
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question

Transcribed Image Text:X
CengageNOWv2 | Online teachin X +
https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprog
Zoe Corporation has the following information for the month of March.
Cost of materials used in production
$16,958
Direct labor
27,539
Factory overhead
35,303
Work in process inventory, March 1
23,915
Work in process inventory, March 31
19,424
Finished goods inventory, March 1
21,952
Finished goods inventory, March 31
26,720
a. Determine the cost of goods manufactured.
b. Determine the cost of goods sold.
%
I'
&
e
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- [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 $ 1,250,000 37,000 53,900 62,700 175,600 225,000 47,000 23,000 57,000 94,000 129,300 42,700 41,500 67,300 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $534,300.arrow_forwardZoe Corporation has the following information for the month of March: Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. $17,282 29,395 33,789 16,813 18,863 20,514 25,262arrow_forwardThe 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 $ 18,400 Work in process inventory, beginning 15,500 21,450 Raw materials inventory, beginning 8,800 12,450 Rental cost on factory equipment 31,500 23,200 Direct labor 20,400 41,000 Finished goods inventory, ending 18,500 16,100 Work in process inventory, ending 26,800 19,600 Raw materials inventory, ending 6,700 8,800 Factory utilities 10,500 12,500 General and administrative expenses 23,000 44,500 Indirect labor 14,450 13,860 Repairs—Factory equipment 4,700 2,150 Raw materials purchases 39,000 58,000 Selling expenses 50,000 55,300 Sales 274,470 395,150 Cash 34,000 22,700 Accounts Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for…arrow_forward
- harrow_forwardUse the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $20,000 $32,000 Work-in-Process Inventory 39,000 37,000 Finished Goods Inventory 14,000 23,000 Data Table Other information: Purchases of direct materials $79,000 Direct labor 80,000 Manufacturing overhead 41,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods…arrow_forwardUsing $3,040, 000 as the cost of goods manufactured, compute the cost of goods sold using the following information. Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 40,000 Work in process, January 1 18, 000 Work in process, December 31 12,000 Finished goods, January 1 45,000 Finished goods, December 31 31,000 Raw materials purchases 1, 700,000 Direct labor 760, 000 Factory utilities 150, 000 Indirect labor 50,000 Factory depreciation 400,000 Operating expenses 420,000arrow_forward
- Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000arrow_forwardCost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $66,000 Direct labor 73,000 Factory overhead 37,000 Work in process inventory, May 1 59,000 Work in process inventory, May 31 58,750 Finished goods inventory, May 1 25,000 Finished goods inventory, May 31 19,000 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 47477f001f8204f_9 Total manufacturing costs $fill in the blank 47477f001f8204f_10 - Select - Cost of goods manufactured $fill in the blank 47477f001f8204f_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…arrow_forwardNet Cash Flow From Operating Activities Verna Company's records provided the following information for 2019: decrease in accounts payable, $4,000 loss on sale of land, $1,100 increase in inventory, $7,100 increase in income taxes payable, $2,800 net income, $68,500 patent amortization expense, $1,200 ordinary loss, $6,300 decrease in deferred taxes payable, $2,200 amortization of discount on bonds payable, $1,800 payment of cash dividends, $22,000 depletion expense, $4,800 decrease in salaries payable, $1,900 decrease in accounts receivable, $3,800 gain on sale of equipment, $6,900 proceeds from issuance of stock, $62,000 ordinary gain, $4,000 depreciation expense, $10,000 amortization of discount on investment in bonds, $1,700 Required Prepare the operating activities section of Verna's 2019 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.arrow_forward
- The manufacturing operations of Wildhorse, Inc. had the following balances for the month of January: Inventories Raw Materials Work in Process Finished Goods January 1 January 31 $15,600 27,300 18,200 $16,900 Cost of goods sold $ 29,900 20,800 Wildhorse transferred $377,000 of completed goods out of Work in Process Inventory during January. Compute the cost of goods sold.arrow_forwardCost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for May: Cost of direct materials used in production $17,300 Direct labor 44,700 Factory overhead 28,800 Work in process inventory, May 1 72,100 Work in process inventory, May 31 76,400 Finished goods inventory, May 1 30,300 Finished goods inventory, May 31 34,600 Question Content Area a. For May, using the data given, prepare a statement of Cost of Goods Manufactured. Princeton 3 CompanyStatement of Cost of Goods Manufacturedblank $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred during May fill in the blank 22653a05d041061_9 Total manufacturing costs $fill in the blank 22653a05d041061_10 - Select - Cost of goods manufactured $fill in the blank 22653a05d041061_13 Question Content Area b. For May, using the data given, prepare a statement of Cost of Goods…arrow_forwardThe Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,313 Direct labor 24,500 Factory overhead 38,564 Work in process inventory, March 1 15,171 Work in process inventory, March 31 21,235 Finished goods inventory, March 1 24,430 Finished goods inventory, March 31 22,114 a. Determine the cost of goods manufactured.$ b. Determine the cost of goods sold.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education


Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,

Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON

Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education