Consider the following account balances (in thousands) for the Canseco Company: Home Insert Page Layout Formulas Data Review View 1 Canseco Company 2 3 Direct materials inventory 4 Work-in-process inventory 5 Finished goods inventory 6 Purchases of direct materials 7 Direct manufacturing labor 8 Indirect manufacturing labor 9 Plant insurance 10 Depreciation-plant, building, and equipment 11 Repairs and maintenance-plant 12 Marketing, distribution, and customer-service costs 13 General and administrative costs Beginning of 2011 End of 2011 $22,000 21,000 18,000 $26,000 20,000 23,000 75,000 25,000 15,000 9,000 11,000 4,000 93,000 29,000 a. Prepare a schedule for the cost of goods manufactured for 2011... b. Revenues for 2011 were $300 million. Prepare the income statement for 2011.

Consider the following account balances (in thousands) for the Canseco Company: Home Insert Page Layout Formulas Data Review View 1 Canseco Company 2 3 Direct materials inventory 4 Work-in-process inventory 5 Finished goods inventory 6 Purchases of direct materials 7 Direct manufacturing labor 8 Indirect manufacturing labor 9 Plant insurance 10 Depreciation-plant, building, and equipment 11 Repairs and maintenance-plant 12 Marketing, distribution, and customer-service costs 13 General and administrative costs Beginning of 2011 End of 2011 $22,000 21,000 18,000 $26,000 20,000 23,000 75,000 25,000 15,000 9,000 11,000 4,000 93,000 29,000 a. Prepare a schedule for the cost of goods manufactured for 2011... b. Revenues for 2011 were $300 million. Prepare the income statement for 2011.

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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Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
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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…
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Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
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Make an income statement