Managerial Accounting: Tools For Business Decision Making, Seventh Edition Wileyplus Card
7th Edition
ISBN: 9781118680698
Author: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel
Publisher: John Wiley & Sons Inc
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 1, Problem 1.12E
Cepeda Corporation has the following cost records for June 2017.
Instructions
(a) Prepare a cost of goods manufactured schedule for June 20I7.
(b) Prepare an income statement through gross profit for June 2017 assuming sales revenue is $92,100.
Prepare a cost of goods manufactured schedule and a partial income Statement.
(LO 3), AP
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The following information is available for Crouching Alligator Manufacturing Company for the month ending October 31, 2016:
Cost of goods manufactured $450,000
Selling expenses $144,500
Administrative expenses $75,900
Sales $911,250
Finished goods inventory, July 1 $101,250
Finished goods inventory, July 31 $93,800
For the month ended October 31, 2016, determine Crouching Alligators (a) cost of goods sold, (b) gross profit, and (c) net income.
Required 1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business.
Compute cost of goods sold for 2017 using the following information.
Finished goods inventory, Dec. 31, 2016
Work in process inventory, Dec. 31, 2016
Work in process inventory, Dec. 31, 2017
Cost of goods manufactured, 2017
Finished goods inventory, Dec. 31, 2017
Cost of Goods Sold is Computed as:
Cost of goods sold
$ 348,000
87,000
73,200
915,700
337,000
Chapter 1 Solutions
Managerial Accounting: Tools For Business Decision Making, Seventh Edition Wileyplus Card
Ch. 1 - Prob. 1QCh. 1 - Distinguish between managerial and financial...Ch. 1 - How do the content of reports and the verification...Ch. 1 - Prob. 4QCh. 1 - Decision-making is managements most important...Ch. 1 - Explain the primary difference between line...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - How are manufacturing costs classified?Ch. 1 - Mel Finney claims that the distinction between...
Ch. 1 - Tina Burke is confused about the differences...Ch. 1 - Identify the differences in the cost of goods sold...Ch. 1 - The determination of the cost of goods...Ch. 1 - Sealy Company has beginning raw materials...Ch. 1 - Tate Inc. has beginning work in process 26,000,...Ch. 1 - Using the data in Question 15, what are (a) the...Ch. 1 - In what order should manufacturing inventories be...Ch. 1 - How does the output of manufacturing operations...Ch. 1 - Discuss whether the product costing techniques...Ch. 1 - What is the value chain? Describe, in sequence,...Ch. 1 - What is an enterprise resource planning (HRP)...Ch. 1 - Why is product quality important for companies...Ch. 1 - Explain what is meant by balanced in the balanced...Ch. 1 - In what ways can the budgeting process create...Ch. 1 - What new rules were enacted under the...Ch. 1 - What is activity-based costing, and what are its...Ch. 1 - Distinguish between managerial and financial...Ch. 1 - Prob. 1.2BECh. 1 - Determine whether each of the following costs...Ch. 1 - Prob. 1.4BECh. 1 - Identify whether each of the following costs...Ch. 1 - Presented below are Rook Companys monthly...Ch. 1 - Francum Company has the following data: direct...Ch. 1 - In alphabetical order below are current asset...Ch. 1 - Presented below are incomplete manufacturing cost...Ch. 1 - Use the same data from BE1-9 above and the data...Ch. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DICh. 1 - Identify managerial cost classifications. (LO 2),...Ch. 1 - The following information is available for Tomlin...Ch. 1 - Match the descriptions that follow with the...Ch. 1 - Justin Bleeber has prepared the following list of...Ch. 1 - Presented below is a list of costs and expenses...Ch. 1 - Trak Corporation incurred the following costs...Ch. 1 - Determine the total amount of various types of...Ch. 1 - Gala Company is a manufacturer of laptop...Ch. 1 - Prob. 1.6ECh. 1 - National Express reports the following costs and...Ch. 1 - Lopez Corporation incurred the following costs...Ch. 1 - An incomplete cost of goods manufactured schedule...Ch. 1 - Manufacturing cost data for Copa Company are...Ch. 1 - Incomplete manufacturing cost data for Horizon...Ch. 1 - Cepeda Corporation has the following cost records...Ch. 1 - Keisha Tombert, the bookkeeper for Washington...Ch. 1 - The following information is available for Aikman...Ch. 1 - University Company produces collegiate apparel....Ch. 1 - An analysis of the accounts of Roberts Company...Ch. 1 - McQueen Motor Company manufactures automobiles....Ch. 1 - The following is a list of terms related to...Ch. 1 - Prob. 1.1APCh. 1 - Bell Company, a manufacturer of audio systems,...Ch. 1 - Incomplete manufacturing costs, expenses, and...Ch. 1 - Prepare a cost of goods manufactured schedule, a...Ch. 1 - Empire Company is a manufacturer of smart phones....Ch. 1 - Prob. 1.1WPCh. 1 - Prob. 1.1BYPCh. 1 - Tenrack is a fairly large manufacturing company...Ch. 1 - Prob. 1.4BYPCh. 1 - The primary purpose of managerial accounting is to...Ch. 1 - As noted in this chapter, because of global...
