HORNGRENS COST ACCOUNTING W/ACCESS
16th Edition
ISBN: 9781323687604
Author: Datar
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.38P
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation:
| Carolina Corporation | Beginning of 2017 | End of 2017 |
| Direct materials inventory | 124,000 | 73,000 |
| Work-in-process inventory | 173,000 | 145,000 |
| Finished-goods inventory | 240,000 | 206,000 |
| Purchases of direct materials | 262,000 | |
| Direct manufacturing labor | 217,000 | |
| Indirect manufacturing labor | 97,000 | |
| Plant insurance | 9,000 | |
| 45,000 | ||
| Plant utilities | 26,000 | |
| Repairs and maintenance—plant | 12,000 | |
| Equipment leasing costs | 65,000 | |
| Marketing, distribution, and customer-service costs | 125,000 | |
| General and administrative costs | 71,000 |
- 1. Prepare a schedule for the cost of goods manufactured for 2017.
Required
- 2. Revenues (in thousands) for 2017 were $1:300,000. Prepare the income statement for 2017.
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Students have asked these similar questions
Cost of goods manufactured, income statement, manufacturing company. Consider the following
account balances (in thousands) for the Carolina Corporation:
Beginning of
2017
End of
Carolina Corporation
Direct materials inventory
2017
73,000
124,000
Work-in-process inventory
Finished-goods inventory
Purchases of direct materials
173,000
145,000
240,000
206,000
262,000
Direct manufacturing labor
Indirect manufacturing labor
Plant insurance
217,000
97,000
9,000
45,000
Depreciation-plant, building, and equipment
Plant utilities
Repairs and maintenance-plant
Equipment leasing costs
Marketing, distribution, and customer-service costs
26,000
12,000
65,000
125,000
General and administrative costs
71,000
1. Prepare a schedule for the cost of goods manufactured for 2017.
2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
Income statement and schedule of cost of goods manufactured. The Howell Corporation has the following account balances (in millions):
Income statement and schedule of cost of goods manufactured. The following items (in millions)
pertain to Schaeffer Corporation:
Schaeffer's manufacturing costing system uses a three-part classification of direct materials, direct
manufacturing labor, and manufacturing overhead costs.
For Year 2017
For Specific Date
Work-in-process inventory, Jan. 1, 2017
Direct materials inventory, Dec. 31, 2017
Finished-goods inventory, Dec. 31, 2017
Accounts payable, Dec. 31, 2017
Accounts receivable, Jan. 1, 2017
$10
Plant utilities
Indirect manufacturing labor
Depreciation-plant and equipment
Revenues
21
16
24
359
53
Miscellaneous manufacturing
overhead
Marketing, distribution, and
customer-service costs
15
Work-in-process inventory, Dec. 31, 2017
06
Finished-goods inventory, Jan 1, 2017
Accounts receivable, Dec. 31, 2017
Accounts payable, Jan. 1, 2017
Direct materials inventory, Jan. 1, 2017
46
Direct materials purchased
Direct manufacturing labor
Plant supplies used
Property taxes on plant
88
32…
Chapter 2 Solutions
HORNGRENS COST ACCOUNTING W/ACCESS
Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3QCh. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9QCh. 2 - What are three different types of inventory that...
Ch. 2 - Distinguish between inventoriable costs and period...Ch. 2 - Define the following: direct material costs,...Ch. 2 - Describe the overtime-premium and idle-time...Ch. 2 - Define product cost. Describe three different...Ch. 2 - What are three common features of cost accounting...Ch. 2 - Prob. 2.16MCQCh. 2 - Comprehensive Care Nursing Home is required by...Ch. 2 - Frisco Corporation is analyzing its fixed and...Ch. 2 - Year 1 financial data for the ABC Company is as...Ch. 2 - The following information was extracted from the...Ch. 2 - Computing and interpreting manufacturing unit...Ch. 2 - Direct, indirect, fixed, and variable costs....Ch. 2 - Classification of costs, service sector. Market...Ch. 2 - Classification of costs, merchandising sector....Ch. 2 - Classification of costs, manufacturing sector. The...Ch. 2 - Variable costs, fixed costs, total costs. Bridget...Ch. 2 - Variable and Fixed Costs. Consolidated Motors...Ch. 2 - Variable costs, fixed costs, relevant range. Gummy...Ch. 2 - Prob. 2.29ECh. 2 - Cost drivers and functions. The representative...Ch. 2 - Total costs and unit costs, service setting....Ch. 2 - Total and unit cost, decision making. Gayles...Ch. 2 - Inventoriable costs versus period costs. Each of...Ch. 2 - Computing cost of goods purchased and cost of...Ch. 2 - Cost of goods purchased, cost of goods sold, and...Ch. 2 - Flow of Inventoriable Costs. Renkas Heaters...Ch. 2 - Cost of goods manufactured, income statement,...Ch. 2 - Cost of goods manufactured, income statement,...Ch. 2 - Income statement and schedule of cost of goods...Ch. 2 - Interpretation of statements (continuation of...Ch. 2 - Income statement and schedule of cost of goods...Ch. 2 - Terminology, interpretation of statements...Ch. 2 - Labor cost, overtime, and idle time. David...Ch. 2 - Missing records, computing inventory costs. Ron...Ch. 2 - Comprehensive problem on unit costs, product...Ch. 2 - Prob. 2.46PCh. 2 - Cost classification; ethics. Paul Howard, the new...Ch. 2 - Prob. 2.48P
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