Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 13, Problem 13.29C
Case 13.29
LO 4, 5, 7
Cost of goods
| Firm A | Firm B | Firm C | ||
| Beginning raw materials inventory | $ | |||
17,000
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 16
A merchandising company reported the following results for July, shown here
$402.800
$169,100
$17.100
$14.200
$7.600
$30,100
Sales
Cost of goods sold (all variable))
Total variable selling expense
Total fised selling expense
Total variable administrative expense
Total fixed administrative expense
PROBLEM 2–21 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behavior [LO2,
LO3, LO4, LO5, LO6]
Selected account balances for the year ended December 31 are provided below for Superior Company:
Selling and administrative salaries
$110,000
Purchases of raw materials
$290,000
Direct labor
Advertising expense
Manufacturing overhead
8 80,000
$270,000
$ 50,000
Sales commissions
Inventory balances at the beginning and end of the year were as follows:
Beginning of
the Year
End of
the Year
Raw materials
$ 40,000
$ 10,000
Work in process.
Finished goods
?
$35,000
$ 50,000
?
The total manufacturing costs for the year were $683,000; the goods available for sale totaled
$740,000; and the cost of goods sold totaled $660,000.
Required:
1. Prepare a schedule of cost of goods manufactured and the cost of goods sold section of the
company's income statement for the year.
2.
Assume that the dollar amounts given above are for the equivalent of 40,000 units produced
during the year. Compute…
D
Question 35
The following information was taken from Cavite Company's accounting records for the year ended December 31, 2003:
Decrease in raw materials inventory, P500,000
Increase in goods in process inventory, P1,500,000
Increase in finished goods inventory, P1,000,000
Raw materials purchased, P20,000,000
Direct labor payroll, P5,000,000
Factory overhead, P3,000,000
Freight out, P2,000,000
Freight in, P2,500,000
The cost of goods sold is
Note for your final answer:
1. Do not use peso sign
2. Do not use comma
3. Do not use decimal point
4. Round off your final answer to the nearest whole number
Chapter 13 Solutions
Accounting: What the Numbers Mean
Ch. 13 - Prob. 13.1MECh. 13 - Mini-Exercise 13.2 LO 5, 6 Calculate predetermined...Ch. 13 - Mini-Exercise 13.3 LO 6 Underapplied overhead...Ch. 13 - Mini-Exercise 13.4 LO 7 Statement of cost of goods...Ch. 13 - Prob. 13.5MECh. 13 - Prob. 13.6MECh. 13 - Exercise 13.7 LO 2 Value chain classifications...Ch. 13 - Prob. 13.8ECh. 13 - Exercise 13.9 LO 3, 4 Cost classifications For...Ch. 13 - Exercise 13.10
LO 3, 4
Cost classifications For...
Ch. 13 - Exercise 13.11
LO 4
Cost classifications Aussie...Ch. 13 - Exercise 13.12
LO 4
Cost classifications College...Ch. 13 - Exercise 13.13
LO 5
Product costing—various issues...Ch. 13 - Exercise 13.14
LO 5
Product costing—manufacturing...Ch. 13 - Exercise 13.15
LO 5, 6
Manufacturing...Ch. 13 - Exercise 13.16 LO 5, 6 Manufacturing...Ch. 13 - Prob. 13.17ECh. 13 - Prob. 13.18ECh. 13 - Prob. 13.19ECh. 13 - Exercise 13.20
LO 8
Variable versus absorption...Ch. 13 - Problem 13.21
LO 9
Activity-based costing MedTech,...Ch. 13 - Prob. 13.22PCh. 13 - Prob. 13.23PCh. 13 - Prob. 13.24PCh. 13 - Prob. 13.25PCh. 13 - Prob. 13.26PCh. 13 - Prob. 13.27PCh. 13 - Prob. 13.28PCh. 13 - Case 13.29 LO 4, 5, 7 Cost of goods manufactured,...Ch. 13 - Prob. 13.30CCh. 13 - Prob. 13.31CCh. 13 - Prob. 13.32C
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
- PROBLEM 2–24 Income Statement; Schedule of Cost of Goods Manufactured [LO2, LO3, LO4, LO5] Visic Corporation, a manufacturing company, produces a single product. The following information has been taken from the company's production, sales, and cost records for the just completed year. eXcel Production in units 29,000 Sales in units ? Ending finished goods inventory in units Sales in dollars ? $ 1,300,000 Costs: $ 90,000 $ 480,000 $ 300,000 $ 380,000 Direct labor. Raw materials purchased Manufacturing overhead Selling and administrative expenses Beginning of the Year End of the Year Inventories: Raw materials Work in process Finished goods $ 20,000 $ 50,000 $30,000 $ 40,000 $0 ? Managerial Accounting and Cost Concepts 71 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $50 per unit. Required: 1. Prepare a schedule of cost of goods manufactured for the year. Compute the following: The number of units in…arrow_forwardal. 1. 202U 2020 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is:arrow_forward00 Chapter 1 PROBLEM 1-19 Traditional and Contribution Format Income Statements L01-6 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales..... Beginning merchandise inventory. Purchases..... 1. 2. 3. 4. 5. 6. Ending merchandise inventory Fixed selling expense...... Fixed administrative expense. Variable selling expense. Variable administrative expense Contribution margin. Net operating income $300,000 $20,000 $200,000 $7,000 ? $12,000 $15,000 ? $60,000 $18,000 Required: Prepare a contribution format income statement. Prepare a traditional format income statement. Calculate the selling price per unit. Calculate the variable cost per unit. Calculate the contribution margin per unit. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Why?arrow_forward
