Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities $ 12,000 26,000 100,000 26,000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. < Prev 7. of 9 Next > ...

Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities $ 12,000 26,000 100,000 26,000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. < Prev 7. of 9 Next > ...

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information has been taken from the perpetual inventory system of Elite Manufacturing Company for the month ended August 31: Purchases of direct materials. Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) Balances in inventory Materials Work in Process Finished Goods Multiple Choice The cost of finished goods manufactured in August is: $147,000. $92,000. $57,000. August 31 August 1 $ 25,000 $ 47,000 $ 43,000 Some other amount. $ 65,000 $ 60,000 $ 60,000 $ 50,000 $ 25,000 $ 35,000
The following items were included in the inventory list of ABC Corp:Materials unused in the production, P10,000Materials used in the production, P50,000Conversion costs, P50,000Unsold goods in the warehouse, 67,000Which of the following conclusion is true about ABC Corp? a. The entity is a trading company b. ABC sells services to its clients c. The unsold goods in the warehouse are finished goods inventory d. The business purchases materials and sell them at a higher price
Pedro Company reported the following inventory balances as of October 31, 2020:Raw Materials P 80,000Work in Process 110,000Finished Goods 190,000The following transactions occurred during the month of November 2020:1. Purchased P25,000 of raw materials on account.2. Issued P18,000 of raw materials to production of which P15,000 were direct to the product.3. Factory payroll of P34,000 was accrued and distributed as follows: P30,000 for direct labor andP4,000 for supervisors (ignore payroll taxes and deductions).4. Factory utility costs of P8,000 were accrued.5. Prepaid insurance of P1,000 on factory equipment expired in November.6. Straight-line depreciation on factory equipment for the month was P10,0007. Selling and administrative expenses were P40,000 (P30,000 was paid in cash and P10,000 wasaccrued.8. Factory Overhead was transferred to work in process inventory.9. Goods manufactured were transferred to to finished goods inventory. Ending inventorieswere: work in process, P60,000…
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Transaction Units Cost Total Cost $ 4,920 21,250 18,000 $ 82 Beginning inventory Purchase 60 Jan. 1 250 85 May. 5 Nov. 3 Purchase 200 90 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. X Answer is not complete. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for # of units Cost per unit Ending Inventory # of # of units Cost per unit Cost per unit Cost of Goods Sold units Sale Beginning Inventory Purchases: 60 O $ 82 O $ 4,920 82 2$ May 5 250 O S 85 O 21,250 250 O $ 85 21,250 Nov. 3 200 O S 90 V 18,000 200 O s 90 18,000 470 X S 90 42,300 Total 510 44,170 450 39,250 470 $ 42,300
The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5500 Direct materials inventory, end of the year $3,000 Direct materials purchased during the year $45,000 Calculate the amount of direct materials used during the year. Select one: O a. $36 500 O b. $53 500 $42 500 O d. $47 500
and January 15. Usc the fonmats for inventory subsidiary records illustrated on pages 333-335 On January 15, 2001, California Irrigation sold 1,000 RainMaster-30 oscillating sprinkler heads to Rancho Landscaping. Immediately prior'to this sale, California's perpetual inventory records for this sprinkler head included the following cost layers: Purchase Date Quantity Unit Cost Total Cost Dec. 12, 2000 600 $9.25 $ 5,550 Jan. 9, 2001 900 9.50 8,550 Tolal on hand 1,500 $14,100 Instructions Notc: We prcsent this problem in the normal sequence of the accounting cycle-that is, journal entries befere leiger entries. However, ycu may find it helpful to work part b first. a. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,000 RainMaster-30 sprinkler heads, assuming that California Irrigation uses: 1. Specific identification (500 of the units sold were purchased on December 12, and the re- maining 500 wcre purchased on January 9). 2. Average…
! Required information [The following information applies to the questions displayed below.] A company began January with 8,000 units of its principal product. The cost of each unit is $9. Inventory transactions for the month of January are as follows: Date of Purchase January 10 January 18 Totals Total Date of Sale January 5 January 12 January 20 Total Includes purchase price and cost of freight. Perpetual FIFO: Sales Beginning Inventory Purchases: January 10 January 18 Units 5,000 8,000 13,000 11,000 units were on hand at the end of the month. Units 3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system. 3,000 3,000 4,000 10,000 5,000 8,000 21,000 Purchases Unit Cost* $ 10 11 Cost of Goods Available for Sale Cost of Number Unit Goods of units Cost Available for Sale 8,000 $9.00 $ 72,000 10.00 11.00 Total Cost $ 50,000 88,000 $ 138,000 50,000 88,000 $ 210,000 Cost of Goods Sold - January 5 Number of units sold 0 0 0 Cost per unit $…
Fihal Contabilidad Intermedia 3007 - Lunes 24 de mayo de 2021 Sunland Company took a physical inventory on December 31 and determined that goods costing $658,000 were on hand. Not included in the physical count were $8,000 of goods purchased from Blossom Corporation, f.o.b. shipping point, and $22,000 of goods sold to Ro-Ro Company for $29,000, f.o.b. destination. Both the Blossom purchase and the Ro-Ro sale were in transit at year-end. What amount should Sunland report as its December 31 inventory? O a. 658,000 O b. 689,000 O c. 687,000 O d. 688,000 to search
Required information [The following information applies to the questions displayed below.] A company began January with 7,000 units of its principal product. The cost of each unit is $6. Inventory transactions for the month of January are as follows: Date of Purchase Units Purchases Unit Cost* Total Cost January 10 6,000 $7 January 18 7,000 8 $ 42,000 56,000 Totals 13,000 $ 98,000 *Includes purchase price and cost of freight. Sales Date of Sale Units January 5 3,000 January 12 1,000 January 20 4,000 Total 8,000 12,000 units were on hand at the end of the month. 5. Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. Note: Round average cost per unit to 4 decimal places. Enter sales with a negative sign. Answer is not complete. Inventory on hand Cost of Goods Sold Perpetual Average Cost Number per of units Inventory Value unit Number of units sold Average Cost per Cost of Goods unit Sold Beginning Inventory 7,000 6.0000 ( $…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 250 units @ $12.00 = $ 3,000 Jan. 10 Sales 200 units @ $42.00 Mar. 14 Purchase 400 units @ $17.00 = 6,800 Mar. 15 Sales 360 units @ $42.00 July 30 Purchase 450 units @ $22.00 = 9,900 Oct. 5 Sales 420 units @ $42.00 Oct. 26 Purchase 150 units @ $27.00 = 4,050 Totals 1,250 units $ 23,750 980 units Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required:Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending…
3. What December 31, 20X3, balance sheet amounts would be different-and by how much-if Bourne had used FIFO to account for its inventories? 4. What were the LIFO liquidation profits reported in 20X3 both pre-tax and after-tax?
[The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 195 units @ $13.80 = $ 2,691 Jan. 10 Sales 185 units @ $43.80 Mar. 14 Purchase 345 units @ $18.80 = 6,486 Mar. 15 Sales 235 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 205 units @ $43.80 Oct. 26 Purchase 695 units @ $28.80 = 20,016 Totals 1,730 units $ 40,974 625 units Required: Hemming uses a perpetual inventory system. Compute the gross margin for FIFO method. Sales revenue Less: cost of goods sold Gross Margin…