Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: a. b. On Off Company Company $59,040 $77,930 (a) 88,060 149,960 158,230 222,580 69,080 (b) C. 563,250 113,360 95,640 (c) 99,780 104,500 870,250 (d) (e) 113,360 (f) (a) (b) 175,340 87,280 504,210 692,020 187,810 (c) 499,530 87,280 (d) 779,300 504,210 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company (e) (f) 173,000

Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: a. b. On Off Company Company $59,040 $77,930 (a) 88,060 149,960 158,230 222,580 69,080 (b) C. 563,250 113,360 95,640 (c) 99,780 104,500 870,250 (d) (e) 113,360 (f) (a) (b) 175,340 87,280 504,210 692,020 187,810 (c) 499,530 87,280 (d) 779,300 504,210 1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter On Company Off Company (e) (f) 173,000

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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31 Current information for the Healey Company follows: Beginning raw materials inventory Raw material purchases Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Direct labor Total factory overhead $ 17,200 62,000 18,600 24,400 30,000 44,000 32,000 All raw materials used were direct materials. Healey Company's cost of goods manufactured for the year is:
Subject: acounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross profit Operating expenses Net income Required: On Company $66,090 (a) 167,870 177,120 249,160 77,330 (b) 630,500 126,890 107,070 (c) 111,690 116,980 974,170 (d) (e) 126,890 (f) Off Company $83,270 94,100 (a) (b) 187,360 93,260 538,760 630,500 200,680 (c) 533,760 93,260 (d) 832,700 538,760 (e) (f) 184,860 1. Determine the amounts of…
ak ces Acme Incorporated incurs the following costs during July: $ 12,600 27,100 3,600 3,900 Raw material used 19,100 *80% of this amount relates to the factory. Sales expense Direct labor Factory supplies. Advertising Total manufacturing cost Administrative expense Required: Calculate Acme's total manufacturing costs for July, $ 67,780 Plant depreciation Indirect labor Utilities $ 22,600 7,300 9,100 11,100
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