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 Required:

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 Required:

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 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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Superior Company provided the following data for the year ended December 31 (all raw materials areused in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 266,000 Direct labor ? question mark Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 376,000 Actual manufacturing overhead cost $ 358,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials $ 53,000 $ 31,000 Work in process ? question mark $ 24, 000 Finished goods $ 32,000 ? question mark The total manufacturing costs added to production for the year were $675, 000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667, 000, and the net operating income was $38,000. 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: Prepare the…
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 Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
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The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 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 Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 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. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…
The Chewbaca Company reported the following data related to its manufacturing operations between Year 1 and Year 2 (Chewbaca has a December 31st Fiscal year-end) Jan 1, Y2 Jan 1, Y1 Raw materials 10,200 3,800 Work in Process 22,600 18,500 Finished Goods 38,750 38,105 Cost Incurred: Raw materials purchased 88,700 Factory direct labor 178,960 Factory suppliers 43,650 Factory depreciation 105,000 President's salary 110,000 Sales force salaries 88,000 Sales force expenses 8,700 Heat, light, and power 16,000 Factory insurance 29,000 Calculate: a. The cost of materials requisitioned for production during the year. b. The cost of the units that were completed and transferred to finished goods during the year. c. The cost of goods sold during the year.