View PoliciesCurrent Attempt in ProgressThe following data has been taken from the accounting records of Curtis Manufacturing Company for the current year:SalesPurchases of direct materialsDirect labor cost during periodManufacturing overhead applied during periodDirect Materials Inventory, beginningDirect Materials Inventory, endingWork in Process Inventory, beginningWork in Process Inventory, endingFinished Goods Inventory, beginningFinished Goods Inventory, ending(a)Direct materials used in productioneTextbook and Media$600,000Save for Later350,000120,00060,00020,00025,00047,00032,000Compute the cost of direct materials moved into production during the period.75,00082,000Attempts: 0 of 4 used Submit Answer(b)The parts of this question must be completed in order. This part will be available when you complete the part above.(c)The parts of this question must be completed in order. This part will be available when you complete the part above.

Name: View PoliciesCurrent Attempt in ProgressThe following data has been t
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Description: View PoliciesCurrent Attempt in ProgressThe following data has been taken from the accounting records of Curtis Manufacturing Company for the current year:SalesPurchases of direct materialsDirect labor cost during periodManufacturing overhead applie

The direct materials used are calculated as excess of direct materials available for use over the…

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The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) $600,000 Direct materials used in production $ 350,000 120,000 60,000 20,000 25,000 47,000 32,000 75,000 82,000 Compute the cost of direct materials moved into production during the period.

The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) $600,000 Direct materials used in production $ 350,000 120,000 60,000 20,000 25,000 47,000 32,000 75,000 82,000 Compute the cost of direct materials moved into production during the period.

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 is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor $ 14,500 $ 18,700 18,200 21,600 11,000 14,850 33,250 25,450 22,000 36,200 Finished goods inventory, ending 18,800 14,900 Work in process inventory, ending 27,780 21,200 Raw materials inventory, ending 6,700 10,000 Factory utilities 13,500 15,250 General and administrative expenses 23,000 59,000 Indirect labor 12,150 12,760 Repairs-Factory equipment 4,820 3,850 Raw materials purchases 37,500 62,000 Cash Selling expenses Sales Accounts receivable, net 53,600 53,800 276,720 376,880 27,000 23,200 15,800 23,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the table to calculate the cost of goods sold for both…
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 $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 4,780 33,000 50,000 Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended Naramhar 11 195,030 20,000 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860…
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.
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[The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300.
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[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 $ 13,300 15,700 11,700 27,750 21,800 21,950 25,600 7,100 13,800 27,500 15,700 6,380 40,000 53,600 284,550 26,000 14,400 Pepper Company $ 18,550 19,500 12,000 25,750 38,600 13,600 19, 200 8,600 14,750 43,500 13,920 3,300 55,500 57,400 379,108 17,700 21,950 Exercise 18-8 (Algo) Preparing financial statements for a manufacturer LO P1 1. Prepare Income statements for both Garcon Company and…
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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 $ 13,000 $ 16,600 Work in process inventory, beginning 18,500 23,400 Raw materials inventory, beginning 11,600 9,750 Rental cost on factory equipment 32,000 26,350 Direct labor 22,000 44,600 Finished goods inventory, ending 20,900 15,500 Work in process inventory, ending 24,700 16,600 Raw materials inventory, ending 6,400 7,400 Factory utilities 10,050 13,000 General and administrative expenses 34,500 55,000 Indirect labor 13,900 14,480 Repairs—Factory equipment 7,100 1,950 Raw materials purchases 46,000 58,000 Selling expenses 52,000 59,500 Sales 290,490 380,970 Cash 21,000 16,200 Accounts receivable, net 13,600 21,450 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31.2. Complete the…