The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 892 $ 964 1,334 319 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078 Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE 1,510 444 Cost of Goods Sold Statement

The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) ($000) $ 892 $ 964 1,334 319 Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $2,896,000 and the cost of goods sold for the year was $3,078 Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). BIRWOOD FURNITURE 1,510 444 Cost of Goods Sold Statement

Name: The following balances (in thousands of dollars) are from the account
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Description: The following balances (in thousands of dollars) are from the accounts of Birwood Furniture:January 1 December 31(Beginning) (Ending)($000)$ 892($000)$ 9641,510444Direct materials inventoryWork-in-process inventoryFinished goods inventoryDirect mate

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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Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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The following balances (in thousands of dollars) are from the accounts of Birwood Furniture: January 1 December 31 (Beginning) (Ending) ($000) $ 732 ($000) $804 1,174 1,350 159 284 Direct materials inventory Work-in-process inventory. Finished goods inventory Direct materials used during the year amount to $1,296,000 and the cost of goods sold for the year was $1,478,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (i.e., 234,000 should be entered as 234). Beginning work-in-process inventory Manufacturing costs: Direct materials: Beginning inventory Purchases Materials available Direct materials used Total manufacturing costs Total costs of work-in-process BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000) Cost of goods manufactured $ 732
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its Skipped eBook The following information is available for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Advertising expense The amount of raw materials used in production for the year is: $ 12, 200 88,400 11, 600 780
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