FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
The following calendar year-end information is taken from the December 31, 2019, adjusted
Advertising expense | $ | 27,500 | Direct labor | $ | 671,800 | ||
11,800 | Income taxes expense | 285,700 | |||||
Depreciation expense—Selling equipment | 10,900 | Indirect labor | 59,300 | ||||
Depreciation expense—Factory equipment | 33,500 | Miscellaneous production costs | 11,300 | ||||
Factory supervision | 140,300 | Office salaries expense | 66,000 | ||||
Factory supplies used | 8,300 | Raw materials purchases | 965,000 | ||||
Factory utilities | 34,000 | Rent expense—Office space | 28,000 | ||||
Inventories | Rent expense—Selling space | 26,400 | |||||
Raw materials, December 31, 2018 | 153,900 | Rent expense—Factory building | 82,600 | ||||
Raw materials, December 31, 2019 | 180,000 | Maintenance expense—Factory equipment | 39,900 | ||||
Work in process, December 31, 2018 | 19,300 | Sales | 4,626,600 | ||||
Work in process, December 31, 2019 | 23,400 | Sales salaries expense | 397,400 | ||||
Finished goods, December 31, 2018 | 168,100 | ||||||
Finished goods, December 31, 2019 | 142,800 | ||||||
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product Depreciation on factory Property taxes on store Labor costs of assembly-line workers Factory supplies used (a) * Your answer is incorrect. Compute cost of goods manufactured. $115,200 Cost of goods manufactured 57,600 7,200 105,600 22,400 Advertising expense Property taxes on factory Delivery expense Sales commissions Salaries paid to sales clerks Work in process inventory was $11,600 at January 1 and $14,800 at December 31. Finished goods inventory was $57,600 at January 1 and $43,700 at December 31. $43,200 314400 13,600 20,000 33,600 48,000arrow_forwardDuring 2022, Carla Vista Company incurred the following direct labor costs: January $19,200 and February $28,800. Carla Vista uses a predetermined overhead rate of 120% of direct labor cost. Estimated-overhead for the 2 months, respectively, totaled $18,720 and $34,272. Actual overhead for the 2 months, respectively, totaled $24,000 and $32,160. Calculate overhead applied. January February $ Determine if overhead is over- or underapplied for each of the two months and the respective amounts. January $ February Iarrow_forwardCustom Hot Rods, Inc. provided you the January 31, 2021 account balances listed below: Finished Goods Inventory, January 1st Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, January 1st Work In Process Inventory, January 1st Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, January 31st Raw Materials Purchases Work In Process Inventory, January 31st Factory Utilities Expense Direct Labor Raw Materials Inventory, January 31st Sales Returns and Allowances Indirect Labor Account Balances $41,365 14,855 6,440 16,375 14,605 24,224 8,400 65,615 163,520 24,390 16,763 117,915 32,510 21,850 39,140 Instructions Using a proper heading and format, prepare a Schedule of Cost of Goods Manufactured for Custom Hot Rods, Inc. for the month ended January 31, 2021.arrow_forward
- Can you please give answerarrow_forwardQ.4. The following data were taken from the records of Al Nada Manufacturing Company for the year ended December 2020. (Amounts are given in OMR) 15,000 4,600 27,600 8,650 554,000 4,200 96,400 1,400 29,000 159,250 25,460 9,600 Factory Depreciation Factory Insurance Factory Utilities Office Utilities Net Sales Salesman's Salary Raw Materials Used Office Repairs Office Manager's Salary Direct Labor Indirect Labor Office Property Taxes Work in process inventory was OMR 18,900 at January 1 and OMR 18,600 at December 31. Finished goods inventory was OMR 95,900 on January 1 and OMR 96,000 on December 31. Instructions: (i) Compute the cost of goods sold. (ii) What is the difference between a merchandiser's balance sheet and a manufacturer's balance sheet.arrow_forward1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education