FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Please don't give images in solution thankuarrow_forwardRon Howard recently took over as the controller of Johnson Brothers Manufacturing. Last month, the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first-quarter numbers. For the previous month (March 2017) Ron was able to piece together the following information:Direct materials purchased $120,000 Work-in-process inventory, 3/1/2017 $ 35,000 Direct materials inventory, 3/1/2017 $ 12,500 Finished-goods inventory, 3/1/2017 $160,000 Conversion costs $330,000 Total manufacturing costs added during the period $420,000 Cost of goods manufactured 4 times direct materials used Gross margin as a percentage of revenues 20% Revenues $518,750 Calculate the cost of: 1. Finished-goods inventory, 3/31/2017 2. Work-in-process inventory, 3/31/2017 3. Direct materials inventory, 3/31/2017arrow_forward1. Fortune, Ltd. produces reproductions of antique residential moldings a plant located in Indang Cavite. August 1, the start of the company's fiscal year, inventory account balances were as follows: Raw materials Work in process Finished goods P10,000 4,000 8,000 During the year, the following transactions were completed: Raw materials purchased on account, P160,000. • Raw materials requisitioned for use in production, P140,000 (materials costing P120,000 were chargeable directly to jobs, the remaining materials were indirect). Costs for employee services were incurred as follows: Direct labor Indirect labor P90,000 60,000 20,000 50,000 Sales commissions Administrative salaries • Prepaid insurance expired during the year, P18,000 (13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). • Utity costs incurred in the factory, P10,000. • Advertising costs incurred, P15,000 Depreciation recorded on equipment, P25,000.…arrow_forward
- 22.arrow_forwardHello, I need some assistance with required question 3 at bottom of the first document. I'm having trouble with the Schedule of Cost of Goods Sold. I attached the Journal Entry I did if it helps.arrow_forwardAlert for not submit AI generated answer. I need unique and correct answer. Don't try to copy from anywhere. Do not give answer in image formet and hand writingarrow_forward
- Please do not give solution in image formatarrow_forwardOn November 30, 2022, there was a fire in the factory of Able Manufacturing Limited, where you work as the controller. The work in process inventory was completely destroyed, but both the materials and finished goods inventories were undamaged. Able uses normal job-order costing and its fiscal year end is December 31. Selected information for the periods ended October 31, 2022, and November 30, 2022, follows: October 31, 2022 November 30, 2022 Supplies (including both direct and indirect materials) $ 79,250 $ 73,250 Work in process inventory 58,875 ? Finished goods inventory 60,000 63,000 Cost of goods sold (year to date) 576,000 656,000 Accounts payable (relates to materials purchased only) 17,960 53,540 Manufacturing overhead incurred (year to date) 129,500 163,300 Manufacturing overhead applied 128,700 ? Other information for November 2022: Cash payments to…arrow_forward
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