Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Now calculate the cost of goods sold. West Nautical Company Calculation of Cost of Goods Sold For Current Year Plus: Less: Data table \table[[, \table[[Beginning], [of Year]], \table[[\table[[End of], [Year]]], [$,27,000 Data table Beginning of Year End of Year End of Year Raw materials inventory ...... 25,000 $ 27,000 Insurance on plant $ 10,000 Work in process inventory. $ 36,000 $ 30,000 Depreciation-plant building and equipment ... $ 13,100 Finished goods inventory... $ 20,000 $ 28,000 Repairs and maintenance-plant $ 4,400 Purchases of direct materials .... 78,000 Marketing expenses $ 81,000 Le Direct labor.. 80,000 General and administrative expenses $ 25,500 Co Indirect labor. $ 38,000 No Print Done -
Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Now calculate the cost of goods sold. West Nautical Company Calculation of Cost of Goods Sold For Current Year Plus: Less: Data table \table[[, \table[[Beginning], [of Year]], \table[[\table[[End of], [Year]]], [$,27,000 Data table Beginning of Year End of Year End of Year Raw materials inventory ...... 25,000 $ 27,000 Insurance on plant $ 10,000 Work in process inventory. $ 36,000 $ 30,000 Depreciation-plant building and equipment ... $ 13,100 Finished goods inventory... $ 20,000 $ 28,000 Repairs and maintenance-plant $ 4,400 Purchases of direct materials .... 78,000 Marketing expenses $ 81,000 Le Direct labor.. 80,000 General and administrative expenses $ 25,500 Co Indirect labor. $ 38,000 No Print Done -
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year
using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to
view the data.) Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less:
Cost of goods manufactured Now calculate the cost of goods sold. West Nautical Company Calculation of Cost of Goods
Sold For Current Year Plus: Less: Data table \table[[, \table[[Beginning], [of Year]], \table[[\table[[End of], [Year]]], [$,27,000
Data table
0
Beginning
of Year
End of
Year
Raw materials inventory.....
25,000 $ 27,000 Insurance on plant
End of
Year
$ 10,000
Work in process inventory.
$
Finished goods inventory...
$
36,000 $
20,000 $
30,000
28,000
Depreciation-plant building and equipment
Repairs and maintenance-plant
... $ 13,100
$ 4,400
Purchases of direct materials ....
78,000 Marketing expenses
$ 81,000
Le
Direct labor..
80,000 General and administrative expenses
$ 25,500
Co
Indirect labor.
$
38,000
No
Print
Done
-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F355465f1-2f0d-4885-80d4-d062b90a54f5%2F7d6f2a35-3a6a-4bd6-b99c-6517226babb0%2Fautzbxt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year
using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to
view the data.) Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less:
Cost of goods manufactured Now calculate the cost of goods sold. West Nautical Company Calculation of Cost of Goods
Sold For Current Year Plus: Less: Data table \table[[, \table[[Beginning], [of Year]], \table[[\table[[End of], [Year]]], [$,27,000
Data table
0
Beginning
of Year
End of
Year
Raw materials inventory.....
25,000 $ 27,000 Insurance on plant
End of
Year
$ 10,000
Work in process inventory.
$
Finished goods inventory...
$
36,000 $
20,000 $
30,000
28,000
Depreciation-plant building and equipment
Repairs and maintenance-plant
... $ 13,100
$ 4,400
Purchases of direct materials ....
78,000 Marketing expenses
$ 81,000
Le
Direct labor..
80,000 General and administrative expenses
$ 25,500
Co
Indirect labor.
$
38,000
No
Print
Done
-
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education