Q-8 Following information related to Shahid manufacturing company for the year ended December 31th, 2007. Direct material beginning Direct material purchased Direct material ending Direct labor Rs. 50,000 300,000 20,000 ? Factory overhead (70% of conversion cost) Work in process ending Work in process beginning (30% more than its ending) Cost of goods manufactured is 8/15 of Sales Sales Revenue 140,000 ? Finished goods beginning Finished goods ending Administrative and general expenses Selling expenses 1,500,000 30,000 80,000 210,000 20,000 REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods manufactured and Income statement for the year ended June 30th. 2007.

Q-8 Following information related to Shahid manufacturing company for the year ended December 31th, 2007. Direct material beginning Direct material purchased Direct material ending Direct labor Rs. 50,000 300,000 20,000 ? Factory overhead (70% of conversion cost) Work in process ending Work in process beginning (30% more than its ending) Cost of goods manufactured is 8/15 of Sales Sales Revenue 140,000 ? Finished goods beginning Finished goods ending Administrative and general expenses Selling expenses 1,500,000 30,000 80,000 210,000 20,000 REQUIRED: Calculate all missing figures and also prepare Schedule for Cost of goods manufactured and Income statement for the year ended June 30th. 2007.

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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Problem 13-30 (Algo) Cost of goods manufactured, cost of goods sold, and income statement LO 4, 5, 7 I JUST NEED HELP WITH PART D!! PLEASE!! Morrison & Company incurred the following costs during August: Raw materials purchased $ 44,060 Direct labor ($12.4 per hour) 54,684 Manufacturing overhead (actual) 90,230 Selling expenses 31,790 Administrative expenses 14,380 Interest expense 6,231 Manufacturing overhead is applied on the basis of $20 per direct labor hour. Assume that overapplied or underapplied overhead is transferred to cost of goods sold only at the end of the year. During the month, 4,080 units of product were manufactured and 4,470 units of product were sold. On August 1 and August 31, Morrison & Company carried the following inventory balances: August 1 August 31 Raw materials $ 19,800 $ 17,700 Work in process 52,700 56,900 Finished goods 41,300 23,631 Required: Prepare a…
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Exercise 3-6 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company: $ 657,000 $82,000 $ 131,000 $ 107,000 $45,000 $225,000 $ 208,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $8,800 $ 5,400 $80,000 Ending $10,300 $ 20,600 $ 25,700 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 3 Required 1 Required 2 Prepare a schedule of…
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Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 is
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On ff Company Company Materials inventory, December 1 $81,110 $109,500 Materials inventory, December 31 (a) 123,730 Materials purchased 206,020 (a) Cost of direct materials used in production 217,370 (b) Direct labor 305,780 246,380 Factory overhead 94,900 122,640 Total manufacturing costs incurred in December (b) 708,470 Total manufacturing costs 773,780 773,780 Work in process inventory, December 1 155,730 263,900 Work in process inventory, December 31 131,400 (c) Cost of goods manufactured (c) 701,900 Finished goods inventory, December 1 137,080 122,640 Finished goods inventory, December 31 143,560 (d) Sales 1,195,560 1,095,000 Cost of goods sold (d) 708,470 Gross profit (e) (e) Operating expenses 155,730 (f) Net income (f) 243,090
Question Content Area Product J is one of the many products manufactured and sold by Oceanside Company. An income statement by product line for the past year indicated a net profit for Product J of $2,750. This net profit resulted from sales of $275,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost of goods sold represents fixed factory overhead costs and that 40% of the operating expense is fixed. If Product J is retained, the revenue, costs, and expenses are not expected to change significantly from those of the current year. Because of the large number of products manufactured, the total fixed costs and expenses are not expected to decline significantly if Product J is discontinued. Question Content Area Prepare a differential analysis report dated February 8 of the current year. If an amount is zero, enter "0". If required, use a minus sign to indicate a loss. Differential AnalysisContinue (Alternative 1) or…
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