follows: Sales Selling expenses Administrative expenses Purchases Materials Freight in Purchases Materials Purchases Materials Returns and Allowances Purchases Materials Discounts Indirect Materials used Direct labor Indirect labor Other Factory overhead Direct Materials inventory, Jan, 1 Direct Materials Indirect Materials Work in process inventory, Jan, 1 Finished goods inventory, Jan, 1 Direct Materials inventory, Dec, 31 Work in process inventory, Dec, 31 Finished goods inventory, Dec, 31 Required: 1. Prepare Olayne Company Cost of good sold for the year 2. Prepare Olayne Company Income statement for the year 675,000 120,000 210,000 116,625 4,875 11,250 5,813 4,050 67,500 8,100 28,350 27,000 4,050 70,875 57,000 30,375 52,313 43,875

follows: Sales Selling expenses Administrative expenses Purchases Materials Freight in Purchases Materials Purchases Materials Returns and Allowances Purchases Materials Discounts Indirect Materials used Direct labor Indirect labor Other Factory overhead Direct Materials inventory, Jan, 1 Direct Materials Indirect Materials Work in process inventory, Jan, 1 Finished goods inventory, Jan, 1 Direct Materials inventory, Dec, 31 Work in process inventory, Dec, 31 Finished goods inventory, Dec, 31 Required: 1. Prepare Olayne Company Cost of good sold for the year 2. Prepare Olayne Company Income statement for the year 675,000 120,000 210,000 116,625 4,875 11,250 5,813 4,050 67,500 8,100 28,350 27,000 4,050 70,875 57,000 30,375 52,313 43,875

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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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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the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
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22 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 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 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
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