The following information is available for Vogt Manufacturing Company for the month ending July 31, 2014: Cost of goods manufactured Selling expenses Administrative expense Sales $360,000 114,750 60,750 729,000 Finished goods inventory, July 18 1,000 Finished goods inventory, July 31 75,000 For the month ended July 31, 2014, determine Vogt's (a) cost of goods sold, (b) gross profit, and (c) net income.

The following information is available for Vogt Manufacturing Company for the month ending July 31, 2014: Cost of goods manufactured Selling expenses Administrative expense Sales $360,000 114,750 60,750 729,000 Finished goods inventory, July 18 1,000 Finished goods inventory, July 31 75,000 For the month ended July 31, 2014, determine Vogt's (a) cost of goods sold, (b) gross profit, and (c) net income.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 16E: Cost of goods sold, profit margin, and net income for a manufacturing company The following...

See similar textbooks

Similar questions

Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.
The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.
What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as follows: a. Prepare a cost of goods manufactured statement for March. b. Determine the cost of goods sold for March.
Akira Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $25 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Cost of goods sold Based on the following data, determine the cost of goods sold for November:
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Bleistine Company had the following transactions for the month. Calculate the gross margin for the period for each of the following cost allocation methods, using periodic inventory updating. Assume that all units were sold for $50 each. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.
Cost of goods sold Based on the following data, determine the cost of goods sold for July:
The following is selected information from Orange Industries. Compute net purchases, and cost of goods sold for the month of June.