Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 2,200,000 92,000 120,000 156,000 423,000 508,000 76,000 Repairs-Factory equipment 61,000 Rent cost of factory building 122,000 Selling expenses 195,000 General and administrative expenses 312,000 Raw materials inventory, ending 110,000 Work in process inventory, ending Finished goods inventory, ending 144,000 187,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,148,000. Cost of goods sold: DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income

Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 2,200,000 92,000 120,000 156,000 423,000 508,000 76,000 Repairs-Factory equipment 61,000 Rent cost of factory building 122,000 Selling expenses 195,000 General and administrative expenses 312,000 Raw materials inventory, ending 110,000 Work in process inventory, ending Finished goods inventory, ending 144,000 187,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,148,000. Cost of goods sold: DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income

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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Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Finished goods inventory, beginning Garcon Pepper Company Company $ $ 13,200 18,550 Work in process inventory, beginning 17,700 22,500 Raw materials inventory, beginning 7,700 14,100 Rental cost on factory equipment 31,000 24,100 Direct labor 24,200 43,800 Finished goods inventory, 19,700 13,800 ending Work in process inventory, ending 24,400 21,000 Raw materials inventory, ending 6,700 7,600 Factory utilities General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Accounts receivable, net 12,300 17,000 34,000 53,500 13,000 14,000 6,500 3,550 36,000 68,000 50,400 56,800 297,600 379,360 27,000 24,200 15,000 20,950 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the…
[The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company for the year ended December 31. Garcon Company Pepper Company Finished goods inventory, beginning $ 14,100 $ 17,800 Work in process inventory, beginning 16,800 21,300 Raw materials inventory, beginning 9,600 12,300 Rental cost on factory equipment 29,250 26,200 Direct labor 24,400 38,200 Finished goods inventory, ending 21,050 13,800 Work in process inventory, ending 22,900 20,200 Raw materials inventory, ending 6,300 7,600 Factory utilities 12,150 17,000 General and administrative expenses 28,000 50,000 Indirect labor 14,200 13,120 Repairs—Factory equipment 5,300 2,250 Raw materials purchases 44,500 64,500 Selling expenses 53,600 53,200 Sales 297,090 381,210 Cash 34,000 24,200 Accounts receivable, net 14,000 20,200 1. Prepare income statements for both Garcon Company and Pepper Company. 2. Prepare the current assets section of the balance sheet for…
The following data were taken from the records of Blossom Manufacturing Company for the fiscal year ended December 31, 2022: Raw Materials Inventory (1/1/22) Raw Materials Inventory (12/31/22) Finished Goods Inventory (1/1/22) Finished Goods Inventory (12/31/22) Work in Process Inventory (1/1/22) Work in Process Inventory (12/31/22) Direct Labour Indirect Labour Accounts Receivable Factory Insurance $47,950 Factory Machinery Depreciation Factory Utilities Office Utilities Sales Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash 44,350 85,700 77,600 9,850 6,550 145,100 18,200 27,250 7,600 $7,820 13,220 9,000 465,880 2,050 40,500 7,020 940 62,800 28,300
During the year, a company purchased raw materials of $77,319, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Ending $17,433 $16,428 Raw materials inventory Work in process inventory 241,437 234,422 Finished goods inventory 312,844 342,386 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production Cost of goods manufactured Cost of goods sold Beginning $
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 371,000 Actual manufacturing overhead cost $ 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 35,000 Work in process ? $ 28,000 Finished goods $ 32,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $32,000. 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:…
Calculate the cost of goods sold for the year.
The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $ 22,300 $ 24,500 Work-in-process inventory 32,800 29,100 Finished goods inventory 5,800 7,100 Direct materials used during the year amount to $46,300 and the cost of goods sold for the year was $53,200. Required: Prepare a cost of goods sold statement.
From the account balances listed below, prepare a schedule of cost of goods manufactured for Crane Manufacturing Company for the month ended December 31, 2022. (Assume all raw materials used were direct materials.) Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor Account Balances $52,920 15,120 22,680 15,120 18,900 17,640 10,080 44,100 132,300 31,500 7,560 88,200 23,940 6,300 26,460
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