General accounting Using the information below, calculate the net income for the period:Beginning Raw Materials InventoryEnding Raw Materials Inventory$25,00030,000Beginning Work in Process Inventory 55,000Ending Work in Process Inventory64,000Beginning Finished Goods Inventory 80,000Ending Finished Goods Inventory67,000Cost of Goods Sold for the period540,0001,254,000Sales revenues for the periodOperating expenses for the perioda. $714,000232,000b. $482,000c. $1,022,000d. $187,000e. $727,000

Step 1: Define Net IncomeThe net income for the year is the amount calculated at the bottom of the…

Answered: Using the information below, calculate…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
Work in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. What are the total manufacturing costs incurred in the current year? a.$233,750 b.$291,500 c.$275,750 d.$302,000 Period costs include a.operating costs that are shown on the income statement when products are sold b.operating costs that are shown on the income statement in the period in which they are incurred c.current liabilities on the balance sheet d.current assets on the balance sheet On the statement of cash flows prepared by the indirect method, the cash flows from operating activities section would include A.amortization of premium on bonds payable. B.receipts from the sale of investments. C.receipts from the issuance of common stock. D.payments for cash dividends.
8) Data for a manufacturing company for the year are as follows: Д Finished goods inventory, beginning balance $240,000 Work-in-process inventory, ending balance 100,000 Overapplied manufacturing overhead 50,000 Finished goods inventory, ending balance 260,000 Work-in-process inventory, beginning 130,000 balance Cost of goods manufactured 680,000 What is the company's computed adjusted cost of goods sold? O $610,000 O $640,000 O $710,000 • $740,000
The cost of goods sold for the year ended December 31, 2021 would be a. 1,500,000 b. 1,650,000 c. 1,610,000 d. 1,480,000
An excerpt from the last year’s final annual report ofKalamia manufacturing company reported the informationprovided in the table.Compute (a) inventory turnover and (b) weeks of supply,assuming an annual operation of 50 weeks and the cost of goodssold was €5,000,000. CATEGORY PART NO. AVERAGEINVENTORY UNIT VALUEUNITS € Raw materials RSI - 1 200 3RSI - 2 50 2RSI - 3 300 1RSI - 4 100 3, 5 Work-in-process CSI - 1 50 10CSI - 2 250 15 Finished goods FJ - 1 890 70FJ - 2 2000 77FJ - 3 870 90
Using the information below, compute the raw materials inventory turnover: Raw materials used $ 161,600 Beginning raw materials inventory 20,000 Ending raw materials inventory 22,200
Financial accounting
Ramo Manufacturing reported the following:$850.000RevenueBeginning inventory of direct inaterials, January 1,20,0002015256,000Purchases of direct materialsEnding inventory of direct materials, December 31,18,000201521.000Direct manufacturing labor42,000indirect manufacturing costs2015Beginning inventory of finished goods, January 1,40,000314,000Costs fo goods manufactured2015Ending inventory of finished goods, December 31,45,000150,000Operating costsa) What is Romo's Direct Materials Used? $b) What is Romo's Manufacturing Costs Incurred? $c) What is Romo's Cost of Goods Sold? $You must show work for credit.

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