Sales revenue 2205000 Raw material inventory 12/31/x1 89000 Purchase of raw material in 2x2 731000 Raw material inventory 12/31/x2 59000 Direct labor cost incurred 474000 Selling and Advertisement expenses 269000 Indirect labor cost incurred 15000 Property taxes on factory 90000 Deprecation on factory building 125000 Income tax expense 25000 Indirect material used 45000 Deprecation on factory equipment 60000 Insurance on factory & equipment 40000 Utilities for factory 70000 WIP inventor 12/31/x1 0 WIP inventor 12/31/x2 40000 Finish good inventory 12/31/x1 35000 Finish good inventory 12/31/x2 40000 Applied manufacturing overhead 587500 Required Calculate Cost of goods manufactured Cost of goods sold Net Income

Sales revenue 2205000 Raw material inventory 12/31/x1 89000 Purchase of raw material in 2x2 731000 Raw material inventory 12/31/x2 59000 Direct labor cost incurred 474000 Selling and Advertisement expenses 269000 Indirect labor cost incurred 15000 Property taxes on factory 90000 Deprecation on factory building 125000 Income tax expense 25000 Indirect material used 45000 Deprecation on factory equipment 60000 Insurance on factory & equipment 40000 Utilities for factory 70000 WIP inventor 12/31/x1 0 WIP inventor 12/31/x2 40000 Finish good inventory 12/31/x1 35000 Finish good inventory 12/31/x2 40000 Applied manufacturing overhead 587500 Required Calculate Cost of goods manufactured Cost of goods sold Net Income

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.3E: Classifying costs as factory overhead Which of the following items are properly classified as part...

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Fill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales
Inventories Work in process Materials Finished goods Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor Direct materials Income tax Indirect labor Indirect materials Interest expense Interest payable Beginning 15,000 24,000 31,000 Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Research and development expense Retained earnings Selling expenses Sales revenue 12,800 21,100 12,500 5,800 2200 41,000 21,500 8,500 16,800 8,500 6,500 1,800 3,200 5,000 2,600 850 2,400 158,000 7,400 121,100 Ending 6,400 29,000 41,300 Required - Choosing only the appropriate data among those presented above: a) Prepare a statement of cost of goods manufactured for 2016. b) Prepare a statement of cost of goods sold for the same period. c) Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income. d) Prepare…
Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs HOBBIT COMPANY Cost of Goods Manufactured Schedule 165,180 22,660 24,790 39,270 77.660 $186,990 141,720 $213,960
Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?
Raw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:
Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
! Required information [The following information applies to the questions displayed below.] The following data refer to Huron Corporation for the year 20x2. Sales revenue Raw-material inventory, 12/31/x1 Purchases of raw material in 20x2 Raw-material inventory, 12/31/x2 Direct-labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and equipment Utilities for factory Work-in-process inventory, 12/31/x1 Work-in-process inventory, 12/31/x2 Finished-goods inventory, 12/31/x1 Finished-goods inventory, 12/31/x2 Applied manufacturing overhead X Answer is complete but not entirely correct. HURON CORPORATION Schedule of Cost of Goods Sold For the Year Ended December 31, 20X2 Finished-goods inventory, 12/31/x1 Add: Cost of goods manufactured Cost of goods available for sale Less: Finished-goods inventory,…
8 Depreciation--equipment 9 Direct labor 10 Direct materials inventory, 1/1 11 Direct materials inventory, 12/31 12 Factory rent 13 Finished goods, 1/1 14 Finished goods, 12/31 15 Indirect labor 16 Indirect materials 17 Purchases of direct materials 18 Work in process, 1/1 19 Work in process, 12/31 20 21 22 Answer Section: 23 24 25 26 27 28 Direct materials 29 Direct materials inventory, 1/1 30 Add: Purchases of Materials 31 32 Cost of direct materials available 33 Less: Direct Material, 12/31 34 35 Cost of direct materials used 36 Direct labor $45,000 642,000 91,500 93,000 76,410 132,000 172,500 37,500 26,250 645,180 30,300 28,665 Jackson Manufacturing Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31 $91,500 ‒‒‒‒‒‒‒‒ $0 642,000
Sales revenue Rent revenue Raw material purchases Energy consumption in production Energy consumption in headquarters depreciation Factory/machinery Direct labor costs Indirect labor costs Salaries for headquarters personnel Raw materials (opening yearly balance-500.000) Work-in process Finished goods Cost of goods sold a. 562.000, 162.000 Beginning Within Ending 4,000,000.00 500,000.00 4,500,000.00 220,000.00 20,000.00 240,000.00 2,000,000.00 200,000.00 2,200,000.00 400,000.00 40,000.00 440,000.00 55,000.00 5,000.00 60,000.00 28,000.00 2,000.00 30,000.00 880,000.00 120,000.00 1,000,000.00 600,000.00 100,000.00 700,000.00 800,000.00 90,000.00 890,000.00 300,000.00 400,000.00 1,200,000.00 1,000,000.00 900,000.00 ? O b. 362.000, 562.000 O c. 362.000, 162.000 O d. 562.000, 362.000 500,000.00 1,900,000.00 Suppose that the table belongs to a firm's December transactions. What are the Cost of Goods Manufactured and Cost of Goods Sold? ?
Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add V: Beginning WIP Inventory Less Cost of Goods Manufactured Add Ending WIP Inventory Less : Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118,500 575,100 27600 17700 585000 22600 8500 i 599100
Sales 750,000 Depreciation, factory 46,500 Utilities, factory 11,550 Administrative expense 84,900 Purchase of raw materials 216,900 Raw materials, Mar31, 2020 24,600 selling expense 49,500 Raw materials, Mar1, 2020 36,000 Work-in-Process inventory, Mar31 30,000 Insurance, factory 12,600 Direct labour 47,190 Work-in-Process inventory, Mar1st 54,000 Indirect labour 91,800 Finished Goods Inventory, Mar1st 78,000 Supplies, factory 4,200 Finished Goods Inventory, Mar31 63,000 Maintenance, factory 26,700 Required: prepare the income statements
Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salary

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bartleby, a Learneo, Inc. business

Sales revenue	2205000
Raw material inventory 12/31/x1	89000
Purchase of raw material in 2x2	731000
Raw material inventory 12/31/x2	59000
Direct labor cost incurred	474000
Selling and Advertisement expenses	269000
Indirect labor cost incurred	15000
Property taxes on factory	90000
Deprecation on factory building	125000
Income tax expense	25000
Indirect material used	45000
Deprecation on factory equipment	60000
Insurance on factory & equipment	40000
Utilities for factory	70000
WIP inventor 12/31/x1	0
WIP inventor 12/31/x2	40000
Finish good inventory 12/31/x1	35000
Finish good inventory 12/31/x2	40000
Applied manufacturing overhead	587500