Gonzales Brush Company sells standard hair brushes.The following Information summarizes Gonzales's operating activities for 2018. Requirements Requirement 1. Calculate the operating income for 2018 Requirements 2. Gonzales sold 6.200 brushes in 2018 Compute the unit cost for one brush

Gonzales Brush Company sells standard hair brushes.The following Information summarizes Gonzales's operating activities for 2018. Requirements Requirement 1. Calculate the operating income for 2018 Requirements 2. Gonzales sold 6.200 brushes in 2018 Compute the unit cost for one brush

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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The cost of raw materials purchases for 2019 is?
Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales Revenue $14,275,000 Direct Factory Labor Indirect Factory Labor Total Depreciation 1 3,952,600 1,232,250 400,000 Total Utilities 2 525,000 Distribution & Customer Service Costs 76,800 Insurance on Plant & Equipment 585,000 Property Taxes 3 Administrative Wages & Salaries Advertising Expenses 90,000 1,076,000 57,700 Sales Commission 6% of Sales Revenue 1Of the total depreciation, 80% relates to facto:y plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2020 Purchases 31/12/2020 $750,000 $4,330,000 Raw Materials $807,000 Indirect Materials 55,000…
The following are information related to April 2020 transaction of Magnolia company, manufacturer of ready-to-drink juice. The balances available on April 1, 2020 are the following: Raw Material Inventory: 1,000,000 and Work-in-process inventory: 2,000,000. Magnolia company uses calendar year as its accounting period. The following are data collected by the accountant for the quarter ended June 2020: a. It is magnolia’s policy to purchase raw materials amounting to half of the beginning raw materials inventory. b. The cost of goods manufacture based on the Magnolia’s cost sheets amounts to 1,125,000 c. Magnolia sold 20,000 bottles of ready-to-drink juice at a price of 150 each. d. The gross profit earned by the company from the second quarter sales is 575,000. e. The total conversion cost is 425,000. f. Upon physical count of the warehouse staffs with the supervision of the accountant, the following were obtained: Work-in-process inventory: 1,500,000 and Finished Goods inventory:…
Flounder Corp. had 2,000 units of part T on hand April 1, 2017, costing $ 8 each. During April, Flounder made the following purchases of part T. Unit Units Cost April 4 3,000 $ 8.25 10 4,000 8.40 19 1,000 29 2,900 9.90 A physical count at April 30, 2017 showed 4,100 units of Part T on hand. Using the FIFO method, what is the cost of part T inventory at April 30, 2017? Using the LIFO method, what is the inventory cost? Using the average-cost method, what is the inventory cost? (Round average cost per unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 1,620.) FIFO LIFO Average Cost Inventory Cost %24 %24 %24
Make a system for recording the cost of raw materials using the complete Perpetual and Periodic method. note: excel formulas for each work
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Pro-Leather Company is a manufacturer of leather cases for tablets. The following information pertains to operations during the 2020 calendar year. Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation $14,275,000 3,952,600 1,232,250 400,000 Total Utilities 2 525,000 Distribution & Customer Service Costs 76,800 585,000 90,000 Insurance on Plant & Equipment Property Taxes 3 Administrative Wages & Salaries 1,076,000 57,700 6% of Sales Revenue Advertising Expenses Sales Commission I Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to production and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% production & 15% general & administrative costs The following additional information is also available: Inventory Data: 1/1/2020 Purchases 31/12/2020 $4,330,000 320,000 n/a Raw Materials $750,000 $807,000 Indirect Materials…
Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for and What is the unit product cost if Canine Nutritionists manufactured 18,500 bags of grains for the year?
Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to calculate the gross profit for the year 2019. Magio Company data Revenue and Expenses Sales revenue Cost of Goods Sold Operating expenses Amount $864,183 $496,357 $196,815
Bag Teeth manufactures dental supplies & equipment. Bag Teeth Acts Total sales for year 2022 is $1,587,560 cost of goods sold & gross margin Calculate Inventory: Finished Goods, Jan. 01 Work in process, Jan.ol Raw Materials, Jan. 01 31 Raw materials purchased Raw Materials, Dec Workin Process, Dec. 31 Finished Goods, Dec. 31 other Factory Expenses: Factory Supervisor salary Equipment repairs Plant utilities plant property tax Assembly employees info: # of employees. Wages per Daily hours hour Annual total days work per employee 552,000.00 165,000.00 Calculate 16,500.00 28,000.00 15,000.00 21,000.00 465,000.00 the total overhead cost? 45,000.00 15,500.00 13,500.00 11,500.00 18. 18.50 8 260 mufacturing manu
The following figures have been extracted from the records of Necon manufacturing companyfor the year ending 31st December, 2019. You are required to prepare a statement of costshowing : (a) Cost of raw materials consumed(b) Prime Cost (c) Factory Cost(d) Cost of production(e) Cost of goods sold (f)Total cost of goods sold and profit on sales. $Stock of Raw Materials (1-1-19) 3,000Stock of Raw Materials (31-12-19) 2,400Purchases of Raw materials 14,000Stock of work-in-progress (1-1-19) 1,000Stock of work-in-progress (31-12-19) 800Carriage inward 500Manufacturing wages 4,000Other direct expenses 200Indirect wages 1,000Experiment expenses 400Wastage of materials…