For Year 2017 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor For Specific Date Direct materials inventory, Jan. 1, 2017 $325 100 80 5 35 $15 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 10 70 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 55 950 240 10 30 60 Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For additional questions regarding these facts, see the next problem.) Required

For Year 2017 Purchases of direct materials Direct manufacturing labor Depreciation-plant and equipment Plant supervisory salaries Miscellaneous plant overhead Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor For Specific Date Direct materials inventory, Jan. 1, 2017 $325 100 80 5 35 $15 Work-in-process inventory, Jan. 1, 2017 Finished goods inventory, Jan. 1, 2017 10 70 Direct materials inventory, Dec. 31, 2017 20 Work-in-process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017 55 950 240 10 30 60 Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017. (For additional questions regarding these facts, see the next problem.) Required

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 End of 2017 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials 23,000 21,000 26,000 25,000 13,000 20,000 74,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 22,000 17,000 7,000 11,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,000 91,000 24,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.
Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs Prepare schedule of cost of goods manufactured. Beginning of 2017 21,000 26,000 13,000 End of 2017 23,000 25,000 20,000 74,000 22,000 17,000 7,000 11,000 3,000 91,000 24,000
Delora Corporation provides the following information for 2020: (Click the icon to view the information for 2020.) Calculate the total manufacturing costs incurred in 2020. Begin by calculating the direct materials used in 2020. Less: Direct materials used in 2020 Now, calculate the total manufacturing costs incurred in 2020. Total manufacturing costs incurred in 2020
АСTIVITY: Problem 1: Cost of Goods Manufactured (page 10-11) In addition to the year-end statement of financial position and income statement, the management of Esterlina Gevera Company required the controller to prepare the statement of cost of goods manufactured. During 2019, P361,920 of Raw materials were purchased. Operating cost data and inventory account balances for 2019 follows: Direct labor (10,430 hours at P9.50 per hour) Plant Supervision Indirect labor (20,280 hours at P6.25 per hour) Factory Insurance Factory Utilities Depreciation-Factory Building Depreciation-Factory Utilities Manufacturing Supplies Repairs and Maintenance Selling and Administrative Expenses Raw Materials Inventory, Jan. 1, 2019 Work in Process Inventory, Jan. 1, 2019 P 99,085 42,500 126,750 8,100 29,220 46,200 62,800 9,460 14,980 76,480 26,490 101,640 148,290 24,910 100,400 141,100 Finished Goods Inventory, Jan. 1, 2019 Raw Materials Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2019…
Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…
On November 30, 2022, there was a fire in the factory of Oriole 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. Oriole 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: Supplies (including both direct and indirect materials) Work in process inventory Finished goods inventory Cost of goods sold (year to date) Accounts payable (relates to materials purchased only) Manufacturing overhead incurred (year to date) Manufacturing overhead applied Other information for November 2022: Cash payments to suppliers Payroll (including $15.570 indirect) Indirect materials used Over-applied overhead (during November only) October 31, 2022 $80,250 59,575 60,000 574,000 18,460 130,300 128,700 $60,000 83,500 5,870 2.830 November 30, 2022 $73,700 ? 63,200 662,700…
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Carolina Corporation: Beginning of 2017 End of Carolina Corporation Direct materials inventory 2017 73,000 124,000 Work-in-process inventory Finished-goods inventory Purchases of direct materials 173,000 145,000 240,000 206,000 262,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 217,000 97,000 9,000 45,000 Depreciation-plant, building, and equipment Plant utilities Repairs and maintenance-plant Equipment leasing costs Marketing, distribution, and customer-service costs 26,000 12,000 65,000 125,000 General and administrative costs 71,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues (in thousands) for 2017 were $1,300,000. Prepare the income statement for 2017.
View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $