Homework Answers
| Ans(b) | Cost of goods sold | ||
| Cost of goods sold:It includes all direct cost used for production by the Company. | |||
| Cost of goods sold is the part of Income statement of manufacturing Company. | |||
| Beginning Finished goods Inventory=(A) | |||
| Add: Cost of goods manufactured=(B) | |||
| Cost of goods available for sale(C)=(A)+(B) | |||
| Less: Ending Finished goods Inventory=(D) | |||
| Cost of goods sold (E )=(C)-(D) | |||
| Income Statement | |||
| Sales Revenue=(A) | |||
| Less: Cost of goods sold=(B) | |||
| Gross Profit=(C )=(A)-(B) | |||
| Balance Sheet of Manuafacturing Company(Partial) | |||
| Assets: | |||
| Inventories | |||
| Finished Goods | |||
| Raw Material | |||
| Work in Process | |||
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QUESTION 5 Which of the following will not be found on the balance sheet of a...
1) 2) 3) 4) Which of the following will not be found on the balance sheet...
1)
2)
3)
4)
Which of the following will not be found on the balance sheet of a manufacturing company? Oa. work in process Ob. cost of goods sold Oc. finished goods Od. materials Jensen Company reports the following: Direct materials used Direct labor incurred Factory overhead incurred Operating expenses $345,000 250,000 400,000 175,000 Jensen Company's period costs are Oa. $400,000 Ob. $175,000 Oc. $250,000 Od. $345,000 The direct materials costs and direct labor costs incurred by a production department...
Question 9 The following items are found in the ledger and accompanying data for Zed Manufacturing...
Question 9
The following items are found in the ledger and accompanying
data for Zed Manufacturing Company.
Indicate which items appear on the balance sheet as at December 31
by marking an “X” beside it.
1.
Direct Labour
X
2.
Raw Materials Inventory
(1/1)
X
3.
Work in Process Inventory
(12/31)
X
4.
Finished Goods Inventory
(1/1)
X
5.
Prepaid Insurance
X
6.
Work in Process Inventory
(1/1)
X
7.
Finished Goods Inventory
(12/31)
X
8.
Factory Maintenance
Salaries
X...
QUESTION 32 Which is the appropriate order of presentation of the inventory accounts on the balance...
QUESTION 32 Which is the appropriate order of presentation of the inventory accounts on the balance sheet of a manufacturing company? 1.Finished goods, Raw materials, Work in process 2. Work in process, Finished Goods, Raw materials 3. Finished Goods, Work in process, Raw materials 4. There is no specific order of presentation QUESTION 33 THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 32 AND 33. Evans Inc. had the following activities during 2008: Direct materials: BEGINNING INVENTORY $ 40,000 Purchases 123,200 Ending...
QUESTION 15 Which of the following is the correct flow of manufacturing costs? a. raw materials,...
QUESTION 15 Which of the following is the correct flow of manufacturing costs? a. raw materials, work in process, finished goods, cost of goods sold Ob.cost of goods sold, raw materials, work in process, finished goods c. raw materials, finished goods, cost of goods sold, work in process d. work in process, finished goods, raw materials, cost of goods sold
5.) Which of the following is an example of a direct cost? A.) Raw materials applied...
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Calculator Manufacturing company balance sheet Balance Sheet Instructions Partial balance sheet data for Diesel Additives Company...
Calculator Manufacturing company balance sheet Balance Sheet Instructions Partial balance sheet data for Diesel Additives Company at August 31 are as follows. Finished goods inventory Prepaid insurance Accounts receivable S42,000 26,000 105,000 153,000 72 300 Work in process inventory Supplies Materials inventory 88.250 Cash 117 000
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in...
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
The following items are found in the ledger and accompanying data for Zed Manufacturing Company. Indicate...
The following items are found in the ledger and accompanying data for Zed Manufacturing Company. Indicate which items appear on the balance sheet as at December 31 by marking an "X" beside it. 1. Direct Labour Raw Materials Inventory (1/1) 2. 3. 4. - Work in Process Inventory (12/31) Finished Goods Inventory (1/1) 5. Prepaid Insurance 6. Work in Process Inventory (1/1) 7. Finished Goods Inventory (12/31) 8. 9. 10. 11. Factory Maintenance Salaries Cost of Goods Manufactured Cost of...
Then please create the partial balance sheet to go along with this: The following information is...
