Determine each of the following missing amounts: Note: Input all amounts as positive values Beginning raw materials inventory Purchases of raw materials during the year Raw materials available for use Ending raw materials inventory Cost of raw materials used Direct labor costs incurred Variable manufacturing overhead applied Fixed manufacturing overhead applied Total manufacturing costs incurred Beginning work in process Ending work in process Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations $ Firm A 11,900 8,400 63,000 91,000 70,000 259,000 10,500 17,500 21,000 35,000 98,000 47,600 $ $ $ Firm B 115,200 142,800 121,200 40,800 72,000 8,400 13,200 319,200 492,000 319,200 363,600 327,600 $ 38,400 $ Firm C 25,200 135,600 30,600 190,800 43,200 11,400 9,600 36,600 456,600 28,800 118,800 53,400

Determine each of the following missing amounts: Note: Input all amounts as positive values Beginning raw materials inventory Purchases of raw materials during the year Raw materials available for use Ending raw materials inventory Cost of raw materials used Direct labor costs incurred Variable manufacturing overhead applied Fixed manufacturing overhead applied Total manufacturing costs incurred Beginning work in process Ending work in process Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Cost of goods available for sale Ending finished goods inventory Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations $ Firm A 11,900 8,400 63,000 91,000 70,000 259,000 10,500 17,500 21,000 35,000 98,000 47,600 $ $ $ Firm B 115,200 142,800 121,200 40,800 72,000 8,400 13,200 319,200 492,000 319,200 363,600 327,600 $ 38,400 $ Firm C 25,200 135,600 30,600 190,800 43,200 11,400 9,600 36,600 456,600 28,800 118,800 53,400

Name: Case 13-31 (Algo) Cost of goods manufactured, cost of goods sold, and
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Case 13-31 (Algo) Cost of goods manufactured, cost of goods sold, and income statement LO 13-4, 13-5,13-7Determine each of the following missing amounts:Note: Input all amounts as positive valuesBeginning raw materials inventoryPurchases of raw mate

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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A manufacturer reports the information below. Finished goods inventory, beginning Finished goods inventory, ending Depreciation on factory equipment Direct labor Indirect labor Factory utilities Selling expenses Direct materials used Indirect materials used Office rent expense Work in process inventory, beginning Work in process inventory, ending Complete this question by entering your answers in the tabs below. Required A Required B Compute cost of goods sold for the period. Goods available for sale Cost of goods sold $ 8,200 9,140 4,800 84,000 36,700 3,200 750 55,900 700 1,200 1,600 2,400 $ 0
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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1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department.
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Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
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Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~