With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. 1. A $7000 loan was obtained and deposited in cash. 2. Another loan was obtained for the purchase of new equipment for the amount of 5539 with 5 years of life. 3. The equipment is depreciated for the first year. 4. Direct Labor is paid for the amount of 322. 5. Packaging employees are paid for 997. 6. 200 materials were invoiced at 2 each for the inventory. 7. 150 materials were used in production. 8. The 150 units were sold at $4.00 each and they are invoiced. 9. Sales and distribution expenses for $1000 were paid.

With the following transactions, determine the Cost of Good Sold for a Manufacturing plant. 1. A $7000 loan was obtained and deposited in cash. 2. Another loan was obtained for the purchase of new equipment for the amount of 5539 with 5 years of life. 3. The equipment is depreciated for the first year. 4. Direct Labor is paid for the amount of 322. 5. Packaging employees are paid for 997. 6. 200 materials were invoiced at 2 each for the inventory. 7. 150 materials were used in production. 8. The 150 units were sold at $4.00 each and they are invoiced. 9. Sales and distribution expenses for $1000 were paid.

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

Gadubhai
1) Grant's Ironhorse Company manufactures model railroad cars. At the end of October, 2019 the accounting records showed the following: Inventories: Beginning: Ending: Direct Materials $10,000 $5,000 Work-in-Process 15,000 20,000 Finished Goods 0 5,800 Other Information: Direct Materials Purchases 40,000 Plant maintenance services 6,800 Plant supervisor's salary 31,500 Sales salaries 12,700 Delivery costs 3,100 Sales revenue 236,000 Utilities for plant 10,500 Rent on plant 23,000 Advertising 8,000 Direct labor 30,000 (a) Prepare a schedule of cost of goods manufactured for Grant's Ironhorse Company and (b) Prepare an income statement for Grant's Ironhorse Company for the year ended October 31, 2019
A tornado touched down and destroyed most of a company's facilities. However, the controller and the cost accountant were able to recover a small part of manufacturing cost data for the current and prior month. They need records in order to file an insurance claim. This is the data they were able to recover: Direct Labor Cost $250,000 Purchase of Raw Materials $365,000 Raw Materials used for the month S350,000 Sales for the month $1,240,000 Gross Profit Ratio 40% of sales Cost of goods available for sale $770,000 Manufacturing overhead was 60% of direct labor Inventories at the end of the prior month: Finished Goods $38,000; Work in Process $25,000; and Raw Materials $19,000. Instructions: Calculate the amount of cost in the Raw Materials, Work in Process, and Finished Goods Inventory (in other words, the ending balance in these accounts) for the current month (when the tornado took place) using the information above. What analysis or conclusions can you make from the data? Can the…
Johnston Company cleans and applies powder coat paint to metal items on a job-order basis. Johnston has budgeted the following amounts for various overhead categories in the coming year. Supplies $220,000 Gas 52,000 Indirect labor 180,000 Supervision 77,000 Depreciation on equipment 47,000 Depreciation on the buliding 41,000 Rental of special equipment 14,000 Electricity (for lighting, heating, and air conditioning) 27,200 Telephone 4,700 Landscaping service 1,300 Other overhead 57,000 In the coming year, Johnston expects to powder coat 160,000 units. Each unit takes 1.4 direct labor hours. Johnston has found that supplies and gas (used to run the drying ovens—all units pass through the drying ovens after powder coat paint is applied) tend to vary with the number of units produced. All other overhead categories are considered to be fixed. Required: Question Content Area 1. Calculate the number of direct labor hours Johnston must budget for the coming…
A. Purchased P250,000 of materials. B. Used P180,000 of materials in production. C. Incurred P450,000 of direct labor wages. D. Incurred P190,000 of factory overhead. E. Transferred P760,000 of work in process to finished goods. F. Sold good P1,200,000. G. Sold goods with a cost of P675,000. H. Incurred P215,000 of selling expenses. I. Incurrent P125,000 of administrative expenses. Requirements: 1. Prepare income statement. 2. Prepare the inventory portion of the balance sheet.
Springthorpe entered a three-year contract on 1 January 20X2 to build a factory. This is a contract where performance obligations are satisfied over time. The percentage of performance obligations satisfied is measured according to certificates issued by a surveyor. The contract price was $20 million. At 31 December 20X2 details of the contract were as follows. $m Costs to date 9 Estimated costs to complete 5 Amounts invoiced 4 Valuation certified complete work 4.5 Required: Explain, with journal entry, how to account for above transaction in accordance to IFRS 15: Revenue from contract with customer and prepare extracted financial statements for the year ended 31 December 20X2
Need help with this accounts . Please provide detailed answers and working out
East and West Construction has undertaken the construction of a bridge over the River Till for the Campton Council. The value of the contract is $125,000 and it is at a stage where profits can be attributed to it. When work was certified, Campton Council was sent an invoice for progress payment. The contractors have given the contract number 86 for reference, and the following are the details as shown in the books: Labour on site Materials direct to site, less returns Materials from store and workshops Plant Upkeep Account-hire and use of plant Direct expenses General overhead apportioned to this contract Materials on hand November 30 Wages accrued at November 30 Direct expenses accrued Value of work certified by the council's surveyor Cash received on account Required: $ 40,500 42,000 8,120 1,210 2,300 3,710 630 780 160 110,000 88,000 (a) Prepare the contract 86 account as at November 30th 2011. (b) Prepare the contract P&L account for the year ended November 30th 2011.
journalize the transactions, please explain to me how you got the numbers
United Corporation recorded the following transactions for February 2019: a. February 1: $74,000 in raw materials were purchased on account. b. February 7: $63,000 in raw materials were requisitioned for use in production as direct materials c. February 8: $7,000 of raw materials were used as indirect materials. d. February 12: Total labor wages of $97,000 were incurred for direct labor e. February 15: Labor wages of $13.000 were incurred for indirect labor. 1. February 21: Additional manufacturing overhead costs of $180,000 were incurred. All of these costs will be paid in the future. Record the above transactions in United Corporation's journal. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (1.o., January 15 would be 15/Jan). Date + F + m 11 m F T General Journal Account/Explanation Page 02 PR Debit Credit
Thornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,540. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,430. 5. Depreciation on administrative equipment-$1,825. Thornton sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
a. Purchased raw materials on account for $121,700. b. Issued $114,000 in raw materials to production ($20,800 were not traceable to specific jobs). c. Incurred $115,160 in direct labor costs (14,395 hours) and $62,000 in supervision costs (paid in cash). d. Incurred the following additional manufacturing overhead costs: factory lease $23,300 (paid in cash); depreciation on equipment $18,200; custodial supplies $7,400 (paid in cash). e. Incurred the following nonmanufacturing costs, both paid in cash: advertising $74,600; sales commissions $86,900. f. Applied manufacturing overhead to jobs in process at a rate of $10 per direct labor hour. g. Completed jobs costing a total of $343,200. h. Sold jobs for $425,500 on account. The cost of the jobs was $340,700. i. Closed the Manufacturing Overhead account balance. Required: Prepare the journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account…