Various cost and sales data for Medco Inc. are given for the year December 31, 2016 Purchases of raw materials....... Raw materials inventory, beginning. Raw materials inventory, ending. Depreciation, factory.. Insurance, factory Direct labour..... Maintenance, factory Administrative expenses Sales......... Utilities, factory Supplies, factory. Selling expenses. Indirect labour... Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning. Finished goods inventory, ending. RTINI IIME $ 90,000 10,000 17,000 42,000 5.000 60,000 30,000 70,000 450,000 27,000 1,000 80.000 65,000 7.000 30,000 10,000 40,000

Various cost and sales data for Medco Inc. are given for the year December 31, 2016 Purchases of raw materials....... Raw materials inventory, beginning. Raw materials inventory, ending. Depreciation, factory.. Insurance, factory Direct labour..... Maintenance, factory Administrative expenses Sales......... Utilities, factory Supplies, factory. Selling expenses. Indirect labour... Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning. Finished goods inventory, ending. RTINI IIME $ 90,000 10,000 17,000 42,000 5.000 60,000 30,000 70,000 450,000 27,000 1,000 80.000 65,000 7.000 30,000 10,000 40,000

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 16E: Cost of goods sold, profit margin, and net income for a manufacturing company The following...

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PR 21-6A Contribution margin, break-even sales, cost-volume-profit chart, OBJ. 2, 3, 4, 5 margin of safety, and operating leverage Wolsey Industries Inc. expects to maintain the same inventories at the end of 2016 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows: Estimated Estimated Variable Cost Fixed Cost (per unit sold) Production costs: Direct materials.... $ 46 Direct labor .... 40 Factory overhead. Selling expenses: $200,000 20 Sales salaries and commissions... 110,000 8 Advertising... Travel .... Miscellaneous selling expense 40,000 12,000 7,600 1 Administrative expenses: Office and officers' salaries . 132,000 Supplies... Miscellaneous administrative expense. Total ... 10,000 4 1 13,400 $525,000 $120 It is…
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The following account balances are from Woods Corporation accounting records for the yearended December 31, 2008.Required:1. Determine the amount of Direct materials used in production2. Determine the amount of factory overhead costs3. Determine the prime cost & conversion costs4. A schedule for factory/manufacturing overhead costs5. A schedule of the Cost of goods manufactured, clearly showing total manufacturing cost andtotal manufacturing cost to account for6. An Income Statement for Woods Corporation for the year ended December 31,20087. During the year Woods corporation produced 20,000 pieces of furniture. What was the unitproduct cost?8. How does the format of the income statement for a manufacturing concern differ from theincome statement of a merchandising business?Advertising expense $ 85,000Amortization expense – Patents 16,000Special Design Cost 10,000Bad Debts expense 28,000Depreciation expense – Office equipment 37,000Depreciation expense – Factory Building…
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Ramesh Abdul Industries Presents you the following data relating to the operations for the year ended on June 30, 2013.Required:Prepare cost of goods Manufactured and sold statement.
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Required information [The following information applies to the questions displayed below.] 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 Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,700,000 112,000 146,000 190,000 515,000 618,000. 93,000 74,000 148,000 237,000 379,000 134,000 175,000 228,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,397,00
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