Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in S000s) appears in the accounting records for last year. Administrative costs $ 9,600 Building and machine depreciation (75% of this amount is for factory) 5,400 Building utilities (90% of this amount is for factory) 7,500 Direct labor 5,040 Direct materials inventory, December 31 84 Direct materials inventory, January 1 72 Direct materials purchases 21,900 Factory supervision 2,940 Finished goods inventory, December 31 390 Finished goods inventory, January 1 324 Indirect factory labor 5,472 Indirect materials and supplies 4,110 Marketing costs 5, 226 Property taxes on building (80% of this amount is for factory) 5,040 Sales revenue 77,820 Work-in-process inventory, December 31 174 Work-in-process inventory, January 1 192 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

Problem 2-63 (Static) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The administrative offices and manufacturing plant of Billings Tool & Die share the same building. The following information (in S000s) appears in the accounting records for last year. Administrative costs $ 9,600 Building and machine depreciation (75% of this amount is for factory) 5,400 Building utilities (90% of this amount is for factory) 7,500 Direct labor 5,040 Direct materials inventory, December 31 84 Direct materials inventory, January 1 72 Direct materials purchases 21,900 Factory supervision 2,940 Finished goods inventory, December 31 390 Finished goods inventory, January 1 324 Indirect factory labor 5,472 Indirect materials and supplies 4,110 Marketing costs 5, 226 Property taxes on building (80% of this amount is for factory) 5,040 Sales revenue 77,820 Work-in-process inventory, December 31 174 Work-in-process inventory, January 1 192 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

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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Question #1: The Fiberglass Boat Company reported the following costs and expenses in May 2021: Factory utilities $ 12,865 Depreciation on factory 269,525 equipment 6,110 Depreciation on delivery trucks 9,600 Indirect factory labor 41,255 1,325 equipment Indirect materials Direct materials used Factory manager's salary 2,687 used Property taxes on factory 1,965 building Repairs to office Factory repairs 18,685 Advertising 21,670 Office supplies 12,680 Direct labor $232,985 Sales staff salaries 198,665 47,500 Instructions 1. Set up and complete a schedule as shown in the example below, listing each item above, including its dollar amount, under the proper classification heading. 2. Total each column to show the total of all costs and expenses under each one. Cost and Expense Description Product Cost Period Cost Factory Utilities Manufacturing Overhead $12,865
journalize the following transactions please with explanations
At the end of the year, the company had actually incurred the following: full question attached in ss below thanks fwgrw
5. XYZ Company reports the following costs and expenses in May. Factory utilities Depreciation on factory $15,500 equipment Depreciation on delivery trucks Indirect factory labor 1.2,650 3,800 48,900 Indirect materials 80,800 Direct materials used 137,600 Factory manager's salary 8,000 $69,100 Direct labor Sales salaries 46,400 Property taxes on factory building 2,500 1,300 Repairs to office equipment Factory repairs Advertising 2,000 15,000 Office supplies used 2,640 Instructions: (a) From the information, determine the total amiount of manufacturing overhead. (b) From the information, determine the total amount of product costs. (c) From the information, determine the total am ount of period costs.
journalize the transactions, please explain to me how you got the numbers
Subject :- Accounting
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TB MC Qu. 7-31 (Algo) The following events took place at a manufacturing... The following events took place at a manufacturing company for the current year: (1) Purchased $110,000 in direct materials. (2) Incurred labor costs as follows: (a) direct, $71,000 and (b) indirect, $28,600. (3) Other manufacturing overhead was $122,000, excluding indirect labor. (4) Transferred 75% of the materials to the manufacturing assembly line. (5) Completed 60% of the Work-in-Process during the year. (6) Sold 80% of the completed goods. (7) There were no beginning inventories. What is the company's Cost of Goods Sold? Multiple Choice : A) $145,968.00. B) $243,280.00. C) $182,460.00. D) $304,100.00.
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