Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 Ending $40,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation- Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue 110,000 000 0 000o $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 Plant Utilities Sales commissions $23,700 Total manufacturing costs to account for is: O a. $369,000 b. $354,000 Oc. $259,000 d. $394,000

Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 Ending $40,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation- Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue 110,000 000 0 000o $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 Plant Utilities Sales commissions $23,700 Total manufacturing costs to account for is: O a. $369,000 b. $354,000 Oc. $259,000 d. $394,000

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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Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23,700 Sales revenue Plant Utilities Sales commissions Net profit is: O a. $175,820 O b. $178,070 O c. $167,820 O d. $159,820
Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Sales revenue Plant Utilities Sales commissions What is the cost for raw materials used during 2016? O a. $35,000 O b. $80,000 O c. $40,000 O d. $46,000
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation– Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Plant Utilities Sales commissions Net pròfit is: O a. $175,820 O b. $178,070 $167,820 O d. $159,820
The cost of raw materials purchases for 2019 is?
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending -raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
Subject :- Accounting
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
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View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
The following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31 Materials $77,350 $95,550 Work in Process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense – office equipment 22,750 Depreciation expense- factory equipment 14,560 Direct Labor 186,550 Heat, light, and power—factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes—factory 4,095 Property taxes—office building 13,650 Rent expense—factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies—factory 3,250 Miscellaneous costs—factory 4,420 Instructions Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Beginning of 2017 End of Carolina Corporation Direct materials inventory 2017 73,000 124,000 Work-in-process inventory Finished-goods inventory Purchases of direct materials 173,000 145,000 240,000 206,000 262,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 217,000 97,000 9,000 45,000 Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs 26,000 12,000 65,000 125,000 General and administrative costs 71,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.