Inventories: JANUARY 1 $48,600 81,500 34,200 DECEMBER 31 Finished goods.. Work in process Materials Depreciation Interest earned $ 42,350 49,300 21,350 6,300 .......... factory equipment ... *. Finished goods inventory: January 1: 300 units; December 31: 420 units, all from current year's production. Sold during 19--: 3,880 units at $220 per unit. Materials purchased Direct labor.. Vndirect labor...... $364,000 162,500 83,400 8,600 47,900 5,200 Freight in VMiscellaneous factory overhead ...... Purchases discount. Required: (1) The unit cost of the finished goods inventory, December 31. (2) The total cost of the finished goods inventory, December 31. (3) The cost of goods sold. (4) The gross profit total and the gross profit per unit.

Inventories: JANUARY 1 $48,600 81,500 34,200 DECEMBER 31 Finished goods.. Work in process Materials Depreciation Interest earned $ 42,350 49,300 21,350 6,300 .......... factory equipment ... *. Finished goods inventory: January 1: 300 units; December 31: 420 units, all from current year's production. Sold during 19--: 3,880 units at $220 per unit. Materials purchased Direct labor.. Vndirect labor...... $364,000 162,500 83,400 8,600 47,900 5,200 Freight in VMiscellaneous factory overhead ...... Purchases discount. Required: (1) The unit cost of the finished goods inventory, December 31. (2) The total cost of the finished goods inventory, December 31. (3) The cost of goods sold. (4) The gross profit total and the gross profit per unit.

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

Instructions Labels and Amount Descriptions Starting Question Instructions Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of May. Rainier Company Yakima Company 2 Materials inventory, May 1 $281,120.00 $176,500.00 3 Materials inventory, May 31 (a) 177,500.00 4 Materials purchased 713,200.00 340,300.00 5 Cost of direct materials used in production 751,600.00 (a) 6 Direct labor 1,058,600.00 (b) 7 Factory overhead 328,000.00 179,200.00 8 Total manufacturing costs incurred during May (b) 1,034,000.00 9 Total manufacturing costs 2,678,800.00 1,477,500.00 10 Work in process inventory, May 1 540,600.00 443,500.00 11 Work in process inventory, May 31 451,000.00 (c) 12 Cost of goods manufactured (c) 1,028,000.00 13 Finished goods inventory, May 1 476,000.00 200,500.00 14 Finished goods inventory, May 31 495,600.00 (d) 15 Sales 4143 000.00. 1670.000.00. Previous neck My Work 5 more Check My Work uses…
5 a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".
COST OF GOODS MANUFACTURED AND SOLD STATEMENTS AND NET INCOME OR LOSS PROBLEM 2-5 The Stiff Shirt Company has just completed its third year of operation. Sales for the year were $1,300,000, and inventories were as follows: DECEMBER 31 JANUARY 1 Raw materials inventory Work-in-process inventory Finished goods Inventory -0- $100,000 64,000 -0- $95,000 76,000 Costs for the period were as follows: Direct materials... $365,000 Direct labor Factory overhead 405,000 445,500 ..... Selling expenses were $26,000. General and administrative expenses were $82,000. Required: a Prepare the following statements: 1 Cost of goods manufactured 2 Cost of goods sold b Compute the net income or loss.
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
The correct answer is: $121,550 The following activities took place in the WIP inventory during February: WIP Inventory A/C $15,000 To Finished Goods Feb 1 Bal Direct Materials Used 120,000 Direct Labour Incurred ? Manufacturing Overhead ? Applied Additional information: Indirect material issued to production was: $20,000 Manufacturing Labour Costs incurred.. Manufacturing Overhead Rate... Actual Manufacturing Overhead Costs for Feb............ $162,500 (75% represents direct labour) 120% of direct labour cost $130,000 Two jobs were completed with total costs of $120,000 & $85,000 respectively. They were sold on account at a mark-up of 50% on cost. The journal entry to show sale revenue earned from the two completed jobs: Select one: a. DR Accounts Receivable $410,000 and CR Sales Revenue $410,000✔ b. DR Accounts Receivable $205,000 and CR Sales Revenue $205,000 C. DR Sales Revenue $205,000 and CR Accounts Receivable $205,000 d. DR Sales Revenue $410,000 and CR Accounts Receivable…
On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090
Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150
Current Attempt in Progress The manufacturing operations of Blossom, Inc. had the following balances at the beginning and end of January: Inventories January 1 January 31 Raw materials $12,240 $13,260 Work in process 21,420 23,460 Finished goods 14,280 16,320 Blossom transferred $295,800 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold for the month. Cost of goods sold $