Related data Scott Summers Company: Sales P4,150,200 Cost of goods manufactured 3,153,500 Ending finished goods inventory 189,700 Administrative and selling expenses 387,600 Income from operation 675,200 How much is the beginning finished goods inventory

Related data Scott Summers Company: Sales P4,150,200 Cost of goods manufactured 3,153,500 Ending finished goods inventory 189,700 Administrative and selling expenses 387,600 Income from operation 675,200 How much is the beginning finished goods 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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Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all Information 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 $ 16, 600 14, 600 18, 600 19, 609 40, 600 12, 600 55, 600 REX MANUFACTURING Income Statement For Year Ended December 31 Gross profit General and administrative expenses Selling expenses 28,690 93, 200 1,600 $ 19,600 40,600 60,200 16,600 $ 93,200
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Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint Not all Information 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 REX MANUFACTURING Income Statement For Year Ended December 31 General and administrative expenses Selling expenses Net income 19,800 40,800 12,800 55,800 28,800 93,600 1,800 $ 19,800 40,800 60,600 16,800 Saved $ 93,200 40,800 H
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Bare Unimart Manufacturing Beginning inventory Merchandise $ 275,000 $ 450,000 Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory 500, 000 900,000 Merchandise 115,000 Finished goods 375,000 Compute cost of goods sold for each of these two companies.
Computing cost of goods sold and operating income, merchandising company Consider the following partially completed income statements for merchandising companies and compute the missing amounts:
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment. Raw materials purchases (all direct materials). Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 64,000 43,000 44,000 86,000. 960,000 $ 192,000 197,000 58,000 3,134,000 62,000 81,000 89,000 46,800 40,200 544,000 82,000 49,000 29,000 70,000 168,000 403,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending…
What is the correct amount of 2 points inventory? 3. The following items were included in Bero's Inventory Account: Finished goods in factory P1,900,000 Finished goods in company-owned retail store, including a 50% profit on cost 375,000 Finished goods in hands of consignees including 40% profit on sales Finished goods in transit to customers, shipped FOB shipping point 200,000 130,000 150,000 Finished goods in transit to customers, shipped FOB destination Finished goods out on approval, at cost 100,000 Goods in Process 40,000 a. 2,765,000 b. 2,370,000 O c. 2,560,000 O d. 2,725,000
Exercise 1-10 (Algo) Cost of goods sold computation for a merchandiser and manufacturer LO P1 Unimart Bare Manufacturing Beginning inventory Merchandise $ 225,000 Finished goods $ 450,000 Cost of merchandise purchased 540,000 Cost of goods manufactured 790,000 Ending inventory Merchandise 125,000 Finished goods 119,000 Compute cost of goods sold for each of these two companies. X Answer is not complete. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for each of these two companies. X Answer is not complete. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company in Merchandising Business. UNIMART Computation of Cost of Goods Sold Cost of goods sold Merchandise inventory, beginning $ 241,000 X 450,000 X Add: Cost of merchandise purchased Goods available for sale 691,000 141,000 Less: Merchandise inventory, ending Cost of goods sold…
Assume the following information for Fruitful Proprietary Limited. for the year ended December 31, 2011: Sales R5,160 Cost of goods manufactured for the year R1,800 Beginning finished goods inventory R834 Ending finished goods inventory R593 Selling and administrative expenses R424 What is the cost of goods sold for the year ended 31 December 2011?
Question 10
The following year-end information is taken from the December 31 adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment. Raw materials purchases (all direct materials). Maintenance expense-Factory equipment Factory utilities Direct labor Indirect labor office salaries expense Rent expense-Office space Rent expense-Selling space Rent expense-Factory building Sales salaries expense $ 64,000 43,000 44,000 86,000. 960,000 $ 192,000 197,000 58,000 3,134,000 62,000 81,000 89,000 46,800 40,200 544,000 82,000 49,000 29,000 70,000 168,000 403,000 Using the following additional information for Leone Company, complete the requirements below. Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Sales Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending…