Accounts receivable, December 31 Cost of goods sold Accounts payable, January 11 Accounts payable, December 31 Finished-goods inventory, December 31 Gross margin Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished-goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues Accounts receivable, January 11 Case 1 Case 2 (in thousands) $ 9,000 $3,560 A 26,000 4,100 2,590 2,400 2,030 B 7,200 с 1,300 4,600 10,000 17,000 7,800 D 19,100 3,400 0 7,000 14,000 4,000 8,500 11,500 11,500 53,000 46,300 2,500 2,300

Accounts receivable, December 31 Cost of goods sold Accounts payable, January 11 Accounts payable, December 31 Finished-goods inventory, December 31 Gross margin Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished-goods inventory, January 1 Direct materials used Direct manufacturing labor Manufacturing overhead costs Purchases of direct materials Revenues Accounts receivable, January 11 Case 1 Case 2 (in thousands) $ 9,000 $3,560 A 26,000 4,100 2,590 2,400 2,030 B 7,200 с 1,300 4,600 10,000 17,000 7,800 D 19,100 3,400 0 7,000 14,000 4,000 8,500 11,500 11,500 53,000 46,300 2,500 2,300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,100 $18,500 (e) Total manufacturing costs incurred during August 14,700 (c) 108,800 Total manufacturing costs (a) $216,500 $118,100 Work in process inventory, August 31 3,200 45,500 (f) Cost of goods manufactured (ь) (d) $99,200 a. b. $ C. d. e. f.
Accounting records for Antoinette Designs (AD) for November show the following (each entry is the total of the actual entries for the account for the month): Account Titles Work-in-Process Inventory (Direct Labor) Wages Payable Direct Materials Inventory Accounts Payable Finished Goods Inventory Work-in-Process Inventory Cost of Goods Solda Finished Goods Inventory Debit 7,200 122,130 136,800 131,400 Credit 7,200 Required: a. What was the finished goods inventory balance on November 30? b. How much manufacturing overhead was applied for November? c. What was the manufacturing overhead rate for November? d. How much manufacturing overhead was incurred for November? e. What was the Work-in-Process Inventory on November 1? f. What was the Work-in-Process Inventory on November 30? 122,130 136,800 131,400 aThis entry does not include any over- or underapplied overhead. Over- or underapplied overhead is written off to Cost of Goods Sold once for the month. For November, the amount written…
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Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
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Cost of Goods Manufactured for a Manufacturing Company Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter. Work in process inventory, August 1 $2,200 $18,900 (e) Total manufacturing costs incurred during August 15,200 (c) 111,200 Total manufacturing costs (a) $221,100 $120,700 Work in process inventory, August 31 3,300 46,400 (f) Cost of goods manufactured (b) (d) $101,400 a. b. c. d. e. f.
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