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The following information is available for the Murphy Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 14,000 27,000 71,000 40,000 250,000 63,000 55,000 130,000 180,000 77,000 150,000 Data table Accounts receivable, January 1, 2020 $ Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 2 14,000 27,000 71,000 40,000 250,000 63,000 55,000 130,000 180,000 ? 77,000 ? 2 2 70% of Sales 150,000

The following information is available for the Murphy Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 14,000 27,000 71,000 40,000 250,000 63,000 55,000 130,000 180,000 77,000 150,000 Data table Accounts receivable, January 1, 2020 $ Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 2 14,000 27,000 71,000 40,000 250,000 63,000 55,000 130,000 180,000 ? 77,000 ? 2 2 70% of Sales 150,000

FINANCIAL ACCOUNTING
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 the Murphy Manufacturing company for 2020 (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 14,000 27,000 71,000 40,000 250,000 63,000 55,000 130,000 180,000 77,000 150,000 Data table Accounts receivable, January 1, 2020 $ Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 14,000 27,000 71,000 40,000 250,000 ? 63,000 55,000 130,000 180,000 ? 77,000 ? 70% of Sales 150,000 X
Transcribed Image Text:The following information is available for the Murphy Manufacturing company for 2020 (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 14,000 27,000 71,000 40,000 250,000 63,000 55,000 130,000 180,000 77,000 150,000 Data table Accounts receivable, January 1, 2020 $ Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 14,000 27,000 71,000 40,000 250,000 ? 63,000 55,000 130,000 180,000 ? 77,000 ? 70% of Sales 150,000 X
The following information is available for the Murphy Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin Data table Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 27,000 71,000 40,000 250,000 63,000 55,000 130, 000 180,000 77,000 150,000 \table[[Accounts receivable, January 1, 2020, 130, 000], [Accounts payable, January 1, 2020,], [Raw materials, January 1, 2020, 14, 000], [Work in process, January 1, 2020, 27,000], [Finished goods, January 1, 2020, 71, 000],[ Accounts receivable, December 31, 2020, 40, 000], [Accounts payable, December 31, 2020, 250,000], [Raw materials, December 31, 2020, ], [Work in process, December 31, 2020, 63, 000], [Finished goods, December 31, 2020, 55, 000], [Raw materials used in production, 130, 000], [Raw materials purchased, 180,000], [ Accounts receivable collections,?], [Accounts payable payments, 77,000], [Sales, ?], [Total manufacturing costs,?], [Cost of goods manufactured,], [Cost of goods sold, 70% of Sales], [Gross margin, 150, 000]]
Transcribed Image Text:The following information is available for the Murphy Manufacturing company for 2020. (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales are credit sales. Compute the missing amounts above. Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin Data table Accounts receivable, January 1, 2020 Accounts payable, January 1, 2020 Raw materials, January 1, 2020 Work in process, January 1, 2020 Finished goods, January 1, 2020 Accounts receivable, December 31, 2020 Accounts payable, December 31, 2020 Raw materials, December 31, 2020 Work in process, December 31, 2020 Finished goods, December 31, 2020 Raw materials used in production Raw materials purchased Accounts receivable collections Accounts payable payments Sales Total manufacturing costs Cost of goods manufactured Cost of goods sold Gross margin 130,000 27,000 71,000 40,000 250,000 63,000 55,000 130, 000 180,000 77,000 150,000 \table[[Accounts receivable, January 1, 2020, 130, 000], [Accounts payable, January 1, 2020,], [Raw materials, January 1, 2020, 14, 000], [Work in process, January 1, 2020, 27,000], [Finished goods, January 1, 2020, 71, 000],[ Accounts receivable, December 31, 2020, 40, 000], [Accounts payable, December 31, 2020, 250,000], [Raw materials, December 31, 2020, ], [Work in process, December 31, 2020, 63, 000], [Finished goods, December 31, 2020, 55, 000], [Raw materials used in production, 130, 000], [Raw materials purchased, 180,000], [ Accounts receivable collections,?], [Accounts payable payments, 77,000], [Sales, ?], [Total manufacturing costs,?], [Cost of goods manufactured,], [Cost of goods sold, 70% of Sales], [Gross margin, 150, 000]]
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