The following data are taken from thegeneral ledger and other records ofDu-sik Manufacturing on January 31,the end of the first month ofoperations in the current fiscal year:Sales - 75,000; Materials inventory(January 1) - 25,000; Work in processinventory (January 1) - 24,000;Finished goods inventory (January 1)-32,000; Materials Purchased 21,000;Direct labor cost - 18,000; Factoryoverhead (including 1,000 of indirectmaterials used and 3,000 of indirectlabor cost) - 12,000; Selling andAdministrative expenses - 10,000;Inventories at January 31: Materials -22,000; Work in Process - 20,000;Finished Goods - 30,000. What is thegross profit rate? *Your answer

Gross profit is the profit earned by selling goods. This is calculated by deducting cost of goods…

Answered: The following data are taken from the…

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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The raw materials purchased during May totaled:
[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. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 17,800 Work in process inventory, beginning 16,800 21,300 Raw materials inventory, beginning 9,600 12,300 Rental cost on factory equipment 29,250 26,200 Direct labor 24,400 38,200 Finished goods inventory, ending 21,050 13,800 Work in process inventory, ending 22,900 20,200 Raw materials inventory, ending 6,300 7,600 Factory utilities 12,150 17,000 General and administrative expenses 28,000 50,000 Indirect labor 14,200 13,120 Repairs—Factory equipment 5,300 2,250 Raw materials purchases 44,500 64,500 Selling expenses 53,600 53,200 Sales 297,090 381,210 Cash 34,000 24,200 Accounts receivable, net 14,000 20,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for…
the following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporatino for the just completed year. Sales $880 Raw materials in inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses $100 Selling expenses: $130 Work in process inventory, beginning: $80 Work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods manufactured (finished) for the year (in thousands of dollars) was: $610 $600 $500 $630 Show work/calculation
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000
COGM?
Calculate the cost of the raw materials used in production during the year.
The following data was taken from the general ledger and other records of Vanderbeck Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year: Sales Inventories at January 1: $650,000 Materials inventory 25,000 Work in process inventory 29,000 Finished goods inventory 48,000 Inventories at January 31: Materials inventory 20,000 Work in process inventory 32,000 Finished goods inventory 54,000 Materials purchased 154,000 Labor Costs: 185,000 30,000 Assembly workers' wages Supervisors' salaries Sales personnel salaries 52,000 Depreciation: Factory building 73,000 Sales office 28,000 Indirect materials used 3,000 Factory utilities 67,000 Determine the cost of goods sold for the month
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
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Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed $62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred in from Department A; the units in process at March 1 were completed and transferred to finished goods; and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Stevens uses the first-in, first-out cost flow method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Stevens CompanyCost of Production Report—Department BFor the Month Ended March 31…
The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods sold

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