Provide answer this general accounting question Hendrix manufacturing had a balance in its Finished GoodsInventory account of $380,000 on September 30. Its September Costof Goods Manufactured was $1,250,000, its Total ManufacturingCosts were $1,400,000, and its Cost of Goods Sold for September was$1,295,000.What was the balance in Hendrix's Finished Goods on September 1?

Step 1: Define Finished Goods InventoryFinished Goods Inventory refers to the products that are…

Answered: Hendrix manufacturing had a balance in…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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The cost of goods sold for Michaels Manufacturing in the current year was $233,000. The January 1 finished goods inventory balance was $31,600, and the December 31 finished goods inventory balance was $24,200.Cost of goods manufactured during the period was?
The following were taken from the general ledger and other data of Du- sik Manufacturing on July 31: Finished goods, July 1- P85,000; Cost of goods manufactured in July P343,000; Finished goods, July 31 is P93,000. Compute the cost of goods sold *
Calculate the cost of goods manufactured
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The following information is from ABC Company's general ledger for the month of September: Beginning and ending finished goods inventory, respectively, were 61,600 and 56,000. Cost of goods sold for September was $144,000. Required: How much was ABC Company's cost of goods manufactured in September? Cost of goods manufactured
The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Listed below is selected data for Zodiac Company for the current year: Total manufacturing costs incurred during the year $132,000 Work-in-process, beginning inventory Work-in-process, ending inventory $28,000 $18,000 Finished goods, beginning inventory $28,000 Finished goods, ending inventory $18,000 What is the cost of goods sold for the current year?
The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $261,020 Selling expenses 87,190 Administrative expenses 46,100 Sales 555,370 Finished goods inventory, January 1 62,760 Finished goods inventory, January 31 57,200 For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.
A manufacturing company has an ending finished goods inventory of $14,600, raw material purchases of $18,000, cost of goods manufactured of $32,500, and a beginning finished goods inventory of $17,800. The cost of goods sold for this company is:
11. The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $229,440 Selling expenses 76,640 Administrative expenses 40,520 Sales 488,160 Finished goods inventory, January 1 55,160 Finished goods inventory, January 31 50,280 For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.

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