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 ***
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- Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?5. The following information is available for Mire Manufacturing Company for the month ending December 31: Description Amount Cost of goods manufactured Selling expenses Administrative expenses $4,890,000 560,000 420,000 6,900,000 840,000 775,000 Sales Finished goods inventory, December 1 Finished goods inventory, December 31 For the month ended January 31, determine Bandera Manufacturing's (A) cost of goods sold, (B) gross profit, and (C) net income.
- Summit Company has provided the following inventory balances and manufacturing cost data for the month of January: Inventories: January 1 January 31 Direct materials ....... P30,000 P40,000 Work in process ........ P15,000 P20,000 Finished goods ......... P65,000 P50,000 Month of January Cost of goods manufactured ........ P515,000 Manufacturing overhead applied .... P150,000 Direct materials used ............. P190,000 Actual manufacturing overhead ..... P144,000 Under Summit's job-order costing system, any over or underapplied overhead is closed to the Cost of Goods Sold account at the end of the calendar year (i.e., December 31). 84. What was the total amount of direct material purchases during January? a. P180,000 b. P190,000 c. P195,000 d. P200,000 85. How much direct labor cost was incurred during January? a. P170,000 b. P175,000 c. P180,000 d.…The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $4,490,000 Selling expenses 530,000 Administrative expenses 340,000 Sales 6,600,000 Finished goods inventory, January 1 880,000 Finished goods inventory, January 31 775,000 a. For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold. Bandera Manufacturing CompanyCost of Goods SoldJanuary 31 $Finished goods inventory, January 1 - Select - $- Select - - Select - $- Select - b. For the month ended January 31, determine Bandera Manufacturing’s gross profit. Bandera Manufacturing CompanyGross ProfitJanuary 31 $- Select - - Select - $- Select - c. For the month ended January 31, determine Bandera Manufacturing’s net income. Bandera Manufacturing CompanyNet IncomeJanuary 31 $- Select - Operating expenses:…Mustang Corporation has accumulated the following accounting data for the month of April: Finished goods inventory, April 1 Finished goods inventory, April 30 Total cost of goods manufactured The cost of goods sold for the year is: Multiple Choice O $176,100. O $115,300. $63,300. $126,900. $152,900. $ 31,800 26,000 121,100
- Calculate itThe following information is available for Aricanly Manufacturing Company for the month ending January 31: Cost of goods manufactured $3,606,000 Selling expenses 426,000 Administrative expenses 273,000 Sales 5,300,000 Finished goods inventory, January 1 707,000 Finished goods inventory, January 31 622,000 Question Content Area a. For the month ended January 31, determine Aricanly’s cost of goods sold. Aricanly Manufacturing CompanyCost of Goods SoldJanuary 31 $- Select - - Select - $- Select - - Select - $- Select - Question Content Area b. For the month ended January 31, determine Aricanly’s gross profit. Aricanly Manufacturing CompanyGross ProfitJanuary 31 $- Select - - Select - $- Select - Question Content Area c. For the month ended January 31, determine Aricanly’s net income. Aricanly Manufacturing CompanyNet IncomeJanuary 31 $- Select - Operating expenses:…The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000
- 11. The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $229,440 Selling expenses 76,640 Administrative expenses 40,520 Sales 488,160 Finished goods inventory, January 1 55,160 Finished goods inventory, January 31 50,280 For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.E1-7 Statement of cost of goods manufactured; cost of goods sold The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: Sales.. $75,000 Materials inventory (January 1)..... 25,000 Work in process inventory (January 1). 24,000 Finished goods inventory (January 1) 32,000 Materials purchased. 21,000 Direct labor cost.. 18,000 Factory overhead (including $1,000 of indirect materials used and $3,000 of indirect labor cost) 12,000 Selling and administrative expenses 10,000 Inventories at January 31: Materials . 22,000 Work in process. 20,000 Finished goods. 30,000 a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
