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Problem 1.1 Below given is the manufacturing data: Beginning Ending material 180,000 220,000 Direct inventory Work-in inventory Finished inventory progress 360,000 goods 600,000 Purchased direct material 600,000 Problem 1.2 During its first year of operations, Peter's Plumbing Supply Co. had sales of $370,000, wrote off $5,900 of accounts as uncollectible using the direct write-off 240,000 method, and reported net income of $40,700. 800,000 Determine what the net income would have been if the allowance method had been used, and the company estimated that 1.75% of sales would be uncollectible. Problem 1.3 Why does cross-functional validation enhance accounting accuracy? a) Single reviews provide enough oversight. b) Multiple department perspectives catch hidden errors. c) Departments should work separately. d) Validation wastes resources. Direct labor Factory overhead Net sales Period cost 340,000 380,000 2,000,000 560,000 What is the cost of goods manufactured? A. 1,640,000 B. 1,650,000 C. 1,520,000

Problem 1.1 Below given is the manufacturing data: Beginning Ending material 180,000 220,000 Direct inventory Work-in inventory Finished inventory progress 360,000 goods 600,000 Purchased direct material 600,000 Problem 1.2 During its first year of operations, Peter's Plumbing Supply Co. had sales of $370,000, wrote off $5,900 of accounts as uncollectible using the direct write-off 240,000 method, and reported net income of $40,700. 800,000 Determine what the net income would have been if the allowance method had been used, and the company estimated that 1.75% of sales would be uncollectible. Problem 1.3 Why does cross-functional validation enhance accounting accuracy? a) Single reviews provide enough oversight. b) Multiple department perspectives catch hidden errors. c) Departments should work separately. d) Validation wastes resources. Direct labor Factory overhead Net sales Period cost 340,000 380,000 2,000,000 560,000 What is the cost of goods manufactured? A. 1,640,000 B. 1,650,000 C. 1,520,000

FINANCIAL ACCOUNTING
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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Problem 1.1 Below given is the manufacturing data: Beginning Ending material 180,000 220,000 Direct inventory Work-in inventory Finished inventory progress 360,000 goods 600,000 Purchased direct material 600,000 Problem 1.2 During its first year of operations, Peter's Plumbing Supply Co. had sales of $370,000, wrote off $5,900 of accounts as uncollectible using the direct write-off 240,000 method, and reported net income of $40,700. 800,000 Determine what the net income would have been if the allowance method had been used, and the company estimated that 1.75% of sales would be uncollectible. Problem 1.3 Why does cross-functional validation enhance accounting accuracy? a) Single reviews provide enough oversight. b) Multiple department perspectives catch hidden errors. c) Departments should work separately. d) Validation wastes resources. Direct labor Factory overhead Net sales Period cost 340,000 380,000 2,000,000 560,000 What is the cost of goods manufactured? A. 1,640,000 B. 1,650,000 C. 1,520,000
Transcribed Image Text:Problem 1.1 Below given is the manufacturing data: Beginning Ending material 180,000 220,000 Direct inventory Work-in inventory Finished inventory progress 360,000 goods 600,000 Purchased direct material 600,000 Problem 1.2 During its first year of operations, Peter's Plumbing Supply Co. had sales of $370,000, wrote off $5,900 of accounts as uncollectible using the direct write-off 240,000 method, and reported net income of $40,700. 800,000 Determine what the net income would have been if the allowance method had been used, and the company estimated that 1.75% of sales would be uncollectible. Problem 1.3 Why does cross-functional validation enhance accounting accuracy? a) Single reviews provide enough oversight. b) Multiple department perspectives catch hidden errors. c) Departments should work separately. d) Validation wastes resources. Direct labor Factory overhead Net sales Period cost 340,000 380,000 2,000,000 560,000 What is the cost of goods manufactured? A. 1,640,000 B. 1,650,000 C. 1,520,000
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