f. Income statement; cost of goods sold statement; factory overhead analysis. OuOctober 1, the accountant of Columbus Company prepared a trial balance from which thefollowing accounts were extracted:$9,8004,070Finished Goods (2,800 units)....Work in Process (1,200 units).....Materials and Supplies...........Buildings....................40,700................***********48,000Accumulated Depreciation-Buildings...******$ 6,000Machinery and Equipmen.................................Accumulated Depreciation-Machinery and Equipment........96,00037,500Office Equipment............………….….……..3,200Accumulated Depreciation Office Equipment........Accrued Payroll...1,000650

(1) Income Statement For Month Ended October 31(COLUMBUS COMPANY) Particulars…

Income statement; cost of goods sold statement; factory overhead analysis. Ou October 1, the accountant of Columbus Company prepared a trial balance from which time following accounts were extracted: *********** $ 9,800 Finished Goods (2,800 units)....... Work in Process (1,200 units).... Materials and Supplies.... 4,070 40,700 Buildings............ 48,000 Accumulated Depreciation-Buildings... ******** $ 6,000 Machinery and Equipmen............................................... 96,000 ww Accumulated Depreciation-Machinery and Equipment... Office Equipment.............. 37,500 3,200 Accumulated Depreciation Office Equipment............ Accrued Payroll................ 1,000 < *********** ************* 650 ******

Income statement; cost of goods sold statement; factory overhead analysis. Ou October 1, the accountant of Columbus Company prepared a trial balance from which time following accounts were extracted: ***** $ 9,800 Finished Goods (2,800 units)....... Work in Process (1,200 units).... Materials and Supplies.... 4,070 40,700 Buildings............ 48,000 Accumulated Depreciation-Buildings... $ 6,000 Machinery and Equipmen............................................... 96,000 ww Accumulated Depreciation-Machinery and Equipment... Office Equipment.............. 37,500 3,200 Accumulated Depreciation Office Equipment............ Accrued Payroll................ 1,000 < * *** 650

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following data (in thousands of dollars) have been taken from the accounting records of Karlana Corporation for the just completed year. Sales ........... Raw materials inventory, beginning........... Raw materials inventory, ending. $910 $80 $20 $100 $130 $200 $160 Selling expenses.......... $140 Work in process inventory, beginning....... $40 Work in process inventory, ending....... $10 Finished goods inventory, beginning......... $130 Finished goods inventory, ending.... $150 The cost of goods sold for the year (in thousands of dollars) was: Purchases of raw materials.... Direct labor........... Manufacturing overhead. Administrative expenses........ O $670 O $500 $540 O $650
The following is a manufacturing cost report of Marching Ants Inc. Evaluate and correct this report.
Problem 3: Lederman Inc. has provided the following data for the month of April: Beginning $12,000 $27,000 Inventories Work in process... Finished goods.... Additional Information: Direct materials.. Direct labor costs.. Manufacturing overhead cost incurred...... Manufacturing overhead cost applied to WIP Required: a. Determine costs of goods manufactured for april b. Was the overhead underapplied or overapplied? By how much? $51,000 $91,000 Ending $16,000 $25,000 $60,000 $59,000
The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Beginning Balance 4,800 5,000 Credit 8,600 Work in Process Debit Credit Beginning Balance 3,900 22,000 6,000 8,300 8,100 Finished Goods Debit Credit Beginning Balance 2,000 22,000 20,200 Manufacturing Overhead Debit 2,600 3,300 3,000 Wages & Salaries Payable Credit 8,100 Debit Credit 20,200 Beginning Balance 2,300 11,600 Cost of Goods Sold Debit Credit 20,200 The direct labor cost was: Multiple Choice $11,300 O $12,500 $8,300 $20,200
The following T-accounts record the operations of Sunland Co.:Assume all raw materials are direct materials. Raw Materials Beginning Balance 10,546 ????? 68,542 Ending Balance 13,892 Work in Process Beginning Balance 18,168 Direct Material ????? Direct Labor 51,604 Overhead 72,026 ????? Ending Balance 23,568 Finished Goods Beginning Balance 29,548 ????? ????? Ending Balance 18,654 (a) Calculate the amount of direct materials purchased during the period. Raw materials purchased $ (b) Calculate the direct materials used in production during the period. Direct materials used in production $ (c) Calculate the total manufacturing cost for the period. Total manufacturing cost $ (d) Calculate the cost of goods manufactured for the period. Cost of goods…
Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $31,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 8,500 Cost of Goods Manufactured 11,600 Compute gross profit. OA. $19,400 OB. $17,900 OC. $10,900 O D. $20,900 ***
The following information relates to NBV for the year ended 31 July 20X3. $'000 Direct materials 160 Direct labour 200 Prime cost 360 Carriage outwards 880 Depreciation of delivery vehicles 30 Factory indirect overheads 450 Increase in work-in-progress inventory 75 Decrease in inventory of finished goods 55 What should be the factory cost of goods completed for the year ended 31 July 20X3? ...............................
Please help me to solve this question...
Consider the following information Vanklomps Machining Inc for the month of March 2023:beginning finished goods inventory .......... $ 76,000beginning work in process inventory ........ $ 39,000direct labour costs ..................................... $ 42,000direct material costs .................................. $ 186,000ending finished goods inventory ............... $ 61,000ending work in process inventory ............. $ 27,000manufacturing overhead costs.................. $ 149,000operating expenses ................................... $ 107,000salary expense ........................................... $ 274,000sales revenue............................................. $ 953,000Requirements:1. Prepare a schedule of the cost of goods manufactured for March.2. Prepare a schedule of cost of goods sold for March.3. Prepare an income statement for March.
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 279,350 Aug. 31 Goods finished 171,180 31 Direct materials X 31 Direct labor 33,600 31 Factory overhead X Factory Overhead Aug. 1 – 31 Costs incurred 115,090 Aug. 1 Balance 15,610 31 Applied (30% of direct labor cost) X If the balance of Work in Process on August 31 is $206,820, what was the amount debited to Work in Process for direct materials in August? a. $54,970 b. $106,130 c. $519,770 d. $348,590
CASE: The following data for the month of September were taken from the cost records of Department 1 of Pro-life Products which uses process costing system: Opening inventory of work in process: Units: 500 (with all materials added and 50% of labor and overhead) Cost: ■ Materials.. ■ Labor..... ■ Factory Overhead. ■ Materials.. ■ Labor........ ■ Factory Overhead. ..P14,900 Completed and transferred: 4,800 units Ending Inventory of work-in-process: Units: 700 (with all materials, and 60% of labor and overhead) REQUIREMENT: Upload a document containing your answers for the requirements below. Prepare a complete cost of production report using weighted average cost method containing the following: A. Accounting for the physical flow of units B. Equivalent units of production (EUP) C. Costs, identifying the cost per equivalent unit D. Cost Assignment, showing total cost to account and cost accounted for. ..P2,400 .P1,500 .P760 .P25,100 P19,380 Put into production Units: 5,000 Cost: