Cost of goods sold, profit margin, and net income for a manufacturingcompany The following information is available for Bandera ManufacturingCompany for the month ending January 31: cost of goods manufactured $4,490,000 Selling expenses 530,000 Administrative expenses 340,000 Sales 6,600,000 Finished goods inventory, January 1 880,000 Finished goods inventory, January 31 7750,000 For the month ended January 31, determine Bandera's (a) cost of goodssold, (b) gross profit, and (c) net income.

PROBLEM 2-24 Income Statement; Schedule of Cost of Goods Manufactured [LO1, LO2, LO3, LO4]. Visic Corporation, a manufacturing company, produces a single product. The following informa- tion has been taken from the company's production, sales, and cost records for the just com- pleted year. xis Production in units. Sales in units. Ending finished goods inventory in units Sales in dollars Costs: Direct labor.. Raw materials purchased Manufacturing overhead Selling and administrative expenses 29,000 $1,300,000 $90,000 $480,000 $300,000 $380,000 Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $20,000 $50,000 $0 $30,000 $40,000 ? The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year. 2. Compute the following: The number of units in the finished goods inventory at the end of the…

Financial accounting

Year 1 financial data for the ABC Company is as follows:Sales $5,000,000 ,Direct materials 850,000 ,Direct manufacturing labor 1,700,000 ,Variable manufacturing overhead 400,000 ,Fixed manufacturing overhead 750,000 ,Variable SG&A 150,000 ,Fixed SG&A 250,000 ,Under the absorption method, Year 1 Cost of Goods sold will be: a. $2,550,000 b. $3,100,000 c. $2,950,000 d. $3,700,000

Need general accounting question solution

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Mason Company provided the following data for this year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,700 $ 5,600 $ 78,000 Ending $ 10,600 $ 20,200 $ 25,400 $ 658,000 $ 87,000 $ 135,000 $ 104,000 $ 46,000 $ 226,000 $ 206,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.

Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [L03-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 54,000 Ending $ 35,000 $ 23,000 Raw materials Work in process Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…

Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year End of Year $ 23,000 $25,000 $ 35,000 $31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500

12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 4. The following data have been provided by a company for a recent accounting period. The cost of goods manufactured for the period was: Inventories, beginning: Raw materials. Work-in-process. Finished goods. Inventories, ending: $10,000 $2.000 $34,000 Raw materials. $11.000 $4.000 Work-in-proces.. Finished goods $30,000 Purchases of raw materials. Direct labor wages Sales commissions $50,000 $40.000 $3,000 $60,000 Manufacturing overhead. Marketing costs. Administrative expenses. $55,000 $70.000 Sales $300,000 a. $147,000 b. $154,000 c. $151,000 d. $153,000 LOYcent: