Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2019: AMORE REAL materials inventory, December 1 Materials inventory, December 31 Materials purchased 280,280.00 177,000 A 712,800.00 180,000.00 342,000.00 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs 762,400.00 1,058,400.00 327,600.00 188,000.00 1,035,000.00 2,678,400.00 1,477,500.00 Work in process inventory, December 1 540,000.00 442,600.00 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 453,600.00 1.024,500.00 475,200.00 304,000.00 496,800.00 Sales 4,140,000.00 1,775,500.00 Cost of goods sold Gross profit 1.051,500.00 K Operating expenses 540,000.00 Net income 384,000.00
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2019: AMORE REAL materials inventory, December 1 Materials inventory, December 31 Materials purchased 280,280.00 177,000 A 712,800.00 180,000.00 342,000.00 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during December Total manufacturing costs 762,400.00 1,058,400.00 327,600.00 188,000.00 1,035,000.00 2,678,400.00 1,477,500.00 Work in process inventory, December 1 540,000.00 442,600.00 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 453,600.00 1.024,500.00 475,200.00 304,000.00 496,800.00 Sales 4,140,000.00 1,775,500.00 Cost of goods sold Gross profit 1.051,500.00 K Operating expenses 540,000.00 Net income 384,000.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A. AMORE'S MATERIAL INVENTORY AT DECEMBER 31 *
240,680
220,680
230,680
280,280
B. AMORE'S TOTAL MANUFACTURING COST INCURRED DURING DECEMBER *
2,138,400
2,138,500
2,148,400
2,158,400
C. AMORE'S COST OF GOODS MANUFACTURED *
2,224,800
2,214,800
2,234,800
2,244,800
D. AMORE'S COST OF GOODS SOLD *
2,203,200
2,213,200
2,223,200
2,233,200
E. AMORE'S PROFIT *
1,936,800
1,926,800
1,916,800
1,906,800
F. AMORE'S NET INCOME *
1,396,800
1,386,800
1,376,800
1,366,800
G. REAL'S COST OF DIRECT MATERIALS USED IN PRODUCTION *
339,000
329,000
319,000
309,000
H. REAL'S DIRECT LABOR *
516,000
508,000
518,000
506,000
I. REAL'S WORK IN PROCESS INVENTORY DECEMBER 31 *
453,000
453,100
453,200
453,300
J. REAL'S FINISHED GOODS INVENTORY IN DEMBER 31 *
177,000
277,000
377,000
477,000
K. REAL'S GROSS PROFIT *
624,000
724,000
734,000
634,000
L. REAL'S OPERATING EXPENSES *
240,000
340,000
440,000
540,000
Transcribed Image Text:Several items are omitted from the income statement and cost of goods manufactured
statement data for two different companies for the month of December 2019:
AMORE
280,280.00
REAL
177,000
materials inventory, December 1
Materials inventory, December 31
Materials purchased
180,000.00
712,800.00
342,000.00
Cost of direct materials used in production
762,400.00
Direct labor
Factory overhead
Total manufacturing costs incurred during December
1,058,400.00
188,000.00
1,035,000.00
1,477,500.00
442,600.00
327,600.00
2,678,400.00
540,000.00
Total manufacturing costs
Work in process inventory, December 1
Work in process inventory, December 31
Cost of goods manufactured
Finished goods inventory, December 1
Finished goods inventory, December 31
Sales
Cost of goods sold
Gross profit
Operating expenses
Net income
453,600.00
1.024,500.00
304,000.00
475,200.00
496,800.00
1,775,500.00
1.051,500.00
4,140,000.00
K
540,000.00
384,000.00
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education