The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,270 $256,120 Work in process 365,890 348,320 Finished goods 351,660 356,010 Advertising expense $173,910 Depreciation expense-office equipment 24,590 Depreciation expense-factory equipment 33,040 Direct labor 394,420 Heat, light, and power-factory 13,060 Indirect labor 46,100 Materials purchased 386,740 Office salaries expense 134,980 Property taxes-factory 10,760 Property taxes-headquarters building 22,280 Rent expense-factory 18,180 Sales 1,810,770 Sales salaries expense 222,310 Supplies-factory 8,960 Miscellaneous costs-factory 5,630

The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,270 $256,120 Work in process 365,890 348,320 Finished goods 351,660 356,010 Advertising expense $173,910 Depreciation expense-office equipment 24,590 Depreciation expense-factory equipment 33,040 Direct labor 394,420 Heat, light, and power-factory 13,060 Indirect labor 46,100 Materials purchased 386,740 Office salaries expense 134,980 Property taxes-factory 10,760 Property taxes-headquarters building 22,280 Rent expense-factory 18,180 Sales 1,810,770 Sales salaries expense 222,310 Supplies-factory 8,960 Miscellaneous costs-factory 5,630

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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Cost data for Johnstone Manufacturing Company for th month ended March 31 are as follows: Inventories Materials Work in process Finished goods March 1 $199,500 131,670 101,750 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: March 31 Factory overhead: $173,570 114,560 118,030 $359,100 383,040 a. Prepare a cost of goods manufactured statement fo March. Cost of goods manufactured Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31 38,300 23,140 Total factory overhead Total manufacturing costs incurred during March Total manufacturing costs 7,980 6,380 5,590 10,370 00 $ $ b. Determine the cost of goods sold for March.
The accounting records of Bass SARL contain the following information: Raw Materials Used: $68,479 Direct Labor: $135,657 Manufacturing Overhead Incurred: $345,835 Work-in-Process inventory, Jan 1: $50,492 Work-in-Process inventory, Dec 31: $75,228 Finished Goods inventory, Jan 1: $172,181 Finished Goods inventory, Dec 31: $149,204 What is Cost of Goods Manufactured for the year?
NBGLIR982 Corp's reported data for the month: Inventories: Raw materials (All Direct Materials) Work in process Finished goods (ID#65926) Additional information for NBGLIR982: Raw materials purchases Direct labor cost Beginning $38,600 $20,200 $53,800 $69,700 $72,900 Ending $18,800 $16,800 $71,500 Manufacturing overhead cost actually incurred $49,200 Manufacturing overhead cost applied to Work in Process $47,100 (Baruch College Exam) Q) What is the adjusted cost of goods sold that appears on NBGLIR982's income statement for the month? A) $
Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $178,500 $155,300 Work in process 117,810 102,500 Finished goods 91,040 104,050 Direct labor $321,300 Materials purchased during January 342,720 Factory overhead incurred during January: Indirect labor 34,270 Machinery depreciation 20,710 Heat, light, and power 7,140 Supplies 5,710 Property taxes 5,000 Miscellaneous costs 9,280 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31
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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Sandusky Manufacturing Company for the month ended January 31 are as follows: Inventories January 1 January 31 Materials $151,500 $128,780 Work in process 101,510 86,280 Finished goods 77,270 86,280 Direct labor $272,700 Materials purchased during January 290,880 Factory overhead incurred during January: Indirect labor 29,090 Machinery depreciation 17,570 Heat, light, and power 6,060 Supplies 4,850 Property taxes 4,240 Miscellaneous costs 7,880 a. Prepare a cost of goods manufactured statement for January. Sandusky Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended January 31 $fill in the blank 9dc536060f91fdb_2 Direct materials: $fill in the blank 9dc536060f91fdb_4 fill in the blank 9dc536060f91fdb_6 $fill in the blank 9dc536060f91fdb_8 fill in the blank…
The following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31 Materials $77,350 $95,550 Work in Process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense – office equipment 22,750 Depreciation expense- factory equipment 14,560 Direct Labor 186,550 Heat, light, and power—factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes—factory 4,095 Property taxes—office building 13,650 Rent expense—factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies—factory 3,250 Miscellaneous costs—factory 4,420 Instructions Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.
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The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…