Homework Answers
Beginning inventory, raw material + Purchase of raw material - Ending inventory, raw material = Direct material used
11 + $100,000 - $90,000 = $70,000
11 = $60,000
Direct material used + Direct labor + Manufacturing overhead = Total manufacturing costs
$70,000 + 12 + $250,000 = $520,000
12 = $200,000
Beginning inventory, work in process + Total manufacturing costs - Ending inventory, work in process = Cost of goods manufactured
$35,000 + $520,000 - 13 = $525,000
13 = $30,000
Cost of goods manufactured + Beginning inventory, finished goods = Cost of goods available for sale
$525,000 + $50,000 = 14
14 = $575,000
Cost of goods available for sale - Cost of goods sold = Ending inventory, finished goods
$575,000 - $545,000 = 15
15 = $30,000
Sales - Cost of goods sold = Gross margin
16 - $545,000 = $255,000
16 = $800,000
Gross margin - Selling and administrative expenses = Income before taxes
$255,000 - 17 = $150,000
17 = $105,000
Income before taxes - Income tax expense = Net income after tax
$150,000 - $40,000 = 18
18 = 110,000
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The following shows the Schedule of Direct Materials Used, Cost of Goods Manufactured Cost of Goods...
the following shows the Schedule of Direct Materials Used, Cost of Goods Manufactuered, Cost of Goods...
the following shows the Schedule of Direct Materials Used,
Cost of Goods Manufactuered, Cost of Goods Sold and Income
Statement. Fill in the missing amounts for blanks 11 to 18
below.
STUDENT NAME: QUESTION TWO Student ID The following shows the Schedule of Direct Materials Used, Cost of Goods M actured Cost of Goods Sold and Income Statement. Fill in the missing amounts for blankes 11 to 18 below ...Jl. Beginning inventory, raw material............ Ending investory, raw material... Purchase of...
The following shows the Schedule of Direct Ma Goods Sold and Income Statement. F direct Materials Used. Cost of Goo...
The following shows the Schedule of Direct Ma Goods Sold and Income Statement. F direct Materials Used. Cost of Goods Manufactured, Cost of missing amount for blankes 11 to 18 below. Beginning inventory, raw material. Ending inventory, raw material. Purchase of raw material. $ 90,000 100,000 Direct material used...... 70,000 Direct labour .....12. ? Manufacturing overhead . 250,000 Total manufacturing costs ......... 520,000 Beginning inventory, work in process.. 35,000 Ending inventory, work in process .............. 13. ? Cost of goods...
STUDENT NAME: Student ID: QUESTION TWO he following shows the Schedule of Direct Materials leed Cost...
STUDENT NAME: Student ID: QUESTION TWO he following shows the Schedule of Direct Materials leed Cost of Goods Manufactured, Cost of Goods Sold and Income Statement. Fill in the missing amounts for blanks 11 to 18 below. Beginning inventory, raw material. ...11. Ending inventory, raw material..... $ 90,000 Purchase of raw material .. 100,000 Direct material used.. 70,000 Direct labour ....... ..12. Manufacturing overhead .. 250,000 Total manufacturing costs ............ 520,000 Beginning inventory, work in process .......... 35,000 Ending inventory,...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000...
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000 85,000 95,000 100,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold 125,000 160,000 340,000 250,000 520,000 35,000 345,000 20,000...
Determine the missing amounts in each of the following independent cases. Case A Case B Case...
Determine the missing amounts in each of the following independent cases. Case A Case B Case C Beginning inventory, raw material $20,000 $15,000 Ending inventory, raw material 90,000 30,000 Purchases of raw material 100,000 85,000 Direct material 70,000 95,000 Direct labor 100,000 125,000 Manufacturing overhead 250,000 160,000 Total manufacturing costs 520,000 345,000 340,000 Beginning inventory, work in process 35,000 20,000 Ending inventory, work in process 35,000 5,000 Cost of goods manufactured 525,000 350,000 Beginning inventory, finished goods 50,000 40,000 Cost...
Determine the missing ammounts in each of the following independent cases. Determine the missing amounts in...
Determine the missing ammounts in each of the following
independent cases.
Determine the missing amounts in each of the following independent cases. Case A Case B $ 20,000 Case C $ 15,000 30,000 90,000 100,000 70,000 85,000 95,000 100,000 250,000 520,000 35,000 125,000 160,000 340,000 345,000 20,000 35,000 5,000 350,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in...
required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production...
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.
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...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add:...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) $105,000 Administrative rent (non-factory) 52,500 Advertising and promotion expense 61,500 Depreciation-administrative 33,000 Depreciation-factory 45,000 Depreciation-selling 25,500 Direct labor 262,500 Factory rent 27,000 Factory supplies used 18,000 Finished goods inventory (January 1) 85,500 Finished goods inventory (December 31) 78,000 Indirect material used 21,000 Indirect labor 28,500 Materials inventory (January 1) 19,500 Materials inventory (December 31) 30,000 Net delivered cost...
the following shows the Schedule of Direct Materials Used,
Cost of Goods Manufactuered, Cost of Goods Sold and Income
Statement. Fill in the missing amounts for blanks 11 to 18
below.
STUDENT NAME: QUESTION TWO Student ID The following shows the Schedule of Direct Materials Used, Cost of Goods M actured Cost of Goods Sold and Income Statement. Fill in the missing amounts for blankes 11 to 18 below ...Jl. Beginning inventory, raw material............ Ending investory, raw material... Purchase of...
The following shows the Schedule of Direct Ma Goods Sold and Income Statement. F direct Materials Used. Cost of Goods Manufactured, Cost of missing amount for blankes 11 to 18 below. Beginning inventory, raw material. Ending inventory, raw material. Purchase of raw material. $ 90,000 100,000 Direct material used...... 70,000 Direct labour .....12. ? Manufacturing overhead . 250,000 Total manufacturing costs ......... 520,000 Beginning inventory, work in process.. 35,000 Ending inventory, work in process .............. 13. ? Cost of goods...
STUDENT NAME: Student ID: QUESTION TWO he following shows the Schedule of Direct Materials leed Cost of Goods Manufactured, Cost of Goods Sold and Income Statement. Fill in the missing amounts for blanks 11 to 18 below. Beginning inventory, raw material. ...11. Ending inventory, raw material..... $ 90,000 Purchase of raw material .. 100,000 Direct material used.. 70,000 Direct labour ....... ..12. Manufacturing overhead .. 250,000 Total manufacturing costs ............ 520,000 Beginning inventory, work in process .......... 35,000 Ending inventory,...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
Case B $ 20,000 Case A $ 10,000 90,000 100,000 70,000 Case C $ 15,000 30,000 85,000 95,000 100,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold 125,000 160,000 340,000 250,000 520,000 35,000 345,000 20,000...
Determine the missing ammounts in each of the following
independent cases.
Determine the missing amounts in each of the following independent cases. Case A Case B $ 20,000 Case C $ 15,000 30,000 90,000 100,000 70,000 85,000 95,000 100,000 250,000 520,000 35,000 125,000 160,000 340,000 345,000 20,000 35,000 5,000 350,000 Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in...
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.
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...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
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