Selected financial information for Brookeville Manufacturing is presented in the following table omitted). Sales revenue Purchases of direct materials Direct labo Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory What was the operating income? $2,390 $4,800 $3,010 $4,150 $4,800 $480 $500 $710 $650 $220 $180 $400 $430 $300 $240

Selected financial information for Brookeville Manufacturing is presented in the following table omitted). Sales revenue Purchases of direct materials Direct labo Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory What was the operating income? $2,390 $4,800 $3,010 $4,150 $4,800 $480 $500 $710 $650 $220 $180 $400 $430 $300 $240

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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Materials Inventory Debit Ending Balance 38,200 Credit Work-in-Process Inventory Debit Beginning Credit Finished Goods Inventory Balance 22,100 Debit Credit (9/30) (9/1) Direct Labor Ending Balance 67,700 118,000 (9/30) Cost of Goods Sold Manufacturing Overhead Applied Debit Credit Debit Credit Manufacturing Overhead Control Debit Credit 129,570 Wages Payable Sales Revenue Debit Credit Debit Credit 479,500 Additional Data Sales are billed at 175 percent of Cost of Goods Sold before the over- or underapplied overhead is prorated. • Materials of $76,500 were purchased during the month, and the balance in the Materials Inventory account increased by $5,700 • Overhead is applied at the rate of 210 percent of direct materials cost. The balance in the Finished Goods Inventory account decreased by $19,700 during the month before any proration of under- or overapplied overhead. • Total credits to the Wages Payable account amounted to $135,300 for direct and indirect labor. . Factory…
Complete the information in the cost computations shown here: Raw materials Beginning inventory Purchases Materials available for use Ending inventory Materials used in production Work in process inventory Beginning inventory Materials used in production Direct labor Overhead applied Manufacturing costs incurred Ending inventory Cost of goods manufactured Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale Ending inventory Cost of goods sold $341 1,533 323 $931 1,536 $22,450 936 $25,008 $21,792
accounts
COMPUTE THE COST OF GOODS SOLD HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?
Answer the following questions by analysing the T-accounts given below.
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*need help with C please *
Answer the following questions by analysing the T-accounts given below.
Please do not give solution in image format thanku
Answer the following questions by analysing the T-accounts given below.
Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit $ 68,000 37,000 23,500 0 9,000 3,000 Credit These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: BERGO BAY COMPANY List of Account Balances December 31 $ 10,800 13,800 30,000 93,000 175,900 113,000 25,000 45,000 $ 323,500 $ 323,500 $ 4,700 direct materials to Job 402 $ 7,300 direct materials to Job 404 Debit $ 1,500 indirect materials $ 6,000 direct labor to Job 402 $ 14,000 direct labor to Job 404 $5,000 indirect labor Jobs 402 and 404 are the only jobs in process at year-end. The predetermined overhead rate is 150% of direct labor cost. 3.…