E2.38 (LO 4) Corbin Manufacturing Company produces blankets. From its accounting records, it prepares the following schedule and financial statements on a yearly basis: a. The cost of goods manufactured schedule. b. Income statement. c. Balance sheet. The following items are found in its ledger and accompanying data: 1. Direct labour 2. Raw materials inventory (1/1) 3. Work in process inventory (12/31) 4. Finished goods inventory (1/1) 5. Indirect labour 6. Depreciation on factory machinery 7. Work in process inventory (1/1)

E2.38 (LO 4) Corbin Manufacturing Company produces blankets. From its accounting records, it prepares the following schedule and financial statements on a yearly basis: a. The cost of goods manufactured schedule. b. Income statement. c. Balance sheet. The following items are found in its ledger and accompanying data: 1. Direct labour 2. Raw materials inventory (1/1) 3. Work in process inventory (12/31) 4. Finished goods inventory (1/1) 5. Indirect labour 6. Depreciation on factory machinery 7. Work in process inventory (1/1)

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PB: Statement of cost of goods manufactured and income statement for a manufacturing company The...

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Suppose that applied accounts of a production company is as attached. The inventory balances is as follows: raw materials (beginning: 140.000 TL, ending: 115.000 TL), work-in process (beginning: 60.000 TL, ending: 55.000 TL) and finished goods (beginning: 65.000 TL, ending: 80.000 TL). The sales revenue is 2.000.000 TL. Prepare the income statement. Applied to the cost Applied to the period costs Applied to the idle Applied to the cost of TOTAL of production capacity losses PPE Direct materials cost applied account 850,000.00 20,000.00 870.000.00 Direct labor cost applied account 260.000.00 250.000.00 10.000.00 400,000.00 10.000.00 40.000.00 450.000.00 Factory overhead applied account Selling expenses applied account General adm. Exp. Applied acount Financing expenses applied account 70.000.00 70,000.00 120,000,00 120.000.00 30.000.00 15.000.00 45.000.00 TOTAL 1.500.000.00 230.000.00 40.000.00 45.000.00 L815.000.00
K Lean Accounting Vintage Audio Inc. manufactures audio speakers. Each speaker requires $111 per unit of direct materials. The speaker manufacturing assembly cell includes the following estimated costs for the period: Speaker assembly cell, estimated costs: Labor Depreciation Supplies Power $45,660 6,120 2,230 1,670 $55,680 Total cell costs for the period The operating plan calls for 160 operating hours for the period. Each speaker requires 15 minutes of cell process time. The unit selling price for each speaker is $301. During the period, the following transactions occurred: 1. Purchased materials to produce 380 speaker units. 2. Applied conversion costs to production of 360 speaker units. 3. Completed and transferred 345 speaker units to finished goods. 4. Sold 330 speaker units. There were no inventories at the beginning of the period.
Make a T-Account for the following journal entries:
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All of the following would be reported on the balance sheet as current assets except a.factory overhead b.materials inventory c.work in process inventory d.finished goods inventory
Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production
Requirements: 1. Compute the equivalent units for materials and conversion costs. 2. Compute the unit costs for materials and coversion costs. 3. Compute the cost of goods transfered out. 4. Compute the costs of the ending inventory.
Question 4. Attached are possible answer
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mework i ces W 3 ! 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 how ma 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 Direct materials: Raw materials inventory, beginning Add: Raw materials purchases * Prepare its schedule of cost of goods manufactured for the year ended December 31. DELRAY MANUFACTURING Schedule of Cost of Goods Manufactured For Year Ended December 31 14 O 16 $ 2,700,000 112,000 146,000 190,000 515,000 618,000 93,000 74,000 148,000 237,000 $ 112,000 515,000 Q Search 379,000 134,000 175,000 228,000 17…
0 jor pro se Used Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Data table Direct Materials Used: Direct Materials Used Print Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses Manufacturing Overhead: Cost of Goods Manufactured Beginning Ending $ Done Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clark manufactured 4,380 lamps for the year? 57,000 $ 22,000 103,000 67,000 50,000 52,000 $ 4 Clark, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 11,000 155,000 23,000 43,000 13,000 40,000 125,000 53,000 - X
IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses Net Income 7.