Required:11. Cost of goods sold.12. Cost of goods manufactured.13. Raw materials inventory August 31. Problem 4The following data were taken from the records of Quezon Company:InventoriesSeptember 30P50,000August 31Raw materials?Work in processP80,00095,00078,000Finished goods60,000Raw materials purchases, P46,000.Factory overhead, 75% of direct labor cost, P63,000.Selling and administrative expenses, 12.5% of sales, P25,000.Net income for September, P25,000.Required:11. Cost of goods sold.12. Cost of goods manufactured.13. Raw materials inventory August 31.

Answered: Image /qna-images/answer/b90ed495-f50e-415f-8a4e-8de4fd30f4ec.jpg

The following data were taken from the records of Quezon Company: Inventories September 30 P50,000 August 31 Raw materials Work in process Finished goods P80,000 95,000 60,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, P25,000. Required: 11. Cost of goods sold. 12. Cost of goods manufactured. 13. Raw materials inventory August 31.

The following data were taken from the records of Quezon Company: Inventories September 30 P50,000 August 31 Raw materials Work in process Finished goods P80,000 95,000 60,000 78,000 Raw materials purchases, P46,000. Factory overhead, 75% of direct labor cost, P63,000. Selling and administrative expenses, 12.5% of sales, P25,000. Net income for September, P25,000. Required: 11. Cost of goods sold. 12. Cost of goods manufactured. 13. Raw materials inventory August 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
Ef 13.
Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 Total manufacturing costs incurred during August Total manufacturing costs Work in process inventory, August 31 Cost of goods manufactured a. $ b. $ C. $ d. $ e. $ tA f. $ X X X X X X $1,900 13,100 (a) 2,900 (b) $15,600 (c) $182,500 38,300 (d) (e) 91,300 $99,100 (f) $83,200
5
e. What was the Work-in-Process f. What was the Work-in-Process Inventory on November 1? Inventory on November 30?
prepare a costs of good schedule
22 Required information [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 Sales Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Selling expenses Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,372,000. $ 2,650,000 110,000 143,000 Work in…
*need help with C please *
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
Make an income statement