Cost and sales information for the most recent fiscal year are show WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. 1111ta WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 $ 90,000 10,000 17,000 42,000 5,000 60,000 30,000 70,000 450,000 27,000 1,000 80,000 20,000 65,000 7,000 30,000 10,000 40,000

Cost and sales information for the most recent fiscal year are show WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. 1111ta WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 $ 90,000 10,000 17,000 42,000 5,000 60,000 30,000 70,000 450,000 27,000 1,000 80,000 20,000 65,000 7,000 30,000 10,000 40,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 17E: Cost flow relationships The following information is available for the first month of operations of...

See similar textbooks

Similar questions

The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.
Cost of direct materials used in production for a manufacturing company Walker Manufacturing Company reported the following materials data for the month ending June 30: Determine the cost of direct materials used in production by Walker during the month ended June 30.
Cost flow relationships The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils: Using the information given, determine the following missing amounts: A. Cost of goods sold B. Finished goods inventory at the end of the month C. Direct materials cost D. Direct labor cost E. Work in process inventory at the end of the month
Job cost sheets show the following information: What are the balances in the work in process inventory, finished goods inventory, and cost of goods sold for January, February, and March?
The following data were taken from the general ledger and other data of McDonough Manufacturing on July 31: Compute the cost of goods sold for the month of July.
Required information [The following information applies to the questions displayed below] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,000 14,500 7,250 27,000 19,000 17,650 22,000 5,300 9,000 21,000 9,450 Req 1 Garcon Req 1 Pepper Req 2 Garcon Req 2 Pepper 4,780 33,000 50,000 Prepare the income statement for Garcon Company. GARCON COMPANY Income Statement For Year Ended Naramhar 11 195,030 20,000 13,200 Pepper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43,000 10,860…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,500 16,100 7,400 34,750 19,800 21,800 26,200 7,200 12,600 27,000 14,750 4,940 41,500 58,000 296,220 26,000 13,600 Pepper Company $ 17,350 22,050 9,450 25,150 39,400 14,600 20, 200 8,000 15,750 43,000 14,320 3,750 60,500 46,000 388,450 18,700 21,950 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Required 1 Required 2 Total prime costs Garcon Company $ 12,000 14,500 7,250 27,000 19,000 Required 1 Required 2 17,650 22,000 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion costs for both Garcon Company and Pepper Company. 5,300 9,000 21,000 9,450 4,780 33,000 50,000 195,030 ,000 13,200 Complete this question by…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,700 16,700 11,900 34,500 19,000 21,500 26,800 6,100 12,300 24,000 13,200 7,580 43,500 57,200 278,610 30,000 13,600 Pepper Company $ 19,000 20,100 12,450 26,200 39,800 15,800 20,400 9,200 15,000 43,500 12,740 3,050 55,000 48,400 379,380 21,700 21,700 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Work in process inventory, beginning Raw materials inventory, beginning Rental cost on factory equipment Direct labor Finished goods inventory, ending Work in process inventory, ending Raw materials inventory, ending Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net Garcon Company $ 12,700 16,800 8,700 30,250 24,600 20,600 24,100 Required 1 5,800 12,600 24,500 14,900 5,660 40,000 Required 2 59, 200 283,890 34,000 14,200 Pepper Company $ 19,300 22,800 12,600 23,500 43,800 13,600 16,400 7,600 14,750 53,000 14,400 2,250 67,500 48,700 1. Compute the total prime costs for both Garcon Company and Pepper Company. 2. Compute the total conversion…