The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense. Direct labor cost..... Purchases of raw materials. Rent, factory building.. Indirect labor..... Sales commissions.. Utilities, factory... Maintenance, factory equipment. Supplies, factory..... Depreciation, office equipment.. Depreciation, factory equipment.. Beginning of Year End of Year Inventories: Raw Materials $8,000 $10,000 Work in Process $5,000 $20,000 Finished Goods $70,000 $25,000 $100,000 .$90,000 . $132,000 . $80,000 $56,300 .$35,000 $9,000 $24,000 $700 . $8,000 .. $40,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold section of Eccles Company.

The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense. Direct labor cost..... Purchases of raw materials. Rent, factory building.. Indirect labor..... Sales commissions.. Utilities, factory... Maintenance, factory equipment. Supplies, factory..... Depreciation, office equipment.. Depreciation, factory equipment.. Beginning of Year End of Year Inventories: Raw Materials $8,000 $10,000 Work in Process $5,000 $20,000 Finished Goods $70,000 $25,000 $100,000 .$90,000 . $132,000 . $80,000 $56,300 .$35,000 $9,000 $24,000 $700 . $8,000 .. $40,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold section of Eccles Company.

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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Subject : Accounting
The following were taken from the general ledger and other data of Du- sik Manufacturing on July 31: Finished goods, July 1- P85,000; Cost of goods manufactured in July P343,000; Finished goods, July 31 is P93,000. Compute the cost of goods sold *
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Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
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COMPUTE THE COST OF GOODS SOLD HOW TO ARRIVE AT THE NET INCOME IF A CORPORATION IS A MANUFACTURING CONCERN?
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Make an income statement