Using the information given, complete the following: a. Prepare the January income statement forSorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen ManufacturingCompany Income Statement For the Month Ended January 31 b. Determine the inventory balances at theend of the first mon operations. Round your answers to the nearest dollar. Sorensen ManufacturingCompany Inventory Balances For the Month Ended January 31 Inventory balances on January 31 :Materials Work in process Finished goods $ $ $ The following events took place for SorensenManufacturing Company during January, the first month of its operations as a producer of digita videomonitors: a. Purchased $236, 000 of materials. b. Used $169, 920 of direct materials in production. c.Incurred $424, 800 of direct labor wages. d. Incurred $169,900 of factory overhead. e. Transferred $717,400 of work in process to finished goods. f. Sold goods for $1,132,800. g. Sold goods with a cost of$637,200. h. Incurred $203,000 of selling expense. i. Incurred $118,000 of administrative expense.

The objective of the question is to prepare an income statement for Sorensen Manufacturing Company…

Answered: Using the information given, complete…

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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4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
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Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
the beginning of the Cutting process. The following information is available regarding its May inventories: Ending Inventory Beginning Inventory $ 6,000 43,500 63,300 20,100 The following additional information describes the company's production activities for May. Raw materials inventory Work in process inventory-Cutting Work in process inventory-Stitching Finished goods inventory Direct materials Raw materials purchased on credit Direct materials used-Cutting Direct materials used-Stitching Direct labor Direct labor-Cutting Direct labor-Stitching Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs Factory Overhead Rates Cutting Stitching Sales View transaction list Journal entry worksheet < $ 256,000 Requirement General General Journal Ledger Raw Materials Prepare journal entries for the month of May's transactions. Note: Enter debits before credits. Dato May 31 Record entry $ 25,000 21,750 0 Trial Balance $ 15,600 62,400 (150% of direct…
Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
Required a.c.&d. Record the preceding events in horizontal statements models for each of the three years. Close overapplied or underapplied overhead to Cost of Goods Sold. In Year 1, the first event is shown as an example. b.&d. Prepare a schedule of cost of goods manufactured and sold, an Income statement, and a balance sheet as of the close of business on December 31, Year 1, Year 2 and Year 3. Complete this question by entering your answers in the tabs below. Year 1 Horizontal Event Number 1 2 3 4 5 6 Year 2 Horizontal Record the preceding events in horizontal statements models for Year 1. Close overapplied or underapplied overhead to Cost of Goods Sold. The first event is shown as an example. Note: Enter decreases to account balances with a minus sign. Balance Sheet 7a 7b 8 9 Closing Total Cash $ 3,000+ + + + |+| + + + Year 3 Horizontal Raw Materials $3,000+ $ + + |+ + +1 + +* + Cost of Goods Schedule Assets Manufacturing Overhead Cost +1 + 0+ S + + |+ [ + +1 0 + Financial…
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Selected information regarding a company's most recent quarter follows (all data in thousands). Beginning work in process inventory Cost of goods manufactured Direct materials used Direct labor Ending work in process inventory What was manufacturing overhead for the quarter? OA. $180 B. $500 C. $150 D. $780 $280 $650 $220 $120 $150
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