Dd.14. The following data are available for munnah company at the end of the fiscal year Gross profit -------- $96 Cost of goods manufactured --- 340 Finished goods Jan 1 ---- 45 Finished goods Jan 31 ---- 52 Work in process Jan 1 ---- 28 Work in process Jan 32 ---- 38 Determine the amount of sale for the year.

Dd.14. The following data are available for munnah company at the end of the fiscal year Gross profit -------- $96 Cost of goods manufactured --- 340 Finished goods Jan 1 ---- 45 Finished goods Jan 31 ---- 52 Work in process Jan 1 ---- 28 Work in process Jan 32 ---- 38 Determine the amount of sale for the year.

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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Crane Company reports the following inventory data for the month of June: Direct materials Work in process Finished goods 1. 2. 3. 4. 5. June 1 $81 190 260 June 30 $120 250 260 Direct materials purchases were $200. Direct costs of production were $240. Variable costs of production were $300. Indirect costs of production were $200. Selling and administrative costs were $240.
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Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
QUESTION 2 Deja Brew Company reported the following for the most recently completed fiscal year: Work-in-Process Inventory. Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Raw Materials Purchased $63,500 $109,600 58,200 Direct Labor 180,800 Manufacturing Overhead Cost of Goods Manufactured 36,600 95,900 34,500 391,200 Calculate cost of goods sold for the year.
22 Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
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.
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Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150
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