X Company had $90,000 of ending finished goods inventory, beginning finished goods inventory was $100,000, and cost of goods sold $610,000 Refer to the above, how much would the company report for cost of goods manufactured?
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Q: X Company had $90,000 of ending finished goods inventory, beginning finished goods inventory was…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
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A: Hi student Since there are multiple questions, we will answer only first question. If you want…
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A: Gross profit can be calculated by deducting the cost of goods sold from sales revenue.
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A: Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending…
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A: Cost of Good Sold - It is refers to the direct costs for production of goods sold by the company.
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A: The cost of goods sold can be calculated to estimate the beginning finished goods inventory
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A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a…
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A:
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A: Total cost includes direct materials, direct labor, and other indirect productive expenses.
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A: Solution.. Ending finished goods inventory = P40,000 Beginning Finished goods inventory = P55,000…
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Q: inventory
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A: Delivery to customer comes under freight-out and will not be part of inventory.
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- The journal entry to record the completion of Job No.114 at a cost of $18,000 would include: * A debit to Work in Process Inventory $18,000 and a debit to Finished Goods Inventory $18,000 A credit to Work in Process Inventory $18,000 and a debit to Finished Goods Inventory $18,000 A debit to Work in Process Inventory $18,000 and a credit to Finished Goods Inventory $18,000 None of the above Goods costing $15,000 were sold for $20,000 on account. The entry to record this transaction would include: * A debit to Accounts Receivable $15,000 and a credit to Sales Revenue $20,000 A debit to Cost of Goods Sold $15,000 and a credit to Finished Goods Inventory $15,000 A debit to Cost of Goods Sold $20,000 and a credit to Finished Goods Inventory $20,000 earchIf the cost of goods sold is $100,000 and the ending finished goods inventory is$30,000 higher than the beginning finished goods inventory, what must be the amountof the cost of goods manufactured?a. $30,000b. $100,000c. $130,000d. $70,000Consider the following information for costing purposes: Sales P80,000; Opening Inventory P10,000; Net Purchases P45,000; and Cost of Goods Sold P50,000. Determine the Ending Inventory.a. P10,000b. P15,000c. 5,000d. 25,000
- Jammy Company developed the following information about its inventories in applying the lower of cost and market (LCM) basis in valuing inventories: 1. Market $ 75.000 48,000 102.000 Product Cost $ 70,000 50.000 100,000 A. The value of the inventory reported on the balance sheet should be a. $227.000. b. $220.000. $225,000. $218.000.Calculate the cost of goods sold when beginning finished goods inventory equals $70,000, ending finished goods inventory is $85,000, and cost of goods manufactured is $600,000. a. $615,000 b. $445,000 c. $685,000 d. $585,000Extreme Company shows the following information:Units Unit cost Total costJanuary 1 Beginning 10,000 40 400,00031 Sale 5,000April 1 Purchase 15,000 50 750,000July 31 Sale 18,000October 1 Purchase 25,000 60 1,500,000December 31 Sale 12,000Required:Compute the cost of the ending inventory and cost of sales using:1. FIFO – periodic2. Weighted average3. Moving average
- If Sales revenue is SR 26,000, beginning finished goods inventory is SR 8,000, ending finished goods inventory is .SR13,500, and cost of goods manufactured is SR15,600, find out cost of goods sold SR 15,600 A O SR 29,100 .B SR 23,600 .C SR 10,100 .DGiven the following information regarding to a recent period's operations: Sales - P? Beginning finished goods inventory - P12,000 Cost of goods manufactured - P36,000 Ending finished goods inventory - P6,000 Cost of goods sold - P? Gross margin - 40% of Sales Administrative and selling expenses_P10,000 Net operating income - P? Determine the following: • cost of goods sold • cost of goods available for sale • net operating income • gross margin • sales3. Childish Company has a cost card in relation to an inventory: 700,000 180,000 Materials Storage costs of finished goods Delivery to customers Irrecoverable purchase taxes 40,000 60,000 330,000 120,000 100,000 50,000 Production labor costs Production overheads General administration costs Marketing costs At what figure should the inventory be measured? a. 1,220,000 b. 1,210,000 c. 2,120,000 d. 1,120,000
- If the beginning finished goods inventory 250 000 ID. prime cost 250 000 ID, ending finished goods inventory 160 000 ID, manufacturing overhead expenses 180 000 ID cost of goods manufactured 1224 000 ID, the cost of goods *-: sold areMay Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory P55,000.00 and cost of goods manufactured of P120,000.00. What is the cost of goods sold of May Company?Sunland company provided the following information of its two products: Product A Product B Cost $20 $90 Replacement cost $18 $85 Selling price $40 $120 Selling costs $6 $40 Normal profit margin $5 $30 1 12 Suppose company's ending inventory contains 1,500 units of both the products. Computethe carrying value of the company's inventory using LCM rule applied to individual products. 12