Yolo Windows, a manufacturer of windows for commercial buildings, reports the following account information for last year (all costs are in thousands of dollars). Information on January 1 (Beginning): Direct materials inventory $ 83 Work-in-process inventory 114 Finished goods inventory 1,640 Information for the year: Administrative costs $ 3,650 Direct labor 12,900 Direct materials purchases 8,200 Factory and machine depreciation 11,690 Factory supervision 731 Factory utilities 925 Indirect factory labor 2,940 Indirect materials and supplies 678 Marketing costs 1,550 Property taxes on factory 300 Sales revenue 45,800 Information on December 31 (Ending): Direct materials inventory $ 91 Work-in-process inventory 150 Finished goods inventory 1,480 Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement.

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

At the beginning of the current year, Grant Company’s work in process inventory account had a balance of $30,000. During the year, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead for the year amounted to $90,000. Cost of goods manufactured is $230,000. The balance in work in process inventory on December 31 is a.$66,000 b.$24,000 c.$44,000 d.$36,000

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

The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $1,150,000 Direct labor 966,000 Work in process inventory, July 1 316,400 Work in process inventory, July 31 355,500 Total factory overhead 490,500 Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing CompanyStatement of Cost of Goods ManufacturedFor the Month Ended July 31     $- Select - Add manufacturing costs incurred during July:       $- Select -     - Select -     - Select -   Total manufacturing costs incurred   fill in the blank 9 Total manufacturing costs   $fill in the blank 10     - Select - Cost of goods manufactured   $fill in the blank 13

The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods sold