The following data refer to Nani's Fashions for the current year: Sales Revenues $475,000 Work in process inventory, 31 December 15,000 Work in process inventory, 1 January 20,000 Selling and administrative expenses 75,000 Income tax expense 45,000 Purchase of raw materials 90,000 Raw materials inventory, 31 December 12,500 Raw material inventory. 1 January 20,000 Direct labour 100,000

The following data refer to Nani's Fashions for the current year: Sales Revenues $475,000 Work in process inventory, 31 December 15,000 Work in process inventory, 1 January 20,000 Selling and administrative expenses 75,000 Income tax expense 45,000 Purchase of raw materials 90,000 Raw materials inventory, 31 December 12,500 Raw material inventory. 1 January 20,000 Direct labour 100,000

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 is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. None of the above c. £346,000 d. £95,000
Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
Using $3,040, 000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18, 000 Work in process, December 31 12,000 Finished goods, January 1 45,000 Finished goods, December 31 31,000 Raw materials purchases 1, 700,000 Direct labor 760, 000 Factory utilities 150, 000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000
The raw materials purchased during May totaled:
provide correct answer as per Required ..
the following data (in thousands of dollars) have been taken from the accounting records of Karstone Corporatino for the just completed year. Sales $880 Raw materials in inventory, beginning: $20 Raw materials inventory, ending: $30 Purchases of raw materials: $160 Direct labor: $180 Manufacturing overhead: $230 Administrative expenses $100 Selling expenses: $130 Work in process inventory, beginning: $80 Work in process inventory, ending: $30 Finished goods in inventory, beginning: $120 Finished goods in inventory, ending: $100 The cost of goods manufactured (finished) for the year (in thousands of dollars) was: $610 $600 $500 $630 Show work/calculation
The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year. Line Item Description Amount Sales $1,980 Selling expenses 280 Manufacturing overhead 460 Direct labor 400 Administrative expenses 300 Purchases of direct materials 240 Finished goods inventory, beginning 240 Finished goods inventory, ending 320 Direct materials inventory, beginning 80 Direct materials inventory, ending 140 Work in process inventory, beginning 140 Work in process inventory, ending 100 Required: Enter all amounts in thousands of dollars. a. What was the cost of the direct materials used in production during the year?fill in the blank 1 of 1$ thousand b. What was the cost of goods manufactured for the year?fill in the blank 1 of 1$ thousand c. What was the cost of goods sold for the year?fill in the blank 1 of 1$ thousand d. What was the net income for the year?fill in the blank 1 of 1$ thousand
The following data was taken from the general ledger and other records of Vanderbeck Manufacturing Co. at January31, the end of the first month of operations in the current fiscal year: Sales Inventories at January 1: $650,000 Materials inventory 25,000 Work in process inventory 29,000 Finished goods inventory 48,000 Inventories at January 31: Materials inventory 20,000 Work in process inventory 32,000 Finished goods inventory 54,000 Materials purchased 154,000 Labor Costs: 185,000 30,000 Assembly workers' wages Supervisors' salaries Sales personnel salaries 52,000 Depreciation: Factory building 73,000 Sales office 28,000 Indirect materials used 3,000 Factory utilities 67,000 Determine the cost of goods sold for the month
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor ? Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint:…
The following data (in thousands of dollars) have been taken from the accounting records of Rayburn Corporation for the current year: Sales $1,980 Selling expenses 280 Factory overhead 460 Direct labor 400 Administrative expenses 300 Direct materials purchased during year 240 Finished goods inventory, January 1 240 Finished goods inventory, December 31 320 Materials inventory, January 1 80 Materials inventory, December 31 140 Work in process inventory, January 1 140 Work in process inventory, December 31 100 Required: Enter all amounts in thousands of dollars. a. Determine of the direct materials used in production during the year.$fill in the blank 1 thousand b. Determine of goods manufactured for the year.$fill in the blank 2 thousand c. Determine cost of goods sold for the year.$fill in the blank 3 thousand d. Determine net income for the year.$fill in the blank 4 thousand
Dullea Corporation reported the following data for the month of May: Inventories Beginning Ending Raw materials $21,000 $21,000 Work in process $21,000 $14,000 Finished goods $27,000 $56,000 Additional information: Sales $290,000 Raw materials purchases $76,000 Direct labor cost $45,000 Manufacturing overhead cost $76,000 Selling expense $28,000 Administrative expense $42,000 The net operating income for May was: $125,000 $55,000 $45,000 $99,000 Show work and calculation
The accounts of JB Hi-FI Inc. showed the following balances at the beginning of March: Account Debit Raw Materials Inventory $40,000 Work-in-Process Inventory 34,000 Finished Goods Inventory 50,000 Manufacturing Overhead 23,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $5,000 were transferred to production. What is the ending balance in the Raw materials Inventory account following these two transactions? Group of answer choices $10,000 $14,000 $28,000 $61,000