Consider the following account balances (in thousands) for the Canseco Company: Beglnning of End of Canseco Company 2014 2014 Direct materials inventory 26,000 29,000 Work-in-process inventory 25,000 21,000 Finished goods inventory 17,000 20,000 Purchases of direct materials 79,000 Direct manufacturing labor 23,000 Indirect manufacturing labor 11.000 Plant insurance 8,000 Depreciation-plant, building, and equipment 10.000 Repairs and maintenance-plant 5,000 Marketing, distribution, and customer-service costs 92,000 General and administrative costs 36,000 1. Prepare a schedule for the cost of goods manufactured for 2014.

Consider the following account balances (in thousands) for the Canseco Company: Beglnning of End of Canseco Company 2014 2014 Direct materials inventory 26,000 29,000 Work-in-process inventory 25,000 21,000 Finished goods inventory 17,000 20,000 Purchases of direct materials 79,000 Direct manufacturing labor 23,000 Indirect manufacturing labor 11.000 Plant insurance 8,000 Depreciation-plant, building, and equipment 10.000 Repairs and maintenance-plant 5,000 Marketing, distribution, and customer-service costs 92,000 General and administrative costs 36,000 1. Prepare a schedule for the cost of goods manufactured for 2014.

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

Question 38?
Synder Corp., a lamp manufacturer, provide 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 Other information: 40,000 43,000 $15,000 Repairs & maintenance- plant $5,000 155,000 Indirect labour 30,000 20,000 Direct labour 120,000 48,000 Administrative expenses 52,000 Sales revenue 550,700 Depreciation: Plant Building & Equipment Materials purchases Insurance on plant Sales salaries expense Requirements: i) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 ii) Prepare an income statement for Synder Corp. for the year ended December 31, 2008 iii) What is the unit product cost if Synder manufactured 3,000 lamps for the year?
Help, Thank You.
want the answer
The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35.000 Raw materials purchased O 430.000 Direct labor cost 200.000 Factory overhead control 260.000 Freight-in 45.000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
1. The following information was taken from H Company's accounting records for the year December 31, 2008: Increase in raw materials inventory P 15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct labor cost 200,000 Factory overhead control 260,000 Freight-in 45,000 There was no work in process inventory at the beginning or end of the year. H's 2008 cost of goods sold is if FOH is applied at 140% of labor costs:
Selected data from Design Corporation for 2016 is as follows: beginning ending raw materials 34,000 40,000 work in progress 135,000 150,000 finished goods 110,000 102,000 other information: plant janitorial services 8,000 admin. expenses 121,230 raw materials purchased 41,000 depreciation-plant equipment 32,500 insurance on plant 11,500 deprecation expense on truck 18,250 direct manufacturing wages 144,000 sales revenue 575,000 plant utilities 28,000 sales commission 23,700 What is the cost of goods sold?
X Company reported the following year-end information: Beginning Raw Materials Inventory $60,000 Ending Raw Materials Inventory 90,000 Beginning Work in Process Inventory 113,000 Ending Work in Process Inventory 180,000 Raw Materials purchased 200,000 Direct Labor 210,000 Manufacturing Overhead 490,000 Selling and Administrative Expenses 157,000 Refer to the above, what was the cost of raw materials used? * $260,000 $170,000 $140,000 None of the above
ABC company has the following data: Revenue $450,000 Beginning inventory of direct materials, January 1, 2015 24,000 Purchases of direct materials 151,000 Ending inventory of direct materials, December 31, 2015 18,000 Direct manufacturing labor 27,000 Indirect manufacturing costs 50,000 Beginning inventory of finished goods, January 1, 2015 43,000 Cost of goods manufactured 234,000 Ending inventory of finished goods, December 31, 2015 48,000 Operating costs 152,000 No beginning work in process inventory Required: a- Prepare cost of goods manufactured statement b- Prepare income statement
The following information is obtained from the company’s records for 2014: Total manufacturing costs, P8,000,000 Cost of finished goods manufactured, P7,920,000 Manufacturing overhead applied, P3,600,000 Manufacturing overhead was applied to production at a rate of 200% of direct laborcosts The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the cost of direct materials used in 2014?a. P2,600,000b. P2,500,000c. P1,800,000d. P3,600,000
he following balances have been taken from the general ledger for Pak Fan Manufacturing Company: Raw Materials Inventory (1-12-2014) Rs. 40,000 Raw Material Purchases 190,000 Raw Materials Returns 9,000 Carriage Inwards 15,000 Direct Labor 255,000 Indirect Labor 60,000 Depreciation (Machinery) 30,000 Hear, Light and Power 25,000 Factory Rent and Taxes 31,000 Factory Repairs Expense 19,000 Foreman ‘s Salary 25,000 Raw Material (31-12-2014) 58,000 Work in Process (1-12-2014 63,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Compute the cost of December 31, 2014 inventory of Goods in Process.