Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not all nformation given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit $ 16,800 14,800 18,800 19,800 General and administrative expenses Selling expenses Net income 40,800 12,800 REX MANUFACTURING Income Statement For Year Ended December 31 55,800 28,800 93,600 1,800 $ 19,800 40,800 60,600 16,800 $ 93,200 40,800

Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not all nformation given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment Sales Cost of goods sold Finished goods inventory, beginning Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit $ 16,800 14,800 18,800 19,800 General and administrative expenses Selling expenses Net income 40,800 12,800 REX MANUFACTURING Income Statement For Year Ended December 31 55,800 28,800 93,600 1,800 $ 19,800 40,800 60,600 16,800 $ 93,200 40,800

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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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale January 1 March 14 July 30 October 26 Less: Equals: Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Activity Beginning Inventory Purchase Purchase Purchase # of units b) Gross Margin using Specific Identification Sales 200 350 Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following. 450 100 1,100 $ 35,200✔ 14,075✔ $ 21,125 Cost Per Unit $ 450 units 100 units 1,100 units 10.00 $ 15.00 $ Units Acquired at Cost 200 units @ $10…
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Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…
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WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART? Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 600 12 Purchase 450 5 2250 23 Purchase 400 6 2400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
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The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
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