Required: a. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. b. Prepare Yakima Company's statement of cost of goods manufactured for May. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* c. Prepare Yakima Company's income statement for May. Enter all amounts as positive numbers.* *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

Required: a. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. b. Prepare Yakima Company's statement of cost of goods manufactured for May. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* c. Prepare Yakima Company's income statement for May. Enter all amounts as positive numbers.* *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

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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Masay Company provided the following information for the b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured Problem 9-2 (LAA) current year: Sales Inventories - January 1: Raw materials Goods in process Finished goods Inventories - December 31: Raw materials Goods in process Finishéd goods Purchases Direct labor Indirect labor Superintendence Light, heat and power Rent - factory building Repair and maintenance - machinery Factory supplies used Sales salaries Advertising Depreciation - store equipment Office salaries Depreciation - office equipment Depreciation - machinery Sales returns and allowances Interest income Gain on sale of equipment Delivery expenses Accounting and legal fees Office expense8 Earthquake loss Gain from Income tax expense 7,500,000 200,000 240,000 360,000 280,000 170,000 300,000 3,000,000 950,000 250,000 210,000 320,000 120,000 50,000 10,000 400,000 160,000 70,000 150,000 40,000 60,000 50,000- 10,000 100,000…
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.
How did they get the finished goods, beginning and finished good, ending. How to get that amount?
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
Please assist with the remaining questions: e) What is the balance in the Cost of Goods Sold account after the adjustment? f) Compute Elite's gross profit earned on the jobs sold, after adjusting for the manufacturing overhead variance. g) Post the appropriate entries to Work in Process Inventory account and determine the account balance on March 31 (end of the quarter).
Primare Corporation has provided the following data concerning last month's manufacturing operations. Purchases of raw materials Indirect materials used in production $ 31,000 $ 4,570 Direct labor $ 59,000 Manufacturing overhead applied to work in process Underapplied overhead $ 88,200 $ 4,150 Inventories Beginning Raw materials $ 11,300 Ending $ 18,200 Work in process $ 54,200 $ 65,000 Finished goods $ 33,200 $ 42,900 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of cost of goods manufactured for the month. Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Direct materials used in production Total manufacturing costs added…
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. . Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses. Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,200,000 52,000 68,000 88,000 239,000 287,000 43,000 34,000 68,000 109,000 174,000 62,000 82,000 106,000
I need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).
5
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?