Shelby Industries had a Work-in- Process balance of $145,000 on January 1, 2022. The year-end balance of Work-in-Process was $130,000, and the Cost of Goods Manufactured was $820,000. Use this determine manufacturing information to the total costs incurred during the fiscal year 2022.
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Determine the total manufacturing costs incurred during the financial year 2022
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- Make a system for recording the cost of raw materials using the complete Perpetual and Periodic method. note: excel formulas for each workDuring 2025, Crane Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. \table [[, 2025, 2026 2027], [Costs incurred to date,$410, 000, $901, 180, $1,067, 000. please calculate the gross profit for years 2025 - 2027 using the percentage - of - completion methodDuring 2025, Blossom Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 2026 $366,300 $831,440 623,700 262,560 297,000 894,000 270,000 816,000 Gross profit recognized in 2025 Gross profit recognized in 2026 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2027 2027 $1,067,000 $ -0- 1,590,000 1,417,000.
- Crane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $24475000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 Cost incurred during the year $8350000 $6150000 Estimated costs to complete at the end of year 5739000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2021 and 2022 would be 2021 2022 $9975000. $(411000). $0. $10386000. $10386000. $0. $0. $9975000. O ODuring 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date Ⓡ 2025 $393,900 $889,380 Gross profit recognized in 2026 616,100 Gross profit recognized in 2027 303,000 273.000 Gross profit recognized in 2025 $ 2026 $ $ 208,620 902,000 814,000 2027 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,061,000 -0- 1,620,000 1,418,000s
- Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and the company determined that its performance obligation was satisfied over time. Other information relating to the contract is as follows: Required: 1. Compute the gross profit or loss recognized in 2019 and 2020. 2. Prepare the appropriate sections of the income statement and ending balance sheet for each year.Sheridan Construction Co. uses the percentage-of-completion method. In 2024, Sheridan began work on a contract for $21300000; it was completed in 2025. The following cost data pertain to this contract: Cost incurred during the year Estimated costs to complete at the end of year Year Ended December 31 $8516000. $2990000. $3680000. $3684000. 2024 $7254000 4836000 2025 $5530000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 isMeberick Company has consistently used the percentage-of-completion method of recognizing income. In 2021, Bruner started work on a €49,000,000 construction contract that was completed in 2022. The following information was taken from Meberick 's 2021 accounting records. What amount of gross profit should Bruner have recognized in 2021 on this contract? Progress billings €15,400,000 Costs incurred 14,700,000 Collections 9,600,000 Estimated costs to complete 29,400,000
- During 2025, Oriole Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 $380,000 $847,770 Gross profit recognized in 2026 620,000 Gross profit recognized in 2027 302,000 272,000 Gross profit recognized in 2025 $ 2026 $ $ 253,230 896,000 812,000 2027 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,069,000 1,610,000 1,418,000 ✩During 2016, Green Love Company started a construction work with a contract price of $4,500,000,000. The work was completed in 2018. The following information is available on picture below. (a) Compute the application of the percentage of completion method on a cost to cost basis. (b) Calculate the amount of revenue and gross profit to be recognized annually using the percentage of completion and cost-recovery methods.During 2025, Oriole Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 $396,000 $806,600 594,000 301,000 268,000 2026 Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ 283,400 892,000 816,000 2027 $1,080,000 -0- 1,590,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 1,427,000