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…

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

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…

The related data of Rolene Company:                                          Net income                                                 P358,750           Operating expenses                                 250,000             Sales                                                              1,875,200          Finished goods, ending                           200,500             Finished goods, beginning                     178,900                                                                                     How much is the cost of goods manufactured?

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PROBLEM 11. Prepare the Cost Sheet to show the total cost of production and cost per unit of goods manufactured by a company for the month of July, 2006. Also find the cost of sales and profit. 2$ $ Stock of Raw Materials, 1-7-2006 Raw Materials purchased Stock of Raw Materials, 31-7-2006 Mar.ufacturing Wages Depreciation on Plant Loss on sale of a part of Plant Factory Rent and Rates 3,000 Office Rent 28,000 General Expenses 4,500 Discount on Sales 7,000 Advertisement Expenses to be charged fully 600 1,500 Income Tax Paid 300 Sales 3,000 500 400 300 2,000 50,000 The number of units produced during July, 2006 was 3,000. The stock of finished goods was 200 and 400 units on 1-7-2006 and 31-7-2006 respectively. The total cost of the units on hand on 1-7-2006 was $. 2,800. All these had been sold during the month.

Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company: 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 $ 9,000 $ 5,700 $ 73,000 Ending $ 10,700 $ 20,100 $ 25,900 $ 658,000 $ 90,000 $ 136,000 $ 110,000 $ 41,000 $ 221,000 $ 202,000 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 that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Required 1 Required 2 Required 3 Complete this question by entering your answers in the tabs below. Prepare a…