Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $60,000 $19,800 (e) Cost of goods manufactured 270,000 (c) 69,300 Cost of finished goods available for sale (a) $188,100 $108,900 Finished goods inventory, June 30 64,000 39,500 (f) Cost of goods sold (b) (d) $100,200

Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter. Finished goods inventory, June 1 $60,000 $19,800 (e) Cost of goods manufactured 270,000 (c) 69,300 Cost of finished goods available for sale (a) $188,100 $108,900 Finished goods inventory, June 30 64,000 39,500 (f) Cost of goods sold (b) (d) $100,200

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 14E: Income statement for a manufacturing company Two items are omitted from each of the following three...

See similar textbooks

Similar questions

Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Income statement for a manufacturing company Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter.
eBook Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-In on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Show Me How Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 $496,580 376,390 7,250 17,000 52,520 78,219 162,270 145,910 17,790 203,540 118,070 39,640 32,610 62,980 63,460
Hankook Company employ new employee and are assigned to make Statement of Cost of Manufactured, Statement of Cost of Goods Sold, and Income Statement. The results attached on picture below Questions : a. Identify the period cost and the total in USD b. If there is something wrong with the income statement above, correct the income statement above so all the item cost is where it should be. c. Calculate the prime costs, conversion costs, manufacturing cost, and the period cost
K. What is the journal entry to record the cost of goods sold referred to above? L. What is the ending balance in Finished Goods ? (Show T-Account ) M. Assuming that the company closes its underapplied or overapplied overhead to Cost of Goods Sold, what is the adjusted cost of goods sold for the year? N. What is the gross margin for the year ? O. What is the net operating income for the year ?
Mercado Company's inventory transactions in the fiscal year ended December 31, 2002, follow: Beginning Inventory Jan. 10 Purchase Jan. 1 Feb. 13 Purchase Jul. 21 Purchase 775 units @ $52/unit Feb. 15 Sales @ 600 units @ $53/unit 225 units @ $54/unit Aug. 10 Sales @ 285 units @ $55/unit Aug. 5 Purchase Mercado Company uses a perpetual inventory system. Its inventory had a selling price of $115 per unit, and it entered into the following current-year sales transactions: 450 units @ $56/unit 515 units $115/unit 275 units $115/unit
Computing cost of goods sold and operating income, merchandising company Consider the following partially completed income statements for merchandising companies and compute the missing amounts:
A manufacturer reports the information below. Finished goods inventory, beginning Finished goods inventory, ending Depreciation on factory equipment Direct labor Indirect labor Factory utilities Selling expenses Direct materials used Indirect materials used Office rent expense Work in process inventory, beginning Work in process inventory, ending Complete this question by entering your answers in the tabs below. Required A Required B Compute cost of goods sold for the period. Goods available for sale Cost of goods sold $ 8,200 9,140 4,800 84,000 36,700 3,200 750 55,900 700 1,200 1,600 2,400 $ 0
_I. A manufacturing company calculates cost of goods sold as follows: a Beginning FG inventory + cost of goods purchased - ending FG inventory. b. Ending FG inventory inventory. c. Beginning FG inventory inventory. d. Beginning FG inventory + cost of goods manufactured inventory. cost of goods manufactured + beginning FG - cost of goods manufactured - ending FG ending FG
Which one of the following is NOT correct about manufacturing statement? Select one: O a. It includes the adjustments for the opening and closing stocks of WIP and Finished Goods. O b. It includes direct and indirect labor cost. O c. It shows the financial position of a company on a specific date. O d. It reports Cost of Goods Manufactured.
A report that lists the types and a mounts of costs incurred in manufacturing is a: Multiple Choice 5 00:55:45 Sales Journal. Balanced scorecard. Manufacturer period cost statement. Manufacturer balance sheet. Schedule of cost of goods manufactured.
Analyze the following T-accounts (Click the icon to view the T-accounts.) Determine the missing amounts. (Assume that material costs are recorded before labor costs) Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Bal. 1,000 Bal. 6,000 Bal 7,000 38,000 31,000 (a) (b) 38,000 (c) 7,000 12,900 Bal 9,500 Bal 7.900 Bal 18,000 Accumulated Depreciation Accounts Payable Wages Payable 8,600 (e) 15,000 31.000