The following note was contained in a recent Visions Motor Company annual report:NOTE 8. INVENTORIES-AUTOMOTIVE SECTORInventories at December 31 were as follows (dollars in millions)PreviousYear$ 4,470CurrentYearRaw material, work in process, & suppliesFinished products$ 3,1966,6236,921Total inventories at FIFOLess LIFO AdjustmentTotal9,819(1,240)11,391(731)$ 8,579 $ 10,660About one-third of inventories were determined under the last-in, first-out method.Required:1. What amount of ending inventory would have been reported in the current year if Visions had used only FIFO?2. The cost of goods sold reported by Visions Motor Company for the current year was $127,129 million. Determine the cost of goodssold that would have been reported if Visions had used only FIFO for both years.3. To lower the cash outflows for taxes, which of the following should the Visions Motor management choose to use for certain of itsinventories when the costs are rising?Complete this question by entering your answers in the tabs below.Required 1 Required 2 Required 3What amount of ending inventory would have been reported in the current year if Visions had used only FIFO?Note: Enter your answer in millions.Reported ending inventorymillion

It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

The following note was contained in a recent Visions Motor Company annual report: NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Previous Raw material, work in process, & supplies Finished products Current Year $ 3,196 6,623 Year $ 4,470 Total inventories at FIFO Less LIFO Adjustment 9,819 (1,240) 6,921 11,391 (731) Total $ 8,579 $ 10,660

The following note was contained in a recent Visions Motor Company annual report: NOTE 8. INVENTORIES-AUTOMOTIVE SECTOR Inventories at December 31 were as follows (dollars in millions) Previous Raw material, work in process, & supplies Finished products Current Year $ 3,196 6,623 Year $ 4,470 Total inventories at FIFO Less LIFO Adjustment 9,819 (1,240) 6,921 11,391 (731) Total $ 8,579 $ 10,660

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory Р320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 What is the raw materials inventory as of June 30, 2020? 2. .JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory Р320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 What is…
The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
Beginning raw materials inventory was OMR90,000. During the month, OMR175,000 of raw materials was purchased. A count at the end of the month revealed that OMR54,000 of RM was still present. The cost of indirect materials used during the month was OMR15,000, What is the cost of direct materials used? Select one: O a. OMR211,000 Ob. OMR114,000 O c. None of the answers given O d. OMR186,000
Required information [The following information applies to the questions displayed below.] Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare its schedule of cost of goods manufactured for the year ended December 31.
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…
Help
The following information was collected from Balatas Hercules' accounting records for the year that ends on December 31, 20XX: Jan/1/20XX 31/Dec/20XX Inventory of raw materials $98000 $84000 Inventory of products-in-process $56000 $97000 Finished product inventory $42000 $105000 Direct labor: $370000 Income taxes: $301700 Indirect labor: $235140 Sales commissions: $250000 Purchases of raw materials: $842350 Factory Utilities: $152000 Advertising expenses: $68000 Factory depreciation: $521400 Factory equipment maintenance: $70120 Balatas Hercules uses a normal costing system. In the current period, Overhead costs were applied to products at a rate of $3 for each $ loaded with direct labor. The data are presented for the purpose of calculating the following information: a) Statement of cost of production and sales for 20XX. b) Difference between the Real Overhead Costs and the applied Overhead Costs, determining if there is an under or overapplication
Required: If the December 1 balance in the Direct Materials Inventory account was $20,000, the December 31 balance was $22,000, and $130,000 of direct materials were issued to production during December, what was the amount of direct materials purchased during the month? Purchased amount of direct material
Required: If New Delhi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31, 2022
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
Need help for this question
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…