General accounting Parker Manufacturing Company has the following account balances at year-end:Office supplies: $3,500 Raw materials: $32,000 Work-in-process: $45,000Finished goods: $68,000 Prepaid rent: $5,500What amount should Parker report as inventories in its statement offinancial position?A. $71,500B. $145,000C. $150,500D. $77,000

Inventories for a manufacturing company typically include:Raw materialsWork-in-processFinished…

Answered: Parker Manufacturing Company has the…

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...

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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.
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