Office supplies $ 4,000 377,000 59,000 82,000 6,000 8,000 5,000 2,000 Raw materials Work-in-process Finished goods Prepaid insurance Freight-in Freight-out Purchase returns What amount should Morgan report as inventories in its balance sheet? a. $432,000. b. $439,000. c. $524,000. d. $533,000.

Office supplies $ 4,000 377,000 59,000 82,000 6,000 8,000 5,000 2,000 Raw materials Work-in-process Finished goods Prepaid insurance Freight-in Freight-out Purchase returns What amount should Morgan report as inventories in its balance sheet? a. $432,000. b. $439,000. c. $524,000. d. $533,000.

Name: 1. Morgan Manufacturing Company has the following account balances at
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Description: 1. Morgan Manufacturing Company has the following account balances at year end:$ 4,000377,00059,00082,0006,0008,0005,0002,000Office suppliesRaw materialsWork-in-processFinished goodsPrepaid insuranceFreight-inFreight-outPurchase returnsWhat amount s

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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Opening stock of Raw material is 180000 OMR , Freight Inwards 5000 OMR, Purchases of Raw material 730000 OMR, Purchase returns is 1000 OMR and Closing stock of Raw material is 28000 OMR, Wages is 85,000 OMR direct Expenses is 75000 OMR Calculate Prime cost. a. 1,059,000 OMR b. 984,000 OMR c. None of these d. 1,046,000 OMR
Opening stock of Raw material is 180000 OMR, Freight Inwards 3000 OMR, Purchases of Raw material 730000 OMR,Purchase returns is 10000 OMR and Closing stock of Raw material is 38000 OMR, Direct Wages is 175,000 OMR direct Expenses is 5000 OMR Calculate Raw material Used. a. 964,000 OMR b. 1,094,000 OMR c. 1,069,000 OMR d. 865,000 OMR
Sh16
A 92. Subject:- accounting
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Fill in the missing items for the following inventories; Beginning balance $15,300 $34,600 $18,000 Ending balance 13,500 29,000 15,000 Transferred in 45,000 Transferred out 83,000. 20,000
BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d) $ (e) $101,000 $161,000
Cash $ 35,000 Accounts Receivable 65,000 Finished Goods 120,000 Work in Process 58,683 Materials 14,000 Building 580,000 Accum. Deprec.—Building $ 43,500 Factory Equipment 440,000 Accum. Deprec.—Factory Equipment 110,000 Office Equipment 90,000 Accum. Deprec.—Office Equipment 33,750 Accounts Payable 85,000 Notes Payable 100,000 Capital Stock 470,000 Retained Earnings 560,433 Total $1,402,683 $1,402,683 During the month of August, the following transactions took place: a. Purchased raw materials at a cost of $55,000 and general factory supplies at a cost of $18,000 on account. (NOTE: Materials account includes both materials and supplies.) b. Issued raw material to be used in production, costing $45,500, and miscellaneous factory supplies, $13,500. c. Recorded the payroll, the payment to the…
Dept. N $ 41,000 Dept. O $72,000 Dept. P $60,000 Dept. T $ 40,000 Total Dept. M $79,000 $ 292,000 Sales Expenses Avoidable 15,800 56,600 43,600 19,800 148,000 146,600 20,000 20,000 46,600 48,600 18, 200 Unavoidable 5,400 Total expenses 72,400 63,400 25,400 66,600 66,800 294, 600 Net income (loss) $ 6,600 $(22,400) $46,600 $(6,600) $(26,800) $ (2,600) Recompute and prepare the departmental income statements (including a combined total column) for the company under each of the following separate scenarios. Exercise 25-9 Part 1 (1) Management eliminates departments with expected net losses. DEPARTMENTS WITH EXPEC TED NET LOSSES ELIMINATED Dept. M Dept. N Dept. O Dept. P Dept. T Total Sales $ 79,000 72,000 151,000 Expenses: Avoidable 15,800 20,000 35,800 Unavoidable 56,600 5,400 62,000 Total expenses 72,400 25,400 97,800 Net income (loss) 6,600 $ $ 46,600 $ $ $ 53,200
S Debit Credit Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable $ 76,000 45,000 27,500 0 6,000 2,000 $ 10,800 13,800 Common stock 20,000 Retained earnings 84,000 Sales 195,900 Cost of goods sold 105,000 Factory overhead 26,000 Operating expenses Totals 37,000 $324,500 $324,500 After examining various files, the manager identifies the following six source documents that need to be processed to bring the accounting records up to date. Materials requisition 21-3010: Materials requisition 21-3011: Materials requisition 21-3012: Labor time ticket 6052: Labor time ticket 6053: Labor time ticket 6054: $ 4,800 direct materials to Job 402 $ 7,900 direct materials to Job 404 $ 2,500 indirect materials $ 5,000 direct labor to Job 402 $15,000 direct labor to Job 404 $ 5,000 indirect labor Jobs 402 and 404 are the only units in process at year-end. The predetermined overhead rate is 150% of direct labor…