities to helps businesses…

A: The business obtains finance by issuing securities and bonds to meet the objectives of the business

Q: Which of the following equations is equal to the intrinsic value of a 14 % coupon rate 3 years…

A: Coupon Rate = 14% Years= 3 Intrinsic Value of Bond = PVAF( Interest rate,3) * 140 + Face Value…

Q: Flynn Company reported a net loss of $30,000 for the year ended December 31, 2011. During the year,…

A: Statement of cash flows: It is one of the financial statement that shows the cash and cash…

Q: The admission of a new partner under the bonus method will result in A) Bonus to old partners only…

A: SOLUTION- PARTNERSHIP IS THE ARRANGEMENT BETWEEN TWO OR MORE PEOPLE TO OVERSEE BUSINESS OPERATIONS…

Q: A partnership agreement most likely will stipulate that assets be reappraised when A That…

A: solution concept The asset and liabilities of the partnership firm are generally restated or say…

Q: 6) Milestone Inc. Distributes 55% of its profits and uses the rest in the operations of the firm.…

A: Dividend Payout Ratio = 55% Retention Ratio = 1-Dividend Payout Ratio = 1-55% = 45% ROE = 22%…

Q: 13. Adams Corp's sales last year were $57,000, and its total assets were $24,000. What was its total…

A: As per Bartleby Honor code, when multiple questions are asked, the expert is required only to solve…

Q: source of payment to Partner

A: Option A is wrong because partners' assets are the personal property of the partners and they are…

Q: 22. Alfa Corp's stock pr value per share was $37.50. What is its P/B ratio? * O a) 1.34 O b) 2.4…

A: Dupont ROE With profit margin, total asset turnover and equity multiplier, the Dupont ROE is…

Q: 2. Roberta has the following information to evaluate: her current salary of $75,000 versus total…

A: Revenue = $ 130,000 Expenses = $ 80,000

Q: 2. An investor purchased a 4 year maturity 13 % coupon bond at 960 t and sold it for 1100 t 2 years…

A: Yield to the investor is the interest earned on the bond and the price e gets after selling the…

Q: If a bonus is traceable to the old partners rather than to a new partner, it is allocated among the…

A: If a Bonus is traceable to the old partners rather than to a new partner, than such an bonus will be…

Q: v Question Completion Status: A student puts $10,000 in a savings account that pays 16% annual…

A: Because you have posted multiple questions, we will answer the first question only, for the…

Q: * The Nar Company Sald Uarinbe 100,000 uts of itsproducts at P0 per unit cenit are incurred 792 0dD…

A: Since we answer three sub-parts, we will answer the first three subparts. Please resubmit the…

Q: Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory…

A: The cost of goods sold is calculated by adding the beginning inventory and purchases to obtain the…

Q: 2. Compute the intrinsic value of a 16 % coupon, 3 year maturity bond whose face value (1000Ł) will…

A: Bond is a debt instrument issued by companies and government. It is a fixed income instrument which…

Q: Gates Appliances has a return-on-assets (investment) ratio of 17 percent. a. If the…

A: Return on equity is calculated to know the profitability of the firm and it indicates the actual…

Q: Total partner's equity will not change when a withdrawing partner A Withdraws assets equal to his…

A: ANSWER Total partner's equity will not change when a withdrawing partner A Withdraws assets equal…

Q: Nevis Corporation manufactures and sells a single product. In preparing the budget for the first…

A: The budgets are prepared to estimate the requirements for the future period including sales budget,…

Q: 4. Find the value of a coupon 4 year maturity bond, whose face value will be paid in equal…

A: In this question one has to find the future value of the coupon of a bond. also face value is not…

Q: Which of the following results in the dissolution of a partnership? The withdrawal of a partner of…

Q: David and Lilly Fernandez have determined their tax liability on their joint tax re have made…

A: Solution: Description Amount (1) Total Tax $1,500 (2) less: Prepayments (2,140) (3) less:…

Question

What is the solution for this questions

X Company had $10,000 of ending finished goods inventory, beginning finished goods inventory
was $25,000, and cost of goods sold $157,000
Refer to the above, how much would the company report for cost of goods
manufactured? *
$122,000
$172,000
$142,000
O None of the above
Refer to the above, assume that sales revenue for the year was $260,000 and
total period costs were $78,00O. The company's gross profit for the year was: *
$25,000
$103,000
$182,000
None of the above
Back
Next
Page 6 of 9
Clear form
acer
F6
F8
F9
F10
F11
DIO
PrtSc
SysRq
F12
Scr Lk
&
*
O O

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
X Company had $80,000 of ending finished goods inventory, beginning finished goods inventory was $100,000, and cost of goods sold $620,000 Refer to the above, how much would the company report for cost of goods manufactured? * $600,000 O $700,000 O $710,000 O None of the above
A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500
Corona Company incurred the following costs: Materials P 700,000Storage costs of finished goods 180,000Delivery to customers 40,000Irrevocable Purchase Taxes 60,000 What amount should the inventory be measured?a. 880,000b. 760,000c. 980,000d. 940,000
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.
The Lyons Company's cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $30,000, the beginning inventory of finished goods must have been: a. $20,000 b. $50,000 c. $110,000 d. $150,000
Ryder Manufacturing reported the following year end information: beginning work in process inventory $90,000; cost of goods manufactured $258,000; beginning finished goods inventory, $126,000; ending work in process inventory. $110,000; and ending finished goods inventory. $132,000. Ryders cost of goods sold for the year is: a. S252,000 b. $264,000 $238,000 d. S126,000
Given that the cost of goods completed was $57 000, sales $80 000, finished goods at start $3 200 and finished goods at the end of the period $1 595, what will be the gross profit? A. $19 800B. $21 395C. $23 000 D. $24 595
Edmiston Company reported the following vear-end information: beginning work in process inventory, s80,000; cast of goods manufactured, $750,000; beginning finished goods inventory, $50,000, endng work in process inventory, $70,000; and ending finished goods inventory, 40,000. How much is Edmiston's cost of goods sold for the year? O 3740,000 O S770,000 • s760,000 O 750,000
20. Hardigan Manufacturing Company reported the following year-end information: Beginning work in process inventory Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory Ending finished goods inventory $80,000 So50,000 S00,000 S70,000 $50,000 How much is Hardigan's cost of goods sold for the year? a $970,000 b. $1,000,000 c. S060,000 d. S060,000