IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses 7. Net Income

IV. Given are the financial information of Bart Incorporated. Raw materials inventory 1/1/20 Raw materials inventory 12/31/20 Work in process inventory 1/1/20 Work in process inventory 12/31/20 Finished goods inventory 1/1/20 Finished goods inventory 12/31/20 Factory insurance Depreciation, factory machinery 8,000 5,000 2,000 3,000 15,000 16,000 2,000 2,000 Required: Answer the following questions. Show all your computations to support your answers. 1. Direct material used 2. Total manufacturing overhead 3. Total manufacturing costs 4. Cost of goods manufactured 5. Cost of goods sold 6. Operating expenses 7. Net Income

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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Answer the following questions by analysing the T-accounts given below.
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
Make an income statement
Please use the data below to complete the Cost of Goods Manufactured for Corporation:
Answer the following questions by analysing the T-accounts given below.
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Ex) The following data were taken from the records of Santana company for the operating year ended in 31/12/2006 -Beginning raw materials inventory 7000 -Beginning work in process inventory 12000 -Purchases of raw materials 75000 -Purchases returns 1100 -Purchases allowance 900 -Purchases discounts 500 -Purchases expenses 2000 -Direct labor 66000 -Indirect materials 5500 -Indirect labor 8000 -Depreciation-Machinery 9000 -Maintenance-Machinery 11000 -Electricity 6500 -Heating and lighting 4000 -Ending raw materials inventory 14000 -Ended work in process inventory 9000 Ins:- 1-Prepare manufacturing account for the year ending in 31/12/2006. 2-Prepare manufacturing statement for the year ending in 31/12/2006. 37