DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials):Selling expenses$204,000$243,000$20,000$146,000Purchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in process$358,000Actual manufacturing overhead cost$328,000Inventory balances at the beginning and end of the year were as follows:Beginning End ofYear$60,000 $38,000$33,000$44,000of YearRaw materialsWork in processFinished goods$25,000$ ?For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statementincome was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold.How much was the DS-25999 company's sales revenue for the year?< Prev7 of 12Next >17,650MAR14MacBook Air

Name: DS-25999 company provided the following data for the end of the year
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials):Selling expenses$204,000$243,000$20,000$146,000Purchases of raw materialsDirect laborAdministrative expensesManufactu

Answered: Image /qna-images/answer/a75694d6-4e40-4894-8b7f-27011ed9a8e7.jpg

Business

Accounting

DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses $204,000 $243,000 $20,000 $146,000 Manufacturing overhead applied to work in process$358,000 $328,000 Purchases of raw materials Direct labor Administrative expenses Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Beginning End of of Year $60,000 $25,000 $ ? Year Raw materials Work in process Finished goods $38,000 $33,000 $44,000 For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statement income was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. How much was the DS-25999 company's sales revenue for the year?

DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses $204,000 $243,000 $20,000 $146,000 Manufacturing overhead applied to work in process$358,000 $328,000 Purchases of raw materials Direct labor Administrative expenses Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Beginning End of of Year $60,000 $25,000 $ ? Year Raw materials Work in process Finished goods $38,000 $33,000 $44,000 For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statement income was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. How much was the DS-25999 company's sales revenue for the year?

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

Hemlock Company developed the following data for the current year: Beginning work in process inventory $275,000 Direct materials used 160,000 Actual overhead 340,000 Overhead applied 225,000 Cost of goods manufactured 265,000 Total manufacturing costs 860,000 Hemlock Company's direct labor cost for the year is?
Superior Company provided the following data for the year ended December 31 (all raw materials areused in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? question mark Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 53,000 $ 31,000 Work in process ? question mark $ 24, 000 Finished goods $ 32,000 ? question mark The total manufacturing costs added to production for the year were $675, 000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667, 000, and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the…
Consider the following information for June: Work-in- Raw Process Finished Material (WIP) Goods Beginning inventory $ 60,000 $ 24,000 $ 60,000 Ending inventory $ 90,000 $ 45,000 $ 80,000 Other information: Net income (after adjustment) $ 779,000 Purchases $ 600,000 Cost of goods sold (before adjustment) $ 1,420,000 Sales $ 2,800,000 Direct labor $ 95,000 Compute APPLIED manufacturing overhead.
pls help asap
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
I want to answer this question
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 27,553 Conversion costs 8,905 Current period costs Direct materials 166,592 Conversion costs 86,000 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,400 units Ending inventory 25,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations.