Pharoah Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used i Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $140,000 67,200 8,400 123,200 25,760 50,400 21.280 23,520 39,200 56,000 Work in process inventory was $30,240 at January 1 and $17.360 at December 31. Finished goods inventory was $72,800 at January 1 and $56,640 at December 31. (Assume all raw materials used were direct materials)

Pharoah Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used i Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks $140,000 67,200 8,400 123,200 25,760 50,400 21.280 23,520 39,200 56,000 Work in process inventory was $30,240 at January 1 and $17.360 at December 31. Finished goods inventory was $72,800 at January 1 and $56,640 at December 31. (Assume all raw materials used were direct materials)

Name: A-Compute cost of goods manufactured.B- Compute cost of goods Sold. Co
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: A-Compute cost of goods manufactured.B- Compute cost of goods Sold. Complete both A and B Pharoah Corporation incurred the following costs while manufacturing its product.Materials used in productDepreciation on factoryProperty taxes on storeLabor co

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

QUESTION 2 Identify on which financial statement these costs originally appear. Period Costs ✓ Product Costs A. Income Statement B. Balance Sheet
2. A manufacturing company reports cost of goods manufactured as an) a. current asset on the balance sheet. b. administrative expense on the income statement. e. component in the caleulation of cost of goods sold on the income statement. d. component of the raw materials inventory on the balance sheet.
The branch of accounting that deals in particular with the different cost concepts in order to arrive for the indicating the selling price is Select one: a. Cost Accounting b. Financial Accounting C. Management Accounting d. Financial and Management Accounting
Define Cost of goods sold at normal and Cost of goods sold at actual.
Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used $121,000 61,000 7,600 111,000 24,000 Advertising expense Property taxes on plant Delivery expense Sales commissions Salaries paid to sales clerks $46,000 15,000 22,000 36,000 51,000 Work in process inventory was $13,000 at January 1 and $16,600 at December 31. Finished goods inventory was $61,000 at January 1 and $45,700 at December 31.
3. As product costs expire(expensed), they become part of a. selling expenses. b. inventory. C. cost of goods sold. d. sales revenue.
The Giga Company produces tablet computers. The following information is provided: a) Materials used $216,000 $40,000 $20,000 $50,000 $12,000 $22,000 $80,000 $56,000 $60,000 $18,000 $12,000 $8,000 $14,000 b) Advertising c) Insurance, factory d) Administrative salaries e) Property taxes, factory f) Utilities, administrative building g) Factory labor h) Sales commissions i) Factory supervisor's salary j) Research and development k) Depreciation, factory 1) Depreciation, office m) Indirect materials Classify each of the company's costs as a period cost (general, selling, and administrative cost) or as a direct or indirect product cost. Enter the dollar amount of the cost in the appropriate column. After entering all amounts, calculate the total general, selling, and administrative cost, the total direct product cost, and the total indirect product cost.
Which of the following statements correctly complete the sentence:"Gross Margin equals":I. sales revenue less (minus) cost of goods sold.II. contribution margin less (minus) fixed costs.III. operating income plus all period costs.IV. sales revenue less (minus) cost of goods manufactured.