Managerial Accounting: Tools for Business Decision Making 7e + WileyPLUS Registration Card
7th Edition
ISBN: 9781119036432
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Textbook Question
Chapter 1, Problem 1.12E
Cepeda Corporation has the following cost records for June 2017.
Instructions
(a) Prepare a cost of goods manufactured schedule for June 20I7.
(b) Prepare an income statement through gross profit for June 2017 assuming sales revenue is $92,100.
Prepare a cost of goods manufactured schedule and a partial income Statement.
(LO 3), AP
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The following information is available for Crouching Alligator Manufacturing Company for the month ending October 31, 2016:
Cost of goods manufactured $450,000
Selling expenses $144,500
Administrative expenses $75,900
Sales $911,250
Finished goods inventory, July 1 $101,250
Finished goods inventory, July 31 $93,800
For the month ended October 31, 2016, determine Crouching Alligators (a) cost of goods sold, (b) gross profit, and (c) net income.
Required 1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business.
Compute cost of goods sold for 2017 using the following information.
Finished goods inventory, Dec. 31, 2016
Work in process inventory, Dec. 31, 2016
Work in process inventory, Dec. 31, 2017
Cost of goods manufactured, 2017
Finished goods inventory, Dec. 31, 2017
Cost of Goods Sold is Computed as:
Cost of goods sold
$ 348,000
87,000
73,200
915,700
337,000
Chapter 1 Solutions
Managerial Accounting: Tools for Business Decision Making 7e + WileyPLUS Registration Card
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