Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries. Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) Inventory data: *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. January 1 $ 15,800 35,700 111,100 December 31 $ 18,200 62,100 97,900 Cost of goods sold $ 175,000 254,000 109,000 133,000 3. Compute the company's cost of goods sold. 80,000 195,000 344,000 1,495,000 Raw material Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.

Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries. Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) Inventory data: Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. January 1 $ 15,800 35,700 111,100 December 31 $ 18,200 62,100 97,900 Cost of goods sold $ 175,000 254,000 109,000 133,000 3. Compute the company's cost of goods sold. 80,000 195,000 344,000 1,495,000 Raw material Work in process Finished goods *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.

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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Calculate the cost of goods sold for the year. Please explain
The owner of a large machine ship has just finished its financial analysis from the prior fiscal year. The following is an excerps from the final report. Net revenue Cost of goods sold Value of production materials on hand $41,500 Value of work-in-process inventory $31,000 Value of finished goods on hand a. Compute the inventory turnover ratio (ITR). b. Compute the weeks of supply (WS). $22,500 $500,000 $328,250
! 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. $ 2,850,000 118,000 153,000 199,000 543,000 652,000 98,000 78,000 156,000 250,000 400,000 142,000 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 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,472,000. Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods…
The following data relates to the Atlanta Co.: Direct Materials Inventory, Beginning $650 Direct Materials Inventory, Ending $600 Direct Materials Purchases $4,500 Direct Labor $2,300 Factory Overhead $3,200 Work-in-Process Inventory, Beginning $1,350 Work-in-Process Inventory, Ending $1,440 Finished Goods Inventory, Beginning $2,400 Finished Goods Inventory, Ending $2,350 Sales Revenue $14,500 Selling and Administrative Expenses $2,800 Income Tax Rate 35% Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement
Prepare income statements for both Garcon Company and Pepper Company. Prepare the current assets section of the balance sheet for each company. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,300 $ 17,650 Work in process inventory, beginning 17, 100 23,700 Raw materials inventory, beginning 11,700 14,700 Rental cost on factory equipment 31, 250 23,650 Direct labor 24,200 44,600 Finished goods inventory, ending 19,400 14,800 Work in process inventory, ending 24, 400 20, 600 Raw materials inventory, ending 7, 600 9,000 Factory utilities 13,650 14,250 General and administrative expenses 25,000 56, 500 Indirect labor 12, 150 15,480 Repairs-Factory equipment 5, 900 3, 550 Raw materials purchases 39, 500 63, 500 Selling expenses 54,000 58, 600 Sales 287, 520 388,810 Cash 21,000 21, 200 Accounts receivable, net 14, 600 22,950 GARCON COMPANY Income Statement For Year Ended December 31 Sales $287, 520 Cost of goods sold: Finished goods inventory, beginning $14, 300 Cost…
The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 18,400 Work in process inventory, beginning 15,500 21,450 Raw materials inventory, beginning 8,800 12,450 Rental cost on factory equipment 31,500 23,200 Direct labor 20,400 41,000 Finished goods inventory, ending 18,500 16,100 Work in process inventory, ending 26,800 19,600 Raw materials inventory, ending 6,700 8,800 Factory utilities 10,500 12,500 General and administrative expenses 23,000 44,500 Indirect labor 14,450 13,860 Repairs—Factory equipment 4,700 2,150 Raw materials purchases 39,000 58,000 Selling expenses 50,000 55,300 Sales 274,470 395,150 Cash 34,000 22,700 Accounts Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for…
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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.
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 $ 950,000 42,000 55,000 72,000 193,000 232,000 35,000 28,000 56,000 90,000 144,000 50,000 66,000 86,000
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