Financial Statements of a Manufacturing Firm The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $320,400 of materials • Used $275,500 of direct materials in production • Incurred $236,000 of direct labor wages • Applied factory overhead at a rate of 70% of direct labor cost • Transferred $649,600 of work in process to finished goods • old goods with a cost of $640,800 • Sold goods for $1,147,000 • Incurred $275,500 of selling expenses • Incurred $102,500 of administrative expenses a. Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc. Income Statement For the Month Ended July 31 Selling and administrative expenses: Total selling and administrative expenses

Financial Statements of a Manufacturing Firm The following events took place for Migliozzi Inc. during July, the first month of operations as a producer of road bikes: Purchased $320,400 of materials • Used $275,500 of direct materials in production • Incurred $236,000 of direct labor wages • Applied factory overhead at a rate of 70% of direct labor cost • Transferred $649,600 of work in process to finished goods • old goods with a cost of $640,800 • Sold goods for $1,147,000 • Incurred $275,500 of selling expenses • Incurred $102,500 of administrative expenses a. Prepare the July income statement for Migliozzi. Assume that Migliozzi uses the perpetual inventory method. Migliozzi Inc. Income Statement For the Month Ended July 31 Selling and administrative expenses: Total selling and administrative expenses

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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Cost of Goods Sold In September, Lauren Ashley Company purchased materials costing $210,000 and incurred direct labor cost of $140,000. Overhead totaled $375,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $120,000 $130,000 Work in process 80,000 90,000 Finished goods 70,000 65,000 Required: What was the cost of goods sold for September?
The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: Purchased $260,000 of materials. Used $187,200 of direct materials in production. Incurred $468,000 of direct labor wages. Incurred $187,200 of factory overhead. Transferred $790,400 of work in process to finished goods. Sold goods for $1,248,000. Sold goods with a cost of $702,000. Incurred $223,600 of selling expense. Incurred $130,000 of administrative expense. Using the information given, complete the following: Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 Revenues $ Cost of goods sold $ Gross profit $ Operating expenses: Selling expenses $ Administrative expenses S Total operating expenses $ Net income $…
Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during July 20Y2, the first month of operations as a producer of road bikes: • Purchased $517,700 of materials Used $445,200 of direct materials in production • Incurred $384,000 of direct labor wages • Applied factory overhead at a rate of 80% of direct labor cost • Transferred $1,090,900 of work in process to finished goods • Sold goods with a cost of $1,035,400 • Sold goods for $1,853,400 • Incurred $445,200 of selling expenses • Incurred $165,700 of administrative expenses a. Prepare the July income statement for Focault. Assume that Focault uses the perpetual inventory method. Focault Inc. Income Statement For the Month Ended July 31, 20Y2 Revenues Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses 5,200 Administrative expenses 165,700 Total selling and administrative expenses 610,900 Income from operations
I figured out the materials inventory, but how do I find the WIP and Finished goods inventory?
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Primare Corporation provided the following data for last month's manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,510 Direct labor $ 59, 200 Manufacturing overhead applied to work in process $ 88, 200 Underapplied overhead $ 4, 020 Inventories Beginning Ending Raw materials $ 11,000 $ 19, 200 Work in process $ 54, 100 $ 65,100 Finished goods $ 34,900 $ 43,000 Required: Prepare a schedule of cost of goods manufactured. Prepare a schedule of cost of goods sold. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
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