Current Attempt in Progress Carla Vista Company's current assets at December 31, 2022 are listed below in alphabetical order. Accounts receivable Cash Finished goods inventory Prepaid expenses Raw materials inventory Work in process inventory $39,360 58,560 24,960 2,880 21,120 30,720

Current Attempt in Progress Carla Vista Company's current assets at December 31, 2022 are listed below in alphabetical order. Accounts receivable Cash Finished goods inventory Prepaid expenses Raw materials inventory Work in process inventory $39,360 58,560 24,960 2,880 21,120 30,720

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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Current Attempt in Progress Vaughn Inc's accounting records reflect the following inventories: Raw materials inventory Work in process Inventory Finished goods inventory Dec. 31, 2021 Dec. 31, 2022 $79000 $63000 O $1466000 O $1450000 $1387000 O $1434000 103000 100000 115000 92000 During 2022, Vaughn purchased $1450000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000. (Assume that all raw materials used were direct materials.) What was the cost of raw materials transferred to production during 2022 for Vaughn?
Concord Corporation's accounting records reflect the following inventories: Raw materials inventory Work in process inventory Finished goods inventory. Dec. 31, 2020 O $2190700 O $2110700 Ⓒ$2260700. O $2010700 $310000 300000 190000 Dec. 31, 2019. $260000 160000 150000 During 2020, $920000 of raw materials were purchased, direct labor costs amounted to $684700, and manufacturing overhead incurred was $736000. If Concord Corporation's cost of goods manufactured for 2020 amounted to $2150700, its cost of goods sold for the year is
Assessment #1 _Cost Classification Inventory valuation Question 1 Part 1 Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 31/12/2023 Raw Materials $260,000 $230,000 Work In Progress $333,800 $218,800 Finished Goods $1,075,200 $615,000 Other information: Sales Revenue Factory supplies Direct Factory Labor Special Design Cost Raw Plant janitorial service Depreciation: Plant & Equipment Purchased Plant Utilities Plant supervisor's salary Property Taxes ¹ R & D for Graphic Designs Office Utilities Insurance on Plant & Equipment Delivery truck driver's wages Depreciation: Delivery truck Administrative Wages & Salaries Sales Commission $5,765,000 45,000 735,000 15,000 540,000 52,000 165,000 385,000 480,000 300,000 70,500 165,000 120,000 125,000 52,000 850,150 97,650 ¹ The property taxes should be shared: 60% manufacturing & 40%…
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Current Attempt in Progress Blossom Company reported the following information for November and December 2022. November December Cost of goods purchased $535,000 $ 603,000 Inventory, beginning-of-month 129,000 116,050 Inventory, end-of-month 116.050 Sales revenue 843.000 1,000.000 Blossom's ending inventory at December 31 was destroyed in a fire. (a) Your answer is incorrect Compute the gross profit rate for November. Gross profit rate 36.5
Current Attempt in Progress Oriole Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Purchased 1,380 660 Ending inventory $ Save for Later Quantities Cost of goods sold $ Sold 360 610 Balance 460 1,840 1,480 870 1,530 Unit Price of Purchase $4.60 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. $4.9 $5.3 Compute the cost of goods sold for the first six months under the periodic FIFO inventory pricing method. Attempts: 0 of 1 used Submit Answer
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ok ences QS 14-12 (Algo) Preparing a balance sheet LO P1 Prepare the current assets section of the balance sheet at December 31 for Bin Manufacturing using the following information. Hint Not all information given is needed for the solution. Cash Accounts payable Raw materials inventory General and administrative expenses Accounts receivable, net Selling expenses Finished goods inventory Work in process inventory Prepaid insurance Cost of goods sold BIN MANUFACTURING Current Assets Section of the Balance Sheet December 31 Total current assets $ 22,100 2,100 8,100 42, 100 12, 100 12, 100 22, 100 18, 100 4,100 33, 100