eBookManufacturing Income Statement, Statement of Cost of Goods ManufacturedSeveral items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month ofDecember;OnOffCompany CompanyMaterials inventory, December 1$65,800$195,300Materials inventory, December 31(a)91,140Materials purchased282,800(a)Cost of direct materials used in production317,800(b)Direct labor387,800 577,220Factory overhead148,400256,060Total manufacturing costs incurred in December(b) 1,519,000Total manufacturing costs973,0001,727,320Work in process inventory, December 1119,000208,320Work in process inventory, December 31172,200Cost of goods manufactured(c)1,532,020Finished goods inventory, December 1224,000269,080Finished goods inventory, December 31197,400(d)Sales1,127,0001,944,320Cost of goods sold(d) 1,545,040Check My Work 2 more Check My Work uses remainingPreviousNext

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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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Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May: 1 Rainier Company Yakima Company 2 Materials inventory, May 1 $100,000.00 $48,200.00 3 Materials inventory, May 31 (a) 50,000.00 4 Materials purchased 950,000.00 710,000.00 5 Cost of direct materials used in production 938,500.00 (a) 6 Direct labor 2,860,000.00 (b) 7 Factory overhead 1,800,000.00 446,000.00 8 Total manufacturing costs incurred in May (b) 2,484,200.00 9 Total manufacturing costs 5,998,500.00 2,660,600.00 10 Work in process inventory, May 1 400,000.00 176,400.00 11 Work in process inventory, May 31 382,000.00 (c) 12 Cost of goods manufactured (c) 2,491,500.00 13 Finished goods inventory, May 1 615,000.00 190,000.00 14 Finished goods inventory, May 31 596,500.00 (d) 15…
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Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. OnCompany OffCompany Materials inventory, December 1 $85,340 $112,650 Materials inventory, December 31 (a) 127,290 Materials purchased 216,760 (a) Cost of direct materials used in production 228,710 (b) Direct labor 321,730 253,460 Factory overhead 99,850 126,170 Total manufacturing costs incurred in December (b) 728,850 Total manufacturing costs 814,140 1,000,340 Work in process inventory, December 1 163,850 271,490 Work in process inventory, December 31 138,250 (c) Cost of goods manufactured (c) 722,090 Finished goods inventory, December 1 144,220 126,170 Finished goods inventory, December 31 151,050 (d) Sales 1,257,910 1,126,500 Cost of goods sold (d) 728,850 Gross…
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $4,500 $37,800 (e) Total manufacturing costs incurred during August 33,300 (c) 221,100 Total manufacturing costs (a) $442,300 $240,000 Work in process inventory, August 31 7,200 92,900 (f) Cost of goods manufactured (b) (d) $201,600 a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5 f. $fill in the blank 6
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Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,100 $18,300 (e) Total manufacturing costs incurred during August 14,900 (c) 107,600 Total manufacturing costs (a) $214,100 $116,800 Work in process inventory, August 31 3,200 45,000 (f) Cost of goods manufactured (b) (d) $98,100 a. $ b. $ c. $ d. $ e. $ f. $
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $41,650 Total manufacturing costs incurred during August Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. C. C. 1. S $19,660 332,750 (0) 23,500 (b) (e) 1,075,000 1515,770 $1,240,000 54,000 ( (d) $1,068,000
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $19,660 $41,650 (e) Total manufacturing costs incurred during August 332,750 (c) 1,075,000 Total manufacturing costs (a) $515,770 $1,240,000 Work in process inventory, August 31 23,500 54,000 (f) Cost of goods manufactured (b) (d) $1,068,000 a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5 f. $fill in the blank 6
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: On Company $66,090 (a) 167,870 177,120 249,160 77,330 (b) 630,500 126,890 107,070 (c) 111,690 116,980 974,170 (d) (e) 126,890 (f) Off Company $83,270 94,100 (a) (b) 187,360 93,260 538,760 630,500 200,680 (c) 533,760 93,260 (d) 832,700 538,760 (e) (f) 184,860 1. Determine the amounts of…
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Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,100 $18,500 (e) Total manufacturing costs incurred during August 14,700 (c) 108,800 Total manufacturing costs (a) $216,500 $118,100 Work in process inventory, August 31 3,200 45,500 (f) Cost of goods manufactured (ь) (d) $99,200 a. b. $ C. d. e. f.

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