Goods placed in process during 20x1?Cost of goods manufactured during 20x1?Prime cost during 20x1?Conversion cost during 20x1?Goods available for sale during 20x1?Cost of goods sold during 20x1?Gross margin for 20x1?Net income for 20x1? On Specific DatesFor Year 20x1Direct materials inventory, 01/01/x120Purchases of direct materials630Work-in-process inventory, 01/01/x110Direct manufacturing labor180Finished goods inventory, 01/01/x1130Depreciation-plant and equipment140Direct materials inventory, 12/31/x130Plant supervisory salaries10Work-in-process inventory, 12/31/x110Miscellaneous plant overhead50Finished goods inventory, 12/31/x1100Revenues1,800Marketing, distribution & customer services460Plant supplies used20Plant utilities60Indirect manufacuring labor100

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Business

Accounting

Goods placed in process during 20x1? Cost of goods manufactured during 20x1? Prime cost during 20x1?

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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Question

Goods placed in process during 20x1?
Cost of goods manufactured during 20x1?
Prime cost during 20x1?
Conversion cost during 20x1?
Goods available for sale during 20x1?
Cost of goods sold during 20x1?
Gross margin for 20x1?
Net income for 20x1?

On Specific Dates
For Year 20x1
Direct materials inventory, 01/01/x1
20
Purchases of direct materials
630
Work-in-process inventory, 01/01/x1
10
Direct manufacturing labor
180
Finished goods inventory, 01/01/x1
130
Depreciation-plant and equipment
140
Direct materials inventory, 12/31/x1
30
Plant supervisory salaries
10
Work-in-process inventory, 12/31/x1
10
Miscellaneous plant overhead
50
Finished goods inventory, 12/31/x1
100
Revenues
1,800
Marketing, distribution & customer services
460
Plant supplies used
20
Plant utilities
60
Indirect manufacuring labor
100

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