The following data from the just completed year are taken from the accounting records of Mason Company: $ 524,000 $70,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Ending $ 15,000 $5,000 $ 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. Complete this question by entering your answers in the tabs below.

The following data from the just completed year are taken from the accounting records of Mason Company: $ 524,000 $70,000 $ 118,000 $ 140,000 $ 63,000 $ 90,000 $ 80,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Ending $ 15,000 $5,000 $ 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. Complete this question by entering your answers in the tabs below.

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 following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114, 000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11,000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work - in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.
Information from the records of Conundrum Company for September was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor 75,000 Variable factory overhead 50,000 Factory overhead 51,250 Inventories Sept. 1 Sept 30 Direct materials $ 8,000 $10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Conundrum Company produced 20,000 units.What is the total product cost per unit (rounded to the nearest cent)? a.$12.24 b.$14.74 c.$12.11 d.$12.18
The beginning balance of Work in Process Inventory was $40,000. During the year, direct materials of $200,000, direct labor of $100,000, and manufacturing overhead of $20,000 were charged to production. The ending inventory of work in process is $30,000. What is the cost of goods completed? $340,000 $390,000 $310,000 $330,000
Sales $950 Purchases of raw materials $170 Direct labor $210 Manufacturing overhead $200 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $70 Raw materials inventory, ending $80 Work in process inventory, beginning $30 Work in process inventory, ending $20 Finished goods inventory, beginning $100 Finished goods inventory, ending $70 The above data (in thousands of dollars) have been taken from the accounting records of The Corporation for the just completed year. Required: (1) Calculate Direct materials used in production in good form. (2) Prepare a Schedule of Cost of Goods Manufactured in good form. (3) Compute the Cost of Goods Sold in good form. (4) Using data from your answers above as needed, prepare an Income Statement in good form.
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. None of the above c. £346,000 d. £95,000
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The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 $ 88,000 $ 130,000 $ 100,000 $ 40,000 $ 225,000 $ 202,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,500 $ 73,000 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. Complete this question by entering your answers in the tabs below. Ending $ 10,600 $ 20,100 $ 25,800 Required 1 Required 2 Required 3 Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct…
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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
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the just completed year. Sales $990 Raw materials inventory, beginning $ 40 Raw materials inventory, ending $ 70 Purchases of raw materials $120 Direct labor $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work in process inventory, beginning $ 70 Work in process inventory, ending $ 50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 The net income for the year (in thousands of dollars) was: $150 $200 $490 $250
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs Work in process inventory (1/1) $27,000 $35,000 $104,000 $19,000 Cost of goods manufactured $100,000 Cost of goods available for sale $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Selling and administrative expenses $125,000 Income tax expense $18,000 Required: Compute the following: a. Manufacturing overhead. b. Work-in-process inventory, 12/31. c. Finished-goods inventory, 1/1. d. Cost of goods sold.