Tierney Construction, Incorporated recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files: Cost of goods sold Work in process inventory, January 1, 2021 Work in process inventory, December 31, 2021 Selling and Administrative Expenses Net Income $ 84,500 20,300 16,000 18,400 33,000 20,900 Direct materials inventory, January 1, 2021 Direct materials inventory, December 31, 2021 27,200 14,750 103,100 33,550 Factory overhead Cost of goods manufactured Finished goods inventory, January 1, 2021 Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The Chief Financial Officer of Tierney Construction, Incorporated has asked you to recalculate the following accounts and to report to him by the end of tomorrow. What should be the amount of total manufacturing cost? Multiple Choice ☐ $98,800. $87,800.
Tierney Construction, Incorporated recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files: Cost of goods sold Work in process inventory, January 1, 2021 Work in process inventory, December 31, 2021 Selling and Administrative Expenses Net Income $ 84,500 20,300 16,000 18,400 33,000 20,900 Direct materials inventory, January 1, 2021 Direct materials inventory, December 31, 2021 27,200 14,750 103,100 33,550 Factory overhead Cost of goods manufactured Finished goods inventory, January 1, 2021 Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The Chief Financial Officer of Tierney Construction, Incorporated has asked you to recalculate the following accounts and to report to him by the end of tomorrow. What should be the amount of total manufacturing cost? Multiple Choice ☐ $98,800. $87,800.
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter20: Accounting For Inventory
Section: Chapter Questions
Problem 1CP
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Transcribed Image Text:Tierney Construction, Incorporated recently lost a portion of its financial records in an office theft. The following accounting information remained in
the office files:
Cost of goods sold
Work in process inventory, January 1, 2021
Work in process inventory, December 31, 2021
Selling and Administrative Expenses
Net Income
$ 84,500
20,300
16,000
18,400
33,000
20,900
Direct materials inventory, January 1, 2021
Direct materials inventory, December 31, 2021
27,200
14,750
103,100
33,550
Factory overhead
Cost of goods manufactured
Finished goods inventory, January 1, 2021
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The Chief Financial Officer of Tierney Construction,
Incorporated has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
What should be the amount of total manufacturing cost?
Multiple Choice
☐ $98,800.
$87,800.
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