Determined the value of materials consumed. Marine View Corporation's raw material ledgershows opening stock $30,000, purchases $180,000,and closing stock $45,000 for the year 2024.Determine the value of materials consumed.

Compute the value of material consumed by using the following formula:Material Consumed = Opening…

Answered: Marine View Corporation's raw material…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

See similar textbooks

Similar questions

Lando company reported the following amounts for 2022: Raw materials purchased: $83,000 Beginning raw materials inventory: 5,200 Ending raw materials inventory: 4,500 Calculate the cost of raw materials used in production
Make a system for recording the cost of raw materials using the complete Perpetual and Periodic method. note: excel formulas for each work
How do you prepare a schedule of cost of goods manufactured and sold for the year?
In alphabetical order below are current asset items for Roland Company's balance sheet at December 31, 2020. Accounts receivable Cash Finished goods Prepaid expenses Raw materials Work in process $214,000 65,000 88,000 39,000 91,000 94,000 Prepare the current assets section. (List Current Assets in order of liquidity.)
ABC Company has the following projected account balances for June 30, 2019: Accounts payable Accounts receivable Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable $80,000 Sales 200,000 Capital stock 48,000 Retained earnings Beg. Ba 360,000 Cash 400,000 Equipment, net 160,000 Buildings, net 8,000 Utilities, factory 280,000 Selling expenses 320,000 Maintenance, factory $1,600,000 800,000 256,000 112,000 480,000 800,000 32,000 120,000 56,000 Required: a. Prepare a budgeted income statement for June 2019 b. Prepare a budgeted balance sheet as of June 30, 2019.
Caspian is a manufacturer of water filters. Its management has projected values for the following account balances for the period ending on June 30, 2022 including a projected net profit of $10. Required: Prepare a classified Balance Sheet for Caspian as at June 30, 2022. Account titles Projected balance ($) Account titles Projected balance ($) Accum. Dep. – Equipment 13,500 Inventory 5,200 Bank Loan (due in 5 years) 17,100 Equipment 49,800 GST Collected 7,900 Bank overdraft 3,560 Bank Loan (due in 5 months) 2,900 GST Paid 4,700 Share Capital 40,300 PAYG Withheld 6,530 Distributions to owners 16,000 Prepaid Rent 7,100 Accounts Payable 24,000 Accounts Receivable 29,700 Prepaid Insurance 6,500 Wages Payable 3,200 Classified Balance Sheet for Caspian as at June 30, 2022 Assets ($) ($) Liabilities + OE ($) ($)…
Cost of goods manufactured equals $95000 for 2019. Finished goods inventory is $3000 at the beginning of the year and $4500 at the end of the year. Beginning and ending work in process for 2019 are $4000 and $5000, respectively. How much is cost of goods sold for the year? $96500 $93500 $95500 $92000
The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 ? Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020…
Desmond Consolidated, Inc. is a leading manufacturer of steel products. The following inventory data relates to the firm’s production during the first quarter of 2020: At the end of the first quarter of 2020, Desmond’s internal auditors determined that 1,700 tons of raw steel had been processed and sold: Calculate the cost of steel processed and sold during the quarter under each of the following methods: FIFO, LIFO, Weighted-average
The Clothes Clutch, a retail clothier, has had average sales of $400,000 for the last five years, 2018-2022. The firm's total assets at the end of 2020 were $400,000. An internal staff cost analyst has prepared the following financial data from the annual reports. You have been hired as a consultant to help analyze the financial position. 2022 2021 2020 2019 2018 Current Ratio 2.80 2.43 2.36 2.10 2.00 Acid Test Ratio 2.03 1.93 1.82 1.61 1.47 Days' Sales in Receivables 61 58 54 42 35 Merchandise Inventory Turnover 4.20 4.10 4.10 3.90 3.70 Debt Ratio 0.48 0.50 0.49 0.47 0.47 Times Interest Earned 4.60 4.80 5.90 5.70 6.00 Sales as a Percent of 1996 Sales 1.46 1.23 1.12 1.06 1.00 Net Income as a Percent of 1998 Income 1.31 1.20 1.10 1.06 1.00 Gross Profit Margin 38.5% 38.8% 38.9% 40.0% 39.7% Operating Expenses to Net Sales 11.4% 11.3% 11.5% 11.4% 11.7% Net Profit Margin 7.6% 8.6% 8.9% 9.4% 9.3% Return on Total Assets…
Complete this question by entering your answers in the tabs below. Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. Manufacturing costs Direct materials $ 35 per unit Direct labor $ 55 per unit Overhead costs Variable $ 30 per unit Fixed $ 7,350,000 (per year) Selling and administrative costs for the year Variable $ 775,000 Fixed $ 4,500,000 Production and sales for the year Units produced 105,000 units Units sold 75,000 units Sales price per unit $ 360 per unit Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement Net income (loss)
If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25. The value of the Inventory at the end of 2019 is: $ 62,500 $ 36,500 $ 3,042 $ 2,500

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS

Marine View Corporation's raw material ledger shows opening stock $30,000, purchases $180,000, and closing stock $45,000 for the year 2024. Determine the value of materials consumed.