The following data refer to Nani's Fashions for the current year: Sales Revenues $475,000 Work in process inventory, 31 December 15,000 Work in process inventory, 1 January 20,000 Selling and administrative expenses 75,000 Income tax expense 45,000 Purchase of raw materials 90,000 Raw materials inventory, 31 December 12,500 Raw material inventory. 1 January 20,000 Direct labour 100,000

The following data refer to Nani's Fashions for the current year: Sales Revenues $475,000 Work in process inventory, 31 December 15,000 Work in process inventory, 1 January 20,000 Selling and administrative expenses 75,000 Income tax expense 45,000 Purchase of raw materials 90,000 Raw materials inventory, 31 December 12,500 Raw material inventory. 1 January 20,000 Direct labour 100,000

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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Using $3,040, 000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18, 000 Work in process, December 31 12,000 Finished goods, January 1 45,000 Finished goods, December 31 31,000 Raw materials purchases 1, 700,000 Direct labor 760, 000 Factory utilities 150, 000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
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:…
Lind Manufacturing had the following account balances as of January 1. Direct Materials Inventory Work in Process Inventory Finished Gooda Inventory Manufacturing Overhead $ 8,700 76,500 53,000 During the month of January, all of the folowing occurred. 1. Direct labor costs were $40,000 for 1,800 hours worked. 2. Direct materials costing $25,000 and indirect materiais costing $4,700 were purchased. 3. Sales commissions of $16,000 were earned by the sales force. 4. Direct materials of $23,000 were used in production. 5. Miscellaneous selling and administrative costs of $6,300 were incurred. 6. Factory supervisors earned salaries of $11,020. 7. Other Indirect labor costs for the month were $3,000. 8. Monthly depreciation on factory equipment was $4,500. 9. Monthly utilities expenses of $6,623 were incurred in the factory. 10. Completed units with manufacturing costs of $69,000 were transferred to finished goods. 11. Monthly insurance costs for the factory were $4,200. 12. Monthly…
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. Line Item Description Amount Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Required: Enter all amounts in thousands of dollars. a. What was the cost of the direct materials used in production during the year?fill in the blank 1 of 1$ thousand b. What was the cost of goods manufactured for the year?fill in the blank 1 of 1$ thousand c. What was the cost of goods sold for the year?fill in the blank 1 of 1$ thousand d. What was the net income for the year?fill in the blank 1 of 1$ thousand
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
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:…
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
Skylar Company reported the following year-end information: Beginning work in process inventory $1,500,000 Beginning raw materials inventory 700,000 Ending work in process inventory 800,000 Ending raw materials inventory 300,000 Raw materials purchased 200,000 Direct labor 500,000 Manufacturing overhead 900,000 Skylar's Company's cost of goods manufactured for the year is?