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- The following account balances are from Woods Corporation accounting records for the yearended December 31, 2008.Required:1. Determine the amount of Direct materials used in production2. Determine the amount of factory overhead costs3. Determine the prime cost & conversion costs4. A schedule for factory/manufacturing overhead costs5. A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost andtotal manufacturing cost to account for6. An Income Statement for Woods Corporation for the year ended December 31,20087. During the year Woods corporation produced 20,000 pieces of furniture. What was the unitproduct cost?8. How does the format of the income statement for a manufacturing concern differ from theincome statement of a merchandising business?Advertising expense $ 85,000Amortization expense – Patents 16,000Special Design Cost 10,000Bad Debts expense 28,000Depreciation expense – Office equipment 37,000Depreciation expense – Factory Building…Use the information below for the year ended December, 2019 to prepare the Statement of Costs of Goods Manufactured:.
- Income Statements under Absorption Costing and Variable Costing Gallatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% of capacity during the first month. The following data summarize the results for July: Sales (17,000 units) Production costs (22,000 units): Direct materials Direct labor Variable factory overhead Fixed factory overhead Selling and administrative expenses: Variable selling and administrative expenses Fixed selling and administrative expenses $1,302,400 624,800 312,400 209,000 2,448,600 $379,500 146,900 $2,720,000 If required, round interim per-unit calculations to the nearest cent. 526,400The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense. Direct labor cost.... Purchases of raw materials. Rent, factory building. Indirect labor... Sales commissions. Utilities, factory.... Maintenance, factory equipment... Supplies, factory..... Depreciation, office equipment.. Depreciation, factory equipment. Beginning of Year End of Year Inventories: Raw Materials $8,000 $10,000 Work in Process $5,000 $20,000 Finished Goods $70,000 $25,000 .$100,000 $90,000 $132,000 . $80,000 $56,300 . $35,000 .$9,000 ... $24,000 $700 $8,000 .. $40,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold section of Eccles Company.StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory $26,600 46,300 69,600 $28,300 21,400 79,200 Raw materials Work in process Finished goods Additional information for the month of March follows: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: $ 40,800 1,900 63,400 35,000 23,100 236,700 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue
- Tierney Company begins operations on April 1. Information from job cost sheets shows the following. Job Number 10 11 12 13 14 April $5,700 4,700 2,100 Manufacturing Costs Assigned May $5,800 4,100 $4,000 6,300 June 6,600 Month Completed May June April June 4,600 3,800 Not complete Job 12 was completed in April. Job 10 was completed in May. Jobs 11 and 13 were completed in June. Each job was sold for 25% above its cost in the month following completion.Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing Company Income Statement For the Month Ended January 31 b. Determine the inventory balances at the end of the first mon operations. Round your answers to the nearest dollar. Sorensen Manufacturing Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31 : Materials Work in process Finished goods $ $ $ The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digita video monitors: a. Purchased $236, 000 of materials. b. Used $169, 920 of direct materials in production. c. Incurred $424, 800 of direct labor wages. d. Incurred $169,900 of factory overhead. e. Transferred $ 717,400 of work in process to finished goods. f. Sold goods for $1,132,800. g. Sold goods with a cost of $637,200. h.…The following information is from ABC Company's general ledger for the month of September: Beginning and ending finished goods inventory, respectively, were 61,600 and 56,000. Cost of goods sold for September was $144,000. Required: How much was ABC Company's cost of goods manufactured in September? Cost of goods manufactured
- Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases. Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,700,000 112,000 146,000 190,000 515,000 618,000. 93,000 74,000 148,000 237,000 379,000 134,000 175,000 228,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,397,00[The following Information applies to the questions displayed below. The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 13,300 15,700 11,700 27,750 21,800 21,950 25,600 7,100 13,800 27,500 15,700 6,380 40,000 53,600 284,550 26,000 14,400 Pepper Company $ 18,550 19,500 12,000 25,750 38,600 13,600 19, 200 8,600 14,750 43,500 13,920 3,300 55,500 57,400 379,108 17,700 21,950 Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare Income statements for both Garcon Company and…Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production