The following data from the just completed year are taken from the accounting records of Mason CompanySalesDirect labor costRaw material purchasesSelling expensesAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costs$ 654, 000S 82,000$ 139,000$ 100,e0e$ 42,000S 205,000$ 225, 000InventoriesRaw materialsork in processFinished goodsBeginning$ 5, 200$ 73,000Endine$ 8,700 S 18,900S 20,600$ 25, 100Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials2. Prepere a schedule of cost of goods sold. Assume that the company's underapplied or overepplied overhead is closed to Cost ofGoods Sold.3. Prepere an income statement

Cost of Goods Manufactured: Cost of Goods Manufactured is the cost of the goods produced during a…

Answered: The following data from the just…

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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Menaga Company reports the following information pertaining to its operating activities: Ending Balance Beginning Balance Materials Inventory $ 80,000 $ 75,000 Work in Process Inventory 50,000 85,000 Finished Goods Inventory 25,000 35,000 During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company’s annual sales amounted to $500,000. Required: Prepare Menaga’s schedule of the cost of finished goods manufactured. Prepare Menaga’s income statement (ignore income taxes).
The following is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. £95,000 c. £346,000 d. None of the above
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000 Work in process $ 10,000 $ 5,000 Finished goods $ 20,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Mason Company Schedule of Cost…
Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $465,100 $581,380 Work in process 837,180 790,680 Finished goods 804,620 808,120 Advertising expense $394,760 Depreciation expense-office equipment 55,810 Depreciation expense-factory equipment 75,000 Direct labor 895,330 Heat, light, and power-factory 29,650 Indirect labor 104,650 Materials purchased 877,880 Office salaries expense 306,390 Property taxes-factory 24,420 Property taxes-headquarters building 50,580 Rent expense-factory 41,280 Sales 4,110,360 Sales salaries expense 504,640 Supplies-factory 20,350 Miscellaneous costs-factory 12,790 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December…
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 212,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 374,000 Actual manufacturing overhead cost $ 357,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 55,000 $ 30,000 Work in process ? $ 26,000 Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $670,000; and the net operating income was $37,000. 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…
The following information was taken from the accounting records of Light Tool Corporation. Work in process inventory, beginning of the year Cost of direct materials used $ 50,000 Direct labor cost applied to production Cost of finished goods manufactured 275,000 125,000 902, 500 Overhead assigned to production was $500,000. Compute the amount of the work in process inventory on hand at year-end.
The following data were taken from the records of Joey Company for the month of July : July 1 July 31 Аcсounts Inventories: Raw materials P50,000 95,000 78,000 ? P80,000 60,000 Work in process Finished goods Raw materials purchases Factory overhead, 75% of DL costs Operating expenses, 12.5% of sales Net income for July rawollndT P46,000 63,000 rbnom-d 4. The raw materials inventory on July 1 is 25,000 M SY of budi 25,000 ovro shbstids bonsg
Statement of cost of goods manufactured and income statement for a manufacturing companyThe following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $ 44,250 $ 31,700Work in process 63,900 80,000Finished goods 101,200 99,800Advertising expense $ 400,000Depreciation expense—office equipment 30,000Depreciation expense—factory equipment 80,000Direct labor 1,100,000Heat, light, and power—factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes—factory 40,000Property taxes—office building 25,000Rent expense—factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies—factory 9,500Miscellaneous costs—factory 11,400 Instructions1. Prepare the 20Y8 statement of cost of goods manufactured.2. Prepare the 20Y8 income statement.
At the beginning of the year, Barrington Manufacturing had the following account balances: Work-in-Process Inventory 2,000 Finished Goods Inventory 8,000 Manufacturing Overhead 0 The following additional details are provided for the year: Direct materials placed in production $80,000 Direct labor incurred 190,000 Manufacturing overhead incurred 300,000 Manufacturing overhead allocated to production 295,000 Cost of jobs completed 500,000 Write the journal entries and calculate the ending balances (you may use T accounts) for Work-in-Process Inventory, Finished Goods Inventory, and Manufacturing Overhead accounts (unadjusted).
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