Provide Correct Answer of this Financial Accounting Question Don't use ai Problem 1.1Below given is the manufacturing data:Beginning Endingmaterial 180,000 220,000DirectinventoryWork-ininventoryFinishedinventoryprogress 360,000goods 600,000Purchased direct material 600,000Problem 1.2During its first year of operations, Peter'sPlumbing Supply Co. had sales of$370,000, wrote off $5,900 of accounts asuncollectible using the direct write-off240,000 method, and reported net income of$40,700.800,000 Determine what the net income would havebeen if the allowance method had beenused, and the company estimated that1.75% of sales would be uncollectible.Problem 1.3Why does cross-functional validationenhance accounting accuracy?a) Single reviews provide enoughoversight.b) Multiple department perspectivescatch hidden errors.c) Departments should work separately.d) Validation wastes resources.Direct laborFactory overheadNet salesPeriod cost340,000380,0002,000,000560,000What is the cost of goods manufactured?A. 1,640,000B. 1,650,000C. 1,520,000

Problem 1.1Given:Beginning Direct Material Inventory = 180,000Ending Direct Material Inventory =…

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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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The following data refer to Quest Ltd for the current year:Sales Revenues $575 000Work in process inventory, 31December20 000Work in process inventory, 1 January 25 000Product promotion cost 30 000Rental of office space for salespersonnel20 000Cost of idle time: sales employees 20 000Income tax expense 60 000Purchase of raw materials 95 000Raw materials inventory, 31 December 17 500Raw material inventory. 1 January 25 000Direct labour 105 000Electricity: plant 25 000Depreciation plant and equipment 35 000Finished goods inventory, 31December30 000Finished goods inventory, 1 January 15 000Indirect material 5 000Indirect labour 7 500Production supervisor’s salary 40 000Required:a) Prepare the schedule of cost of goods manufactured for Quest Ltd.b) Prepare the schedule of cost of goods sold for Quest Ltd.c) Prepare an income statement for Quest Ltd for the current year.
2 ABC supplier incurred the following actual costs during the year just ended: Direct material used $210,500 Direct labour 185 000 Manufacturing overhead 380,000. The inventory balances, on 1 January, were as follows: Raw material $47 000 Work in process $61 500 Finished goods $60 000. Each of these inventory balances was 10 percent higher at the end of the year. The cost of goods sold is: Select one: a. $765,250 b. $762,850 c. $760,000 d. None of the answers given 3 David Furniture Ltd incurred the following actual costs during the year just ended: Direct material used $200,020 Direct labour $190,000 Manufacturing overhead $278, 000. The inventory balances, on 1 January, were as follows: Raw material $47 000; Work in process $61 500 Finished goods $65 000. Each of these inventory balances was 10 percent lower at the end of the year. The cost of goods manufactured is: Select one: a. None of the answers given b. $674,000 c. $670,000 d. 650,000 4 ABC Ltd prepares…
b) The following information pertains to Chacon Inc. for last year: Beginning inventory in units Units produced Units sold 5,000 20,000 23,700 Costs per unit: RM 8.00 Direct materials Direct labor 4.00 Variable overhead 1.50 Fixed overhead* 4.15 Variable selling expenses Fixed selling and administrative expenses * Fixed overhead totals $83,000 per year. 3.00 24,300 Required: i. Calculate the cost of one unit of product under absorption costing. ii. Calculate the cost of one unit of product under variable costing. i. How many units are in ending inventory? iv. Calculate the cost of ending inventory under absorption costing. v. Calculate the cost of ending inventory under variable costing.
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $1,054,900 Gross profit 284,800 Indirect labor 94,900 Indirect materials 39,000 Other factory overhead 17,900 Materials purchased 538,000 Total manufacturing costs for the period 1,164,600 39,000 Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
The manufacturing data
Time remaining: 00:08:51 Accounting The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the company’s products is increasing, and management requests assistance from you in determining an economical sales and production mix for the coming year. The company has provided the following data: ProductDemand Next year (units)Selling Price per UnitDirect MaterialsDirect LaborDebbie74,000$ 25.50$ 5.10$ 3.85Trish66,000$ 5.20$ 2.00$ 1.12Sarah59,000$ 33.00$ 10.04$ 5.95Mike40,000$ 17.00$ 4.40$ 4.55Sewing kit349,000$ 10.40$ 5.60$ 0.77 The following additional information is available: The company’s plant has a capacity of 152,800 direct labor-hours per year on a single-shift basis. The company’s present employees and equipment can produce all five products. The direct labor rate of $7 per hour is expected to remain unchanged during the coming year. Fixed manufacturing costs total $625,000 per year. Variable overhead costs are $3 per direct labor-hour. All of…
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The Central Valley Company is a manufacturing firm that produces and sells a single product. The company’s revenues and expenses for the last four months are given below. Central Valley CompanyComparative Income Statement March April May June Sales in units 6,200 5,700 7,050 8,400 Sales revenue $ 762,600 $ 701,100 $ 867,150 $ 1,033,200 Less: Cost of goods sold 402,800 378,594 450,918 526,932 Gross margin $ 359,800 $ 322,506 $ 416,232 $ 506,268 Less: Operating Expenses Shipping expense $ 63,900 $ 53,600 $ 67,400 $ 65,000 Advertising expense 88,000 88,000 88,000 88,000 Salaries and commissions 164,400 137,000 167,500 171,500 Insurance expense 15,000 15,000 15,000 15,000 Amortization expense 48,000 48,000 48,000 48,000…

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