The following information was taken from the accounting records of Elliott Manufacturing Corp.Unfortunately, some of the data were destroyed by a computer malfunction.Sales Revenue$58,000Finished Goods Inventory, Beginning9,000Finished Goods Inventory, Ending6,000Cost of Goods SoldGross Margin25,000Direct Materials Used10,000Selling and Administrative ExpenseOperating IncomeWork-in-Process Inventory, BeginningWork-in-Process Inventory, Ending14,0005,000Direct Labor Used9,000Factory Overhead12,000Total Manufacturing CostCost of Goods ManufacturedWork in process inventory, beginning, is calculated to be:

Name: The following information was taken from the accounting records of El
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Description: The following information was taken from the accounting records of Elliott Manufacturing Corp.Unfortunately, some of the data were destroyed by a computer malfunction.Sales Revenue$58,000Finished Goods Inventory, Beginning9,000Finished Goods Invento

Cost of goods sold is the cost of finished goods available for sale. It is calculated as follows:…

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The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $58,000 Finished Goods Inventory, Beginning Finished Goods Inventory, Ending 9,000 6,000 Cost of Goods Sold ? 25,000 10,000 Gross Margin Direct Materials Used Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending 14,000 5,000 9,000 12,000 Direct Labor Used Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Work in process inventory, beginning, is calculated to be:

The following information was taken from the accounting records of Elliott Manufacturing Corp. Unfortunately, some of the data were destroyed by a computer malfunction. Sales Revenue $58,000 Finished Goods Inventory, Beginning Finished Goods Inventory, Ending 9,000 6,000 Cost of Goods Sold ? 25,000 10,000 Gross Margin Direct Materials Used Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending 14,000 5,000 9,000 12,000 Direct Labor Used Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Work in process inventory, beginning, is calculated to be:

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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Alexandria Aluminum Company, a manufacturer of recyclable soda Cans, had the following inventory balances at the beginning and end of 20x1. Inventory classification Raw material Work in process Finished goods Indirect material Indirect labor January 1,20x1 Utilities Other $ 65,000 120,000 160,000 December31,20x1 During 2005, the company purchased $ 250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follow: $ 11,000 26,000 Depreciation on plant and equipment 100,000 70,000 115,000 165,000 23,000 30,000 Sales revenue was $ 1,109,000 for the year. Selling and administrative expenses For the year amounted to $ 110,000. The firm's tax rate is 40%. Required: Prepare a schedule of cost goods manufactured. Prepare a schedule of cost of goods sold. Prepare an income statement.
(c) Prepare an income statement for Case 1 CASE 1 Income Statement Prepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follovs: Cash $3,100, Receivables (net) 515,100, Raw Materials S510, and Prepaid Expenses 5410. List Current Assets in order of liquidity CASE 1 (Partial) Balance Sheet > > > > > > > > > >
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost accountant. The cost accountant now asks for your assistance in computing the missing amounts. Direct Materials Inventory 8,900 ? ? Beg. Bal. Purchases End. Bal. Work-in-Process Inventory 8,400 ? 19,800 14,400 8,900 Beg. Bal. Materials Labor Overhead End. Bal. Beg. Bal. 7,300 Cost of Goods Sold 66,000 Finished Goods Inventory ? Transferred in End. Bal. 40, 400 5,100 Transferred Out Transferred Out Transferred Out What is the value of the ending Work-in-Process inventory balance?
Ht.12.
The cost of ending inventory is:
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A manufacturing company has the following balances at the end of its first year's operations: Sales OMR350,000; actual manufacturing overhead OMR140,000; manufacturing overhead applied OMR114,0003; unadjusted costs of goods sold OMR175,000. The costs of goods sold balance includes overhead applied of OMR51,300. Ending Work in process inventory includes overhead applied of OMR34,700. Ending finished goods inventory includes overhead applied of OMR28,000. These balances are not adjusted for the overapplied or underapplied factory overhead. The company closes year-end manufacturing overhead balances proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. How much is the gross profit for the year after disposing the year-end overhead balances? Select one: O a. OMR186,700 O b. OMR158,800 c. None of the answers given O d. OMR149,000 O e. OMR163,300
The following information is taken from the accounting records of four different companies. Provide the missing amounts. Assume there are no indirect materials used in the company's finished product. Direct Materials Inventory, beginning Purchases of direct materials Company 1 Company 2 $15,000 $ 92,200 Company 3 $5,000 50,600 Company 4 $130,500 221,800 Total direct materials available for use 391,000 101,300 Direct Materials Inventory, ending 25,000 34,600 Direct materials used in production 71,200 Direct labor 212,000 25,000 324,400 Total manufacturing overhead 254,400 97,500 64,300 Total manufacturing cost Work in Process Inventory, Beginning 194,000 138,300 913,200 148,500 38,000 Work in Process Inventory, Ending 50,000 43,700 47,500 Cost of goods manufactured 814,400 103,450 920,300 Finished Goods Inventory, beginning 35,000 36,000 Cost of goods available for sale 393,000 140,050 Finished Goods Inventory, ending Cost of Goods Sold $796,400 $ 12,600 $109,400 $ 42,300
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