- Problem 12 Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation: Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000arrow_forwardProblem 14-5A (Static) Raw materials inventory turnover LO A1 A manufacturing company reports the following information. Current Year $ 169,500 2,160,000 Raw materials inventory, ending Raw materials used. Required: 1. Compute raw materials inventory turnover for the most recent two years. 2. Is the current year change in raw materials inventory turnover ratio favorable or unfavorable? 3. Compute days' sales in raw materials inventory for the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 1 Year Ago $ 190,500 2,522,000 Compute raw materials inventory turnover for the most recent two years. Raw materials inventory turnover Current year Required 1 2 Years Ago $ 197,500 2,765,000 1 Year Ago Required 2 >arrow_forward18lloW specific set of rules called accounting standards unlike management accounting CLEAR MY CHOICE Company XYZ made total contribution margin of $400,000 and a net income of $130,000. The company also made a total gross margin of $330,000. Assume that the variable selling and administrative expenses were $120,000, how much is the fixed manufacturing cost ($)? O a. 270,000 O b. 80,000 C. 200,000 O d. None of the given answers O e. 190,000 windows bu NEXT PAGE GE IG 4)arrow_forward
- QS 18-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable $ 17,400 15,400 19,400 Finished goods inventory, beginning 20,400 Cost of goods manufactured 41,400 Selling expenses 13,400 Cash Land Sales 56,400 29,400 94,800 Equipment 2,400 REX MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Goods available for sale 0arrow_forwardPROBLEM 2-18 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behavior [LO2, LO3, LO4, LO5, LO6] Various cost and sales data for Meriwell Company for the just completed year appear in the work- sheet below: E Hicrosoft Excel Ele Edt Vew rcert Fgrmat Iools Rata Wndow elp 12 - BIU2 E17 B $20,000 $40,000 $110,000 $105,000 $125,000 $9,000 $6,000 $70,000 S17,000 $30,000 $500,000 S80,000 A 1 Finished goods inventory, beginning 2 Finished goods inventory, ending 3 Administrative expenses 4 Manufacturing overhead 5 Purchases of raw materials 6 Raw materials inventory, beginning 7 Raw materials inventory, ending 8 Direct labor 9 Work in process inventory, beginning 10 Work in process inventory, ending 11 Sales 12 Selling expenses 13 N MSheeti/Sheet2 / Sheets / Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare an income statement. 3. Assume that the company produced the…arrow_forwardPROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3 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…arrow_forward
- Problem: AAA Company produces and sells Product X: Annual Demand 24,000 units Annual cost to held one unit of inventory P11.52 Order Cost P38.40 Beg. Inventory P 0 a. What is the Economic Order Quantity? b. How much is the total Order Costs? c. How much is the total Carrying Costs?arrow_forwardF1 Question 3 Juliet Corporation has accumulated the following accounting data for the year: Finished goods inventory, $6,400 January 1 Finished goods inventory, 7,600 December 31 Total cost of goods sold 8,200 The cost of goods manufactured for the year is: O $600 O $1,800 O $9,400 O $12,800 O $15,800 F2 F3 0- t F4 F5 比 F6 2 F7 F8 $arrow_forward2 3 Sales Projections in Units # January February March 5 6 7 8 9 14 15 0 Projected Sales Price/Unit $ 11 12 Monthly Projected Selling & Administrative Expenses 13 16 17 7 18 9 20 21 2 23 24 25 25 27 28 29 20 31 2 33 4 5 36 37 38 39 19 22 April May 20 Materials 32 Variable Cost/Unit Fixed Costs 34 Production: 35 Desired Ending Inventory Beginning 26 Direct Labor Inventory (new business) Desired Ending Inventory Number of Materials per Unit Projected Cost/Material Unit Beginning Inventory (new business) 30 Manufacturing Overhead Variable Cost/Unit Fixed Costs Time per Unit (in hours) per Hour Cost 21,945 28,615 $ 42,948 54,526 34,817 $ 12.00 $ 2,662.00 $ $ 206.00 52.6% 0 81.0% 0 7.0 5.00 1.00 $ 16.00 5.00 3,909arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial & Managerial AccountingAccountingISBN:9781285866307Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial & Managerial AccountingAccountingISBN:9781337119207Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial & Managerial Accounting
Accounting
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Job Cost Sheet - Job Cost Accounting System; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=ElD8nKNXE1I;License: Standard Youtube License