The following inventory and cost data for the just completed year are taken from the accounting records of XYZ Company: Inventories Increase in raw materials Increase in work in process Decrease in finished goods Costs incurred Advertising expense Direct labour cost Purchases of raw materials Rent, factory building Indirect factory labour Sales commissions Utilities, factory $4,000 32,000 90,000 $200,000 180,000 264,000 60,000 112,600 70,000 18.000

The following inventory and cost data for the just completed year are taken from the accounting records of XYZ Company: Inventories Increase in raw materials Increase in work in process Decrease in finished goods Costs incurred Advertising expense Direct labour cost Purchases of raw materials Rent, factory building Indirect factory labour Sales commissions Utilities, factory $4,000 32,000 90,000 $200,000 180,000 264,000 60,000 112,600 70,000 18.000

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 is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. None of the above c. £346,000 d. £95,000
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GIGRIC314 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses $211,000 $257,000 $ 20,000 $153,000 Manufacturing overhead applied to work in process $365,000 $342,000 Actual manufacturing overhead cost GIGRIC314's inventory balances at the beginning and end of the year were as follows: ID#18929) Beginning End of of Year Year Raw materials Work in process Finished goods $ 60,000 $ 25,000 $ 38,000 $ 33,000 $ 44,000 For the year, the cost of goods available for sale was $718,000 and the net operating income as reported in its income statement income was $44,000. The GIGRIC314 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. Q.) How much was the GIGRIC314 company's sales revenue for the year? Multinle Choice Next > < Prev 21 of 25 MacBook Air %24
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Kris GmbH has provided the following information regarding their inventories: Total Manufacturing Costs: $781,227 Work-in-Process inventory, Jan 1: $52,821 Work-in-Process inventory, Dec 31: $70,682 Finished Goods inventory, Jan 1: $176,432 Finished Goods inventory, Dec 31: $146,452 What is Cost of Goods Sold for the year?