The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,270 $256,120 Work in process 365,890 348,320 Finished goods 351,660 356,010 Advertising expense $173,910 Depreciation expense-office equipment 24,590 Depreciation expense-factory equipment 33,040 Direct labor 394,420 Heat, light, and power-factory 13,060 Indirect labor 46,100 Materials purchased 386,740 Office salaries expense 134,980 Property taxes-factory 10,760 Property taxes-headquarters building 22,280 Rent expense-factory 18,180 Sales 1,810,770 Sales salaries expense 222,310 Supplies-factory 8,960 Miscellaneous costs-factory 5,630

The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,270 $256,120 Work in process 365,890 348,320 Finished goods 351,660 356,010 Advertising expense $173,910 Depreciation expense-office equipment 24,590 Depreciation expense-factory equipment 33,040 Direct labor 394,420 Heat, light, and power-factory 13,060 Indirect labor 46,100 Materials purchased 386,740 Office salaries expense 134,980 Property taxes-factory 10,760 Property taxes-headquarters building 22,280 Rent expense-factory 18,180 Sales 1,810,770 Sales salaries expense 222,310 Supplies-factory 8,960 Miscellaneous costs-factory 5,630

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 information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…
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…
Question: The accounting records of Dolphin Company revealed the following information: Total manufacturing costs $780,000 Work-in-process inventory, Jan. 1 81,000 Work-in-process inventory, Dec. 31 103,000 Finished goods inventory, Jan. 1 171,000 148,000 Finished goods inventory, Dec. 31 What is Dolphin's cost of goods sold?
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