Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare an income statement.
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Accounting for Manufacturing Concern
The following data from the just completed year are taken from the accounting records of Kenton Company
Required:
- Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
- Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied
overhead is closed to Cost of Goods Sold. - Prepare an income statement.
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- Prepare a schedule of cost of goods manufactured and an income statement for YNP corporation as of December 31, 2018. List whether the following fall primarily under managerial or financial accounting.Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,300 $ 17,650 Work in process inventory, beginning 17, 100 23,700 Raw materials inventory, beginning 11,700 14,700 Rental cost on factory equipment 31, 250 23,650 Direct labor 24,200 44,600 Finished goods inventory, ending 19,400 14,800 Work in process inventory, ending 24, 400 20, 600 Raw materials inventory, ending 7, 600 9,000 Factory utilities 13,650 14,250 General and administrative expenses 25,000 56, 500 Indirect labor 12, 150 15,480 Repairs-Factory equipment 5, 900 3, 550 Raw materials purchases 39, 500 63, 500 Selling expenses 54,000 58, 600 Sales 287, 520 388,810 Cash 21,000 21, 200 Accounts receivable, net 14, 600 22,950 GARCON COMPANY Income Statement For Year Ended December 31 Sales $287, 520 Cost of goods sold: Finished goods inventory, beginning $14, 300 Cost…Classic manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. The following items (in millions) pertain to Classic Corporation. Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured. Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. For Specific Date Work-in-process inventory, January 1, 2020 $12 Direct materials inventory, December 31, 2020 8 Finished-goods inventory, December 31, 2020 11 Accounts payable, December 31, 2020 20 Accounts receivable, January 1, 2020 59 Work-in-process inventory, December 31, 2020 1 Finished-goods inventory, January 1, 2020 46 Accounts receivable, December 31,…
- Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs. Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $15,300 6,900 20,800 The following transactions occurred during January: (a) Purchased materials on account for $26,800. (b) Issued materials to production totaling $20,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $16,300 were recorded as follows: $11,100 for assembly workers 2,000 for factory supervision 1,700 for administrative personnel 1,500 for sales commissions (d) Recorded depreciation: $4,000 for factory machines, $500 for the copier used in the admidistrative office. (e) Recorded $1,100 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (f)…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 $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.Required information [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 $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
- 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 $ 1,200,000 52,000 68,000 88,000 239,000 287,000 43,000 34,000 68,000 109,000 174,000 62,000 82,000 106,000Required information [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 $ 12,700 16,800 8,700 30,250 24,600 20,600 24,100 Required 1 5,800 12,600 24,500 14,900 5,660 40,000 Required 2 59, 200 283,890 34,000 14,200 Pepper Company $ 19,300 22,800 12,600 23,500 43,800 13,600 16,400 7,600 14,750 53,000 14,400 2,250 67,500 48,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion…Flow of Product Costs through Accounts Assuming a routine manufacturing activity, present Journal entries (account titles only) for each of the following transactions: a. Purchased materlal on account. Description Debit Credit Accounts payable b. Recorded wages payable (for Indirect labor) earned but not paid. Description Debit Credit Wages payable C. Requisitioned both direct material and indirect material. Description Debit Credit Work in process inventory Manufacturing overhead Materials inventory d. Assigned direct and Indirect labor costs. Description Debit Credit Work in process inventory Manufacturing overhead Wages payable e. Recorded factory depreciation and accrued factory property tax. Description Debit Credit Manufacturing overhead Accumulated depreciation-factory Property taxes payable f. Appled manufacturing overhead to production. Description Debit Credit Manufacturing overhead g. Completed work on products. Description Debit Credit Work in process inventory h. Sold…
- The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost…Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied $ 28,000 21,000 10,500 $ 40,000 14,000 7,000 137,000 101,000 220,000 151,000 $ 110,000 100,000 Finished Finished Status on April 30 In procesS (sold) (unsold) Additional Information a. Raw Materials Inventory has a March 31 balance of $80000. b. Raw materials purchases in April are $520,000 and total factory payroll cost in April is $372.000. c. Actual overhead costs incurred in April are indirect materials, $54,000; indirect labor, $20,000; factory rent, $34,0003; factory utilities, $22,000; and factory equipment depreciation, $56.000, d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for…
