Sweet Cheezus reported the following year-end information: Beginning Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Work in Process Inventory Ending Finished Goods Inventory How much is the company's Cost of Goods Sold for the year? $690,000 $680,000 $710,000 O $700,000 $74,000 $690,000 $44,000 $64,000 $34,000

Sweet Cheezus reported the following year-end information: Beginning Work in Process Inventory Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Work in Process Inventory Ending Finished Goods Inventory How much is the company's Cost of Goods Sold for the year? $690,000 $680,000 $710,000 O $700,000 $74,000 $690,000 $44,000 $64,000 $34,000

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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The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
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Question 10
22. Peter Company provided the following data for the year ended December 31, 2020: Raw materials purchases Total manufacturing costs Decrease in raw materials inventory Decrease in work in process inventory Increased in finished finished goods inventory45,000 Gross margin ratio Factory overhead is applied at 60% of direct labor. How much is the factory overhead cost incurred? P 80,000 220,000 4,000 20,000 40%
The Lyons Company's cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $30,000, the beginning inventory of finished goods must have been: a. $20,000 b. $50,000 c. $110,000 d. $150,000
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Evans Company reported the following: Manufacturing costs Units manufactured Units sold Beginning inventory $2,385,000 53,000 40,000 units sold for $100 per unit O units What is the amount of gross profit margin? $2,915,000 $4,000,000 $1,615,000 $2,200,000
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The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
SuperStar company operates 50 weeks per year, and its cost of goods sold last year was $2,000,000. The firm carries four items in inventory: two raw materials, two work-in-process items. The following table shows last year's average inventory levels for these items, along with their unit values. Part Number RM₁ RM₂ WIP₁ WIP₂ 7.175 4.175 6.175 Average 5.175 Inventory (units) Value ($/unit) 15,000 10,000 5,000 6,000 How many weeks of supply does the firm have? 3.00 5.00 8.00 12.00