Parker Manufacturing Company has the following account balances at year- end: Office supplies: $3,500 Raw materials: $32,000 Work-in-process: $45,000 Finished goods: $68,000 Prepaid rent: $5,500 What amount should Parker report as inventories in its statement of financial position? A. $71,500 B. $145,000 C. $150,500 D. $77,000
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- Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Concord Corporation has the following account balances at year end: Office supplies $ 3900 Raw materials 27500 Work-in-process Finished goods 59500 96500 Prepaid insurance 5600 What amount should Concord report as inventories in its balance sheet? $96500. $100400. $183500. $187400.
- Lawson Manufacturing Company has the following account balances at year end: Office supplies Raw materials Work-in-process $ 4,000 25,000 61,000 Finished goods 109,000 Prepaid insurance 6,000 What amount should Lawson report as inventories in its balance sheet?Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earchABC Manufacturing has the following account balances at the beginning of the current year: Raw Materials Inventory P57,500; WIP Inventory P172,500; and Finished Goods Inventory P138,000. Additional information during January: - Purchased of Raw Materials: On account P230,000.00; Cash P92,000.00; and - Issuance of Raw Materials to the production department, 10% are indirect materials P207,000.00. Which of the following is the amount of the direct materials used? Select the correct response: P174,800.00 P184,000.00 P186,300.00 P201,250.00
- General AccountingThe accounting department at Mansbridge Inc. prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (25 % for manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 70% of the materials were direct (2) 60% direct labour, 40% indirect labour (3) 90% related to manufacturing (4) 70% related to manufacturing (5) 40% related to manufacturing Direct materials Work in process Finished goods Required: The department also compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials: Direct materials used Overhead 1. Prepare a cost of goods manufactured statement for the quarter. Direct materials available for use Total manufacturing costs Beginning. Ending $…The financial analysis of a manufacturing company for the previous year yielded the following details: Component Net revenue Cost of goods sold Value on hand Raw material Work in process Finished goods Amount (in €). 30,000 18,000 900 1,000 1,500 The inventory turnover of the company is turns. (Enter your response rounded to two decimal places.)
- The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000; Materials inventory (July 01)......15,000; Work in process inventory (July 01)..... 20,000; Finished goods inventory (July 01).......28,000; Materials purchased ...... 21,000; Direct labor.....12,500; Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500; Selling and Adminstrative expense.....8,000; Inventories on July 31: Materials.....16,000; Work in Process.....18,000; Finished good.....30,000 QUESTION: a) Prepare a statement of cost of goods manufactured b) determine the cost of goods sold for the month.The owner of a large machine shop has just finished its financial analysis from the prior fiscal year. Following is an excerpt from the final report: Net revenue $ 345,000 Cost of goods sold 304,000 Value of production materials on hand 42,500 Value of work-in-process inventory 49,000 Value of finished goods on hand 18,500 a. Compute the inventory turnover ratio (ITR). (Round your answer to 1 decimal place.) b. Compute the weeks of supply (WS). (Do not round intermediate calculations. Round your answer to 1 decimal place.)1.A department store apportions payroll costs on the basis of the number of payroll checks issued. Accounting costs are apportioned on the basis of the number of reports. The payroll costs for the year were $236,000 and the accounting costs for the year totaled $76,600. The departments and the average cost of store equipment and average cost of inventory for each are as follows: Number of Payroll Checks Number of Reports Department R 482 75 Department S 1,470 80 Department T 148 345 Determine the amount of (a) payroll cost and (b) accounting cost to be apportioned to each department.
