Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.

Problem 10-2 (IAA) Natal Company provided the following information: 1,400,000 200,000 650,000 60,000 150,000 2,000,000 Materials Advance for materials ordered Goods in process Unexpired insurance on inventories Advertising catalogs and shipping cartons Finished goods in factory Finished goods in company-owned retail store, including 50% profit on cost Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB destination at cost Finished goods out on approval, at cost Unsalable finished goods, at cost Office supplies Materials in transit shipped FOB shipping point, excluding freight of P30,000 Goods held on consignment, at sales price, cost P150,000 750,000 400,000 250,000 100,000 50,000 40,000 330,000 200,000 Required: Compute the correct amount of inventory.

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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COST OF GOODS MANUFACTURED AND SOLD STATEMENTS AND NET INCOME OR LOSS PROBLEM 2-5 The Stiff Shirt Company has just completed its third year of operation. Sales for the year were $1,300,000, and inventories were as follows: DECEMBER 31 JANUARY 1 Raw materials inventory Work-in-process inventory Finished goods Inventory -0- $100,000 64,000 -0- $95,000 76,000 Costs for the period were as follows: Direct materials... $365,000 Direct labor Factory overhead 405,000 445,500 ..... Selling expenses were $26,000. General and administrative expenses were $82,000. Required: a Prepare the following statements: 1 Cost of goods manufactured 2 Cost of goods sold b Compute the net income or loss.
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Spartans Inc has the following transactions: Work in Process Finished Goods Cost of Goods Sold Beg. $30,200 Beg $26,500 Beg $0 +DM +DL $9,300 +Trans In. $63,400 +Sold $49,600 $15,500 -Sold $49,600 Unadjust $49,600 + MOH $42,500 End $40,300 -Trans Out $63,400 End $34,100 MOH Control $42,500 Applied Actual $25,750 (a) Based on the t-accounts, the amount of overhead that was mis- allocated was $16,500 (difference between applied and actual). This amount will be Credited to Manufacturing Overhead Control. (b) Use the Proration Method to allocate the $16,500 among the following accounts: Work in Process will be Debited $4,606 by Finished Goods will be Debited by $5,444 Cost of Goods Sold will be Debited $6,700 by
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5 part 2
Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
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Prob 5. 21-23
Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200