JAMUARY 1 DECEMBER 31 $44 200 29.800 88.000 Inventories Finished goods Work in process Materiais $66.000 38.800 64 .000 $ 366.000 8.000 468,400 Materials purchased Sales discount Factory overhead (excluding depreciation) Marketing and administrative expenses (excluding deprecia- tion) 344,200 Depreciation (90% manutactuning, 10% marketing and adminis- trative expenses). Sales Direct labor Freight on materials purchased Rentalinčome. Interest on bonds payable 116,000 1,844,000 523.600 6.600 64,000 16,000 st of goods sold statement (CGAA a

JAMUARY 1 DECEMBER 31 $44 200 29.800 88.000 Inventories Finished goods Work in process Materiais $66.000 38.800 64 .000 $ 366.000 8.000 468,400 Materials purchased Sales discount Factory overhead (excluding depreciation) Marketing and administrative expenses (excluding deprecia- tion) 344,200 Depreciation (90% manutactuning, 10% marketing and adminis- trative expenses). Sales Direct labor Freight on materials purchased Rentalinčome. Interest on bonds payable 116,000 1,844,000 523.600 6.600 64,000 16,000 st of goods sold statement (CGAA a

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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Inventories January 1 January 31 Materials $100,000 $145,500 Work in process 334,600 200,700 Finished goods 675,000 715,000 Direct labor $2,250,000 Materials purchased during January 1,375,000 Factory overhead incurred during January: Indirect labor 115,000 Machinery depreciation 90,000 Heat, light, and power 55.000 Supplies 18,500 Property taxes 10.000 Miscellaneous costs 33,100 a. Prepare a cost of goods manufactured statement for January
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…
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Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 is
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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
Question 1 Part I Advent Corporation has provided the following data for its activities for the month of May.Beginning Raw Materials Inventory $75,000Ending Raw Materials Inventory $45,000Purchases of Raw Materials $550,000Direct Labour Incurred $120,000Manufacturing Overheads Incurred $250,000Beginning Work in Process $60,000Ending Work in Process $140,000 Required: Prepare a schedule of the Cost of Goods Manufactured for the month of May
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