.Based on the data above. What is the cost of goods sold on January 1,2020? 2.Based on the data above. What is work in process on January 1, 2020?
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1.Based on the data above. What is the cost of goods sold on January 1,2020?
2.Based on the data above. What is work in process on January 1, 2020?
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- Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.Ramesh Abdul Industries Presents you the following data relating to the operations for the year ended on June 30, 2013.Required:Prepare cost of goods Manufactured and sold statement.Answer the following questions by analysing the T-accounts given below. a) Purchases of direct material b) The cost of direct material used c) Why does direct labor account has a credit balance of $5000? Explain d) Direct labor costs assigned to production e) The overhead as a percentage of direct labor costs f) Total manufacturing costs charged to the Work in Process Inventory account during the current year g) The cost of finished goods manufactured h) The year-end balance in the Work in Process Inventory account i) The cost of goods sold j) The total amount of inventory listed in the hear-end balance sheet k) Manufacturing overhead assigned to production
- Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: 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.Prepare the manufacturing trading on profit and loss account of T. Terreloung manufacturing for the year ended April 20, 2008. cost must be clearly identified prepare the manufacturing trading on profit and loss account. calculate the unit of items produced if 25,000. units were produced during the period. Please avoid image based solutions thnxUse the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: (Click the icon to view account balances.) (Click the icon to view other information.) Data table Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Print Beginning S 21,000 $ 44,000 14.000 Done Ending 32,000 30,000 23,000 - X ... Data table Other information: Purchases of direct materials Direct labor Manufacturing overhead Print S Done 71,000 84.000 45,000 - X
- Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021 Using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended 31 March 2021: Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory…Is manufacturing overhead underapplied or overapplied for the year? By how much? What is the cost of goods available for sale during the year? (Show complete calculations) What is the journal entry to record the cost of goods sold referred to above? What is the ending balance in Finished Goods? (Show T-Account) Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? What is the gross margin for the year? What is the net operating income for the year?If You Company had the following account balances as of August 1, 2018: Raw Material(direct&indirect)inventory Work in Process Inventory $20,300 $7,000 $18,000 Finished Goods Inventory Required: Journalize the transactions for August.Post transactions to the general ledger accounts for WIP, Finished Goods, and Cost of good solds. Prepare a schedule of cost of goods manufactured for August using actual costing. Prepare an income statement, including a detailed schedule of cost of goods sold. 1.Purchased $164,000 of raw material on account. 2.Issued $180,000 of raw material of which $134,000 was direct to the product. 3.Accrued factory payroll of $88,000; $62,000 was for direct labor and the rest was for supervisors' salaries. 4.Accrued utility cost of $7,000; of these costs $1600 were fixed. 5.Accrued property taxes on the factory in the amount of $2,000. 6.Had prepaid insurance of $1,600 on factory equipment that expired in August. 7.Had straight line depreciation on factory equipment…
- 3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses), 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Schaeffer Corporation: Schaeffer's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead costs. For Year 2017 For Specific Date Work-in-process inventory, Jan. 1, 2017 Direct materials inventory, Dec. 31, 2017 Finished-goods inventory, Dec. 31, 2017 Accounts payable, Dec. 31, 2017 Accounts receivable, Jan. 1, 2017 $10 Plant utilities Indirect manufacturing labor Depreciation-plant and equipment Revenues 21 16 24 359 53 Miscellaneous manufacturing overhead Marketing, distribution, and customer-service costs 15 Work-in-process inventory, Dec. 31, 2017 06 Finished-goods inventory, Jan 1, 2017 Accounts receivable, Dec. 31, 2017 Accounts payable, Jan. 1, 2017 Direct materials inventory, Jan. 1, 2017 46 Direct materials purchased Direct manufacturing labor Plant supplies used Property taxes on plant 88 32…In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For November 2021, Cruz Company presented the following costs on three processes: what is the unit cost of inventory transferred out from Department C? P19.80 P19.83 P28.70 P28.77