The cost of goods manufactured by Hobte & Co for July is $419,000. At the end of July, the company had a finished goods inventory of $98,000. The cost of goods sold during June and July are $400,000 and $405,000 respectively. What is the finished goods inventory at the end of June? a. $89,000 b. $5,000 c. $84,000 d. $112,000 e. $107,000

The cost of goods manufactured by Hobte & Co for July is $419,000. At the end of July, the company had a finished goods inventory of $98,000. The cost of goods sold during June and July are $400,000 and $405,000 respectively. What is the finished goods inventory at the end of June? a. $89,000 b. $5,000 c. $84,000 d. $112,000 e. $107,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A company had the following purchases during its first year of operations: January |May September October Purchases 6 units at $28 10 units at $ 22 12 units at $ 25 What is the weighed average cost per unit On May? Round your answer to 2 decimal places. Sales 16 units at $ 50
Production estimates for July for Starling Co. are as follows: Estimated inventory (units), July 1 Desired inventory (units), July 31 Expected sales volume (units), July For each unit produced, the direct materials requirements are as follows: 3.0 lbs. 0.5 lb. The total direct materials purchases of Materials A and B (assuming no beginning or ending materials inventory) required for July production is Oa. $1,170,000 for A: $702,000 for B Ob. $1,080,000 for A: $1,296,000 for B Oc. $1,125,000 for A: $675,000 for B Od. $1,080,000 for A: $648,000 for B Material A ($5 per lb.) Material B ($18 per lb.) 8,500 10,500 76,000
At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to produce. During February the company produced 1,550 units at a cost of $17 per unit. a. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) b. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)
Production and sales estimates for June for Cardinal Co. are as follows: Estimated inventory (units), June 1 Desired inventory (units), June 30 Expected sales volume (units): Territory X Territory Y Territory Z Unit sales price 20,000 19,000 7,000 4,000 5,500 $20 The number of units expected to be manufactured in June is O a. 11,000 units O b. 13,500 units O c. 15,500 units Od. 12,500 units
The following information is from ABC Company's general ledger for the month of September: Beginning and ending finished goods inventory, respectively, were 61,600 and 56,000. Cost of goods sold for September was $144,000. Required: How much was ABC Company's cost of goods manufactured in September? Cost of goods manufactured
The gross margin for Corona Company for the third quarter of the year was R3 250 000, when sales were R7 000 000. The beginning inventory of finished goods was R600 000 and the ending inventory of finished goods was R850 000. The cost of goods manufactured for the third quarter would have been:A.R3 850 000B.R3 750 000C.R4 000 000D.R3 500 000
Calculate this Question
Please calculate LIFO perpetual system and Average cost, perpetual systemFerris Company began January with 6,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January are as follows: "Includea purchase price and cost of freight. 8,000 units were on hand at the end of the month. Please show work. Directions are at the top to find LIFO, perpetual system and Average cost, perpetual system. Units Unit Cost Purchased Sold Balance
I want the Answer
Give me correct answer for this question
Assets ($) 2019 2018 2017 Cash on Hand & at Banks 1844388 2907252 3696201 Accounts Receivable Net 21373839 27958818 23638244 Notes Receivable 0 0 0 Post Dated Cheques 7430502 5910795 5481999 Short Term Investments 111502 111502 0 Inventory 14772540 15359933 16127022 Total Current Assets 50764763 59355234 56162203 Long Term Investments 2247122 2305477 2346362 Fixed Assets Net 36960544 32892460 23018610 Lands 3338194 3344028 3364400 Projects in Progress 5544 4350057 10455510 Total Fixed Assets 40304282 40586545 36838520 Other Assets 6417935 6157108 5067638 Total Assets 99734102 108404364 100414723 Liabilities ($) 2019 2018 2017 Accounts and Notes Payable 9488026 9042459 6830212 Credit Banks 21176536 19278649 13508941 Short Term Loans 15347569 14306482 12568640 Accrued Part of Long Term Loans 3816788 3818532 3663256 Total Current Liabilities 63973817 67090416 44303485 Long Term Loans & Notes Payable 9883426 8547662 10299548 Other…
In September, Company had sales of $273,000, selling expenses of $26,000, and administrative expenses of $47,000. The cost of goods manufactured was $183,000. The beginning balance in the finished goods inventory account was $45,000 and the ending balance was $34,000.Prepare an Income Statement in good form for September.