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 data pertains to Omega company for the month of June 2014. Finished goods, June 1, 2014, P290,540 Finished goods, June 30, 2014, P276,760 Cost of goods manufactured, P805,820 Recovery from write-down, P10,720Determine the cost of goods sold to be shown in the statement of comprehensive income ofOmega Company for the month of June 2014.a. P808,880b. P880,880c. P830,320d. P808,080arrow_forward1.Based on the data above. What is the cost of goods sold on January 1,2020? 2.Based on the data above. What is work in process on January 1, 2020?arrow_forwardBramble Company reports the following for the month of June. Assume a sale of 500 units occurred on June 15 for a selling price of $12 and a sale of 450 units on June 27 for $13 . a1. Calculate cost of goods available for sale. The cost of goods available for sale a2. Calculate Moving-Average unit cost for June 1,12,15,23 & 27 a3. Calculate the cost of the amount ending inventory and the cost of goods sold for each cost flow assumption using a perpetual inventory systemarrow_forward
- (2) Allocate the common cost between the previous five products during November 2018 using the physical measurement method. 1-1 (degree) (3) Prepare an income statement for the five products, calculating the percentage of gross profit for each product during the month of November 2018 1-1 (degree) (4) Allocating the common cost among the previous five products during the month of November 2018 using the weights method It is likely that a detailed table will be prepared, indicating how to allocate the joint cost of (55,000 dinars). - (1 degree - 1) You have the following information: Gulf Wooden Industries Company uses oak tree wood to produce its various products, which are five products and are as follows: tables - chairs - libraries - wooden window frames - reception rooms). Note that the cost of the raw material, which is the oak wood that was used, and the costs necessary to manufacture it, amounted to (55,000 dinars) per month. November 2018. The following table shows a summary of…arrow_forwarda. Calculate the cost of goods manufactured for the year by Gopaul Electronics b.) Prepare an income statement for Gopaul Electronics for the year ended December 31, 2023, clearly showing the calculation of Cost of Goods Sold. List the non-production overheads in order of size starting with the largest. c) What is the selling price per switch if Gopaul Electronics manufactured 1,500 switches for the period under review and uses a mark-up of 33⅓% on cost?arrow_forwardThe cost accountant for Sunset Fashions has compiled the following information for last quarter's operations: Administrative costs Merchandise inventory, April 1 Merchandise inventory, June 30 Merchandise purchases Miscellaneous store costs Sales commissions Sales revenue Store lease Utilities Transportation-in costs Wages and benefits Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement. SUNSET FASHIONS Income Statement For the Quarter Ended June 30 Sales revenue Cost of goods sold Gross margin Store rent Operating loss $ $ $ 232,000 55,000 45,500 1,790,000 23,400 134,400 3,126,000 53,000 57,900 124,400 770,000 $ 3,126,000 1,923,900 1,202,100 53,000 68,400arrow_forward
- Calculate Cost of Goods Manufactured. Cost of Goods Available for Sale. Gross margin ratio based on Cost of Goods Sold. Inventory to be shown in the Statement of Financial Position as of December 31, 2021.arrow_forwardTrini Company had the following transactions for the month. Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)arrow_forwardWachowski Company reported these cost data for the year 2017. Use the data to complete the following table. Total prime costs Total manufacturing overhead costs Total conversion costs Total product costs Total period costsarrow_forward
- d) Determine the prime cost & conversion cost of the cases manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. g) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?arrow_forwardAssignment 3- COGM i C aw Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel. Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing 4 Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials Work in process Finished goods Direct materials: Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter.…arrow_forwardRequired 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 $1,397,00arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegePrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Job Cost Sheet - Job Cost Accounting System; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=ElD8nKNXE1I;License: Standard Youtube License