Then please create the partial balance sheet to go along with
this:
The following information is available for Aikman Company. 2020 January 1, 2020 $26,020 16,380 28,180 December 31, 2020 $33,480 19,230 25,930 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $155,040 223,300 181,490 902,520 Prepare an income statement through gross profit. AIKMAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2020 Sales Revenue 902520 Cost of Goods...
Costs are transferred from the balance sheet to the income statement as cost of goods sold...
Costs are transferred from the balance sheet to the income statement as cost of goods sold when A. direct materials, direct labor and manufacturing overhead are transferred to the beginning Work-in-Process Inventory account. B. the total of Cost of Goods Manufactured is determined. C. goods are transferred from the Work-in-Process Inventory account to the Finished Goods Inventory account. D. finished goods are sold. Which of the following companies is most likely to use process costing? A. a music studio B....
1)
2)
3)
4)
Which of the following will not be found on the balance sheet of a manufacturing company? Oa. work in process Ob. cost of goods sold Oc. finished goods Od. materials Jensen Company reports the following: Direct materials used Direct labor incurred Factory overhead incurred Operating expenses $345,000 250,000 400,000 175,000 Jensen Company's period costs are Oa. $400,000 Ob. $175,000 Oc. $250,000 Od. $345,000 The direct materials costs and direct labor costs incurred by a production department...
Question 9
The following items are found in the ledger and accompanying
data for Zed Manufacturing Company.
Indicate which items appear on the balance sheet as at December 31
by marking an “X” beside it.
1.
Direct Labour
X
2.
Raw Materials Inventory
(1/1)
X
3.
Work in Process Inventory
(12/31)
X
4.
Finished Goods Inventory
(1/1)
X
5.
Prepaid Insurance
X
6.
Work in Process Inventory
(1/1)
X
7.
Finished Goods Inventory
(12/31)
X
8.
Factory Maintenance
Salaries
X...
QUESTION 32 Which is the appropriate order of presentation of the inventory accounts on the balance sheet of a manufacturing company? 1.Finished goods, Raw materials, Work in process 2. Work in process, Finished Goods, Raw materials 3. Finished Goods, Work in process, Raw materials 4. There is no specific order of presentation QUESTION 33 THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 32 AND 33. Evans Inc. had the following activities during 2008: Direct materials: BEGINNING INVENTORY $ 40,000 Purchases 123,200 Ending...
QUESTION 15 Which of the following is the correct flow of manufacturing costs? a. raw materials, work in process, finished goods, cost of goods sold Ob.cost of goods sold, raw materials, work in process, finished goods c. raw materials, finished goods, cost of goods sold, work in process d. work in process, finished goods, raw materials, cost of goods sold
5.) Which of the following is an example of a direct cost? A.) Raw materials applied to a house during construction. B.) Labor for the sales department, trying to specifically sale house 1. C.) Labor for the cleanup crew. D.) Materials in the warehouse that is divided into the different projects (i.e. house 1, house 2, etc.) 6.) Which of the following accounts represents the costs associated with goods that were completed and sold? A.) Cost of Goods Sold. B.)...
Calculator Manufacturing company balance sheet Balance Sheet Instructions Partial balance sheet data for Diesel Additives Company at August 31 are as follows. Finished goods inventory Prepaid insurance Accounts receivable S42,000 26,000 105,000 153,000 72 300 Work in process inventory Supplies Materials inventory 88.250 Cash 117 000
Instructions: Designate the best answer for each of the following questions. 1. A debit balance in the Manufacturing Overhead account at the end of an interim month means that a. the balance should be reported as an asset in the monthly balance sheet. b. corrective action by management is necessary. c. overhead has been underapplied d. cost of goods sold should be credited on the monthly income statement. 2. In a job order cost system, which of the following accounts...
The following items are found in the ledger and accompanying data for Zed Manufacturing Company. Indicate which items appear on the balance sheet as at December 31 by marking an "X" beside it. 1. Direct Labour Raw Materials Inventory (1/1) 2. 3. 4. - Work in Process Inventory (12/31) Finished Goods Inventory (1/1) 5. Prepaid Insurance 6. Work in Process Inventory (1/1) 7. Finished Goods Inventory (12/31) 8. 9. 10. 11. Factory Maintenance Salaries Cost of Goods Manufactured Cost of...
Then please create the partial balance sheet to go along with
this:
The following information is available for Aikman Company. 2020 January 1, 2020 $26,020 16,380 28,180 December 31, 2020 $33,480 19,230 25,930 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $155,040 223,300 181,490 902,520 Prepare an income statement through gross profit. AIKMAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2020 Sales Revenue 902520 Cost of Goods...
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