Do fast answer of this general accounting question Information from Hope Company's records for the year ended December 31, 2015, isavailable as follows:Net sales$2,800,000Cost of goods manufactured:Variable $1,260,000Fixed $630,000Operating expenses:Variable $196,000Fixed $240,000Units manufactured70,00060,000$0Units soldFinished goods inventory, 1/1/2015Hope had no work-in-process inventories at either the beginning or end of 2015.What would be Hope's finished goods inventory cost under the variable (direct)costing method at December 31, 2015?

Step 1: Define Variable CostingAlthough Variable Costing is prohibited under both GAAP and IFRS, it…

Answered: Information from Hope Company's records…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Assume General Electric Company reports the following footnote in its 10-K report. December 31 (In millions) 2016 2015 Raw materials and work in process $5,527 $5,042 Finished goods 5,152 4,806 Unbilled shipments 333 402 11,012 10,250 Less revaluation to LIFO (697) (661) $10,315 $9,589 The company reports its inventories using the LIFO inventory costing method.Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory?
The following information is available for Crouching Alligator Manufacturing Company for the month ending October 31, 2016: Cost of goods manufactured $450,000 Selling expenses $144,500 Administrative expenses $75,900 Sales $911,250 Finished goods inventory, July 1 $101,250 Finished goods inventory, July 31 $93,800 For the month ended October 31, 2016, determine Crouching Alligators (a) cost of goods sold, (b) gross profit, and (c) net income.
Compute cost of goods sold for 2017 using the following information. Finished goods inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2017 Cost of goods manufactured, 2017 Finished goods inventory, Dec. 31, 2017 Cost of Goods Sold is Computed as: Cost of goods sold $ 348,000 87,000 73,200 915,700 337,000
14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1, 2018 Finished Goods, June 30, 2018 Cost of Goods Manufactured Recovery from inventory write-down P290,540 276,760 805,820 10,720 Determine the cost of goods sold to be shown in the statement of comprehensive income of Alpha Company for the month of June 2018: а. Р808,880 b. Р880,880 с. Р830,320 d. P808,080
I have answer for a and b Solve c
1. Renka's Heaters sefected data for October 2014 are presented here (in millions): $ 105 Direct materials inventory 10/1/2014 Direct materials purchased 365 385 Direct materiais used 450 Total manufacturing overhead costs Variable manufacturing overhead costs Total manufacturing costs incurred during October 2014 Work-in-process inventory 10/1/2014 Cost of goods manufactured Finished goods inventory 10/1/2014 Cost of goods sold 265 1,610 230 1,660 130 1,770 Calculate the following costs: [A] Direct materials inventory 10/31/2014 [B] Fixed manufacturing overhead costs for October 2014 (C] Direct manufacturing labour costs for October 2014 DĮ Work-in-process inventory 10/31/2014 E Cost of finished gosds available for sale in October 2014 F] Finiched gds inventory 10/31/2014
The following data are obtained from Glendale Sompany for a given period: Cost of goods manufactured, P187,500 Inventory variations inventory is one-third based on raw materials beginning; no initial inventory of work in process, but at end of period P12,500 was on hand; finished goods inventory was four times as large at end of period as at the start. Net income after taxes amounted to P26,000, income tax rate is 35% Purchase of raw materials amounted to net income before taxes Breakdown of costs incurred in manufacturing was as follows: are as follows: raw materials ending Raw materials consumed, 50% Direct labor, 30% 000.010 Overhead, 20% 5. The raw materials available for use amounted to
The following data are obtained from Gianne Manufacturing Company: Cost of goods manufactured is P187,500 Inventory variations are as follows: raw materials ending inventory is one-third based on raw materials beginning; no initial inventory of work-in-process, but at end of period P12.500 was on hand; finished goods inventory was four times as large at end of period as at the start. Net income after taxes amounted to P26.000, income tax rate is 35%. Purchase of raw materials amounted to net income before taxes. Breakdown of costs incurred in manufacturing cost was as follows: Raw materials consumed 50% Direct labor 30% Overhead 20% Compute the amount raw materials beginning inventory: P38,571 P60,000 P90,000 P40,000
Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
An excerpt from the last year’s final annual report ofKalamia manufacturing company reported the informationprovided in the table.Compute (a) inventory turnover and (b) weeks of supply,assuming an annual operation of 50 weeks and the cost of goodssold was €5,000,000. CATEGORY PART NO. AVERAGEINVENTORY UNIT VALUEUNITS € Raw materials RSI - 1 200 3RSI - 2 50 2RSI - 3 300 1RSI - 4 100 3, 5 Work-in-process CSI - 1 50 10CSI - 2 250 15 Finished goods FJ - 1 890 70FJ - 2 2000 77FJ - 3 870 90
Kennedy's report for cost of goods manufactured??
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