Prepare the income statement for Rushmore Biking Inc. for the month ending February 28.
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The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes:
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Purchased $483,100 of materials.
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Used $415,500 of direct materials in production.
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Incurred $356,000 of direct labor wages.
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Applied factory
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Transferred $979,900 of work in process to finished goods.
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Sold goods with a cost of $966,200.
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Revenues earned by selling bikes, $1,729,500.
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Incurred $415,500 of selling expenses.
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Incurred $154,600 of administrative expenses.
a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc. uses the perpetual inventory method.
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- The Company manufactures furniture at its New York factory. Some of its costs from the past year include: Depreciation on sales office $ 9,700 Depreciation on factory equipment 16,600 Factory supervisor salary 50,200 Sales commissions 23,600 Lubricants used in factory equipment 3,000 Insurance costs for factory 21,400 Wages paid to maintenance workers 115,400 Fabric used to upholster furniture 10,800 Freight-in (on raw materials) 3,600 Costs of delivery to customers 9,000 Wages paid to assembly-line workers 115,600 Lumber used to build product 82,200 Utilities in factory 54,800 Utilities in sales office 26,100 Direct material costs for The Company totaledFinancial Statements of a Manufacturing Firm The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: • Purchased $509,100 of materials. • Used $437,800 of direct materials in production. • Incurred $376,000 of direct labor wages. • Applied factory overhead at a rate of 80% of direct labor cost. • Transferred $1,070,000 of work in process to finished goods. • Sold goods with a cost of $1,018,200. • Revenues earned by selling bikes, $1,822,600. • Incurred $437,800 of selling expenses. • Incurred $162,900 of administrative expenses. a. Prepare the income statement for Rushmore Biking Inc. for the month ending February 28. Assume that Rushmore Biking Inc. uses the perpetual inventory method. Rushmore Biking Inc.Income StatementFor the Month Ended February 28 $- Select - - Select - $- Select - Selling and administrative expenses: blank blank $- Select…Baird Watches, Incorporated makes watches. Its assembly department started the accounting period with a beginning inventory balance of $25,500. During the accounting period, the department incurred $45,000 of transferred-in cost, $24,000 of materials cost, $68,000 of labor cost, and $40,450 of applied overhead cost. The department processed 6,150 total equivalent units of product during the accounting period. Required (Each requirement is independent of the other.) a. Assuming that 1,300 equivalent units of product were in the ending work in process inventory, determine the amount of cost transferred out of the Work in Process Inventory account of the assembly department to the Finished Goods Inventory account. What was the assembly department's cost of ending work in process inventory? b. Assuming that 5,600 units of product were transferred out of the assembly department's work in process inventory to finished goods inventory, determine the amount of the assembly department's cost of…
- Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials used in production $ 4,740 Direct labor $ 58,800 Manufacturing overhead applied to work in process $ 87,200 Underapplied overhead $ 4,180 Inventories Beginning Ending Raw materials $ 10,700 $ 19,500 Work in process $ 55,900 $ 65,700 Finished goods $ 34,600 $ 44,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. 1. Plastic for casing-$20,000 2. Wages of assembly workers-$89,000 3. Property taxes on factory-$6,000 4. Office accounting salaries-$39,000 5. Drum stands-$35,000 6. Rent cost of office for accountants-$48,000 7. Office management salaries-$210,000 8. Annual fee for factory maintenance $16,000 9. Sales commissions-$21,000 10. Factory machinery depreciation, straight-line-$41,000 Costs Required: 1. Classify each cost and its amount as either product or period. The first cost is completed as an example. Costs 1. Plastic for casing 2. Wages of assembly workers 3. Property taxes on factory 4. Office accounting salaries 5. Drum stands 6. Rent cost of office for accountants 7. Office management salaries 8. Annual fee for factory maintenance 9 Sales commissions 10 Factory machinery depreciation, straight-line i $ Product 20,000 PeriodDomestic
- In October of the same year, Mannequin Fabrics, which started 35,000 units, had initial material inventories of $62,100 and had a final materials inventory of 6,900 units. Now, the initial inventory of products-in-process had 12,300 units, valued at $251,000 contains materials valued at $123,000, labor of $96,000 and S32,000 overhead cost right. The final inventory of finished products is valued at $84,000. The final inventory of work-in-progress and initial finished goods inventories are zero. There were no changes in costs of resources used in production What would be the final balance of material inventories? XWhat would be the final balance of inventories of products-in-process corresponding to October? What would be the balance of purchases made in October? What would be the cost of the finished items in October? YHow many units were sold in October?Larned Corporation recorded the following transactions for the just completed month. a. $86,000 in raw materials were purchased on account. b. $84,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $120,500 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $197,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 23 4 $86,000 in raw materials were purchased on account. Note: Enter debits before credits. Transaction General Journal a. Record entry Clear entry Debit Credit View general journalPrimare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000 Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56,000 $ 65,000 Finished goods $ 35,000 $ 42,000 Required: 1. Prepare a schedule of cost of goods manufactured for the month (see picture below for reference). 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
- Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 5,000 Direct labor $ 58,000 Manufacturing overhead applied to work in process $ 87,000 Underapplied overhead $ 4,000 Inventories Beginning Ending Raw materials $ 12,000 $ 18,000 Work in process $ 56,000 $ 65,000 Finished goods $ 35,000 $ 42,000 Can you please help me to do the following: Prepare a schedule of cost of goods manufactured for the month as well as prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.Altanta Industries manufactures gadgets. In the month of March, the company incurred the following: Actual Gadgets produced 10,563 Direct Materials 20,000 purchased pounds 19,000 Direct Materials used pounds Cost of Direct $40,000 Materials purchased 2,463 Direct Labor Hours. hours Total Direct Labor Cost $36,566 The standards for production are: Direct Materials per gadget Cost of Direct Materials per pound Direct Labor per gadget Standards 3 lbs per gadget $5 per pound 18 minutes per gadget (.30 hours) Direct Labor Cost per gadget $6 per gadget What is the Direct Labor Rate Variance? Enter a favorable variance as a positive number. Enter an unfavorable variance as a negative number.Primare Corporation has provided the following data concerning last month’s manufacturing operations. Purchases of raw materials $ 30,000 Indirect materials used in production $ 4,580 Direct labor $ 59,700 Manufacturing overhead applied to work in process $ 88,000 Underapplied overhead $ 4,200 Inventories Beginning Ending Raw materials $ 11,800 $ 19,200 Work in process $ 55,500 $ 66,300 Finished goods $ 33,600 $ 42,900 Required: 1. Prepare a schedule of cost of goods manufactured for the month. 2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
