Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 18, Problem P18.29APGA
Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company
Learning Objective 3
COGM: $182,000
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company Fill in the blanks with the missing words, and replace the Xs with the correct amounts.
ELLY MANUFACTURING COMPANY | |||||
_________________________________ | |||||
_________June 30, 2018 | |||||
Beginning ____________ | $27,000 | ||||
Direct _________: | |||||
Beginning Direct Materials | $X | ||||
Purchases of Direct Materials | 56,000 | ||||
____________________ | 84,000 | ||||
Ending Direct Materials | (20,000) | ||||
Direct___________ | $X | ||||
Direct __________ | X | ||||
Manufacturing |
44,000 | ||||
Total ______ Costs _____ | 180,000 | ||||
Total ______ Costs _____ | X | ||||
Ending _________________ | (25,000) | ||||
________________________ | $X |
ELLY MANUFACTURING COMPANY | ||||||
________________________________________ | ||||||
_________June 30, 2018 | ||||||
Net Sales revenue | $X | |||||
Cost of Goods Sold: | ||||||
Beginning ________________________________ | $110,000 | |||||
Cost of Goods _______________________________ | X | |||||
Ending ______________________________ | X | |||||
Cost of Goods Sold | X | 232,000 | ||||
Gross Profit | 258,000 | |||||
______________________ Expenses: | ||||||
Selling Expenses | 98,000 | |||||
Administrative Expenses | X | |||||
Total________________ | 160,000 | |||||
____________ Income | $X |
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Learning Objective 3
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Use the following inventory data for Caddy Golf Company to compute the cost
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S17-8 Completing and selling products
Learning Objective 4
Lincoln Company completed jobs that cost $38,000 to produce. In the same
period, the company sold jobs for $88,000 that cost $42,000 to produce. Prepare
the journal entries for the completion and sales of the jobs. All sales are on
account.
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O c. Finished Goods to be understated by OMR 12,000
the year.
O d. Cost of Goods Manufactured to be overstated by OMR 12,000 for
the year.
Work in Process to be understated by OMR 12,000 at year end.
A Company uses job order costing and has chosen direct labor hours to
allocate its manufacturing overhead. The company estimates that total
direct labor hours to be operated next year are 300,000 hours. The
estimated variable overhead is $10 per hour and the estimated fixed
overhead costs are $500,000. The predetermined overhead rate is:
O a. None of the answers given
O b. S16.67
Oc. $11.67
O d. $7
O e. $1.67
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Chapter 18 Solutions
Horngren's Accounting (12th Edition)
Ch. 18 - Prob. 1QCCh. 18 - Prob. 2QCCh. 18 - Dunaway Company reports the following costs for...Ch. 18 - Which of the following is a direct cost of...Ch. 18 - Which of the following is not part of...Ch. 18 - Which of the following accounts does a...Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - World-class businesses use which of these systems...Ch. 18 - Prob. 10QC
Ch. 18 - What is the primary purpose of managerial...Ch. 18 - List six differences between financial accounting...Ch. 18 - Explain the difference between line positions and...Ch. 18 - Explain the differences between planning,...Ch. 18 - Prob. 5RQCh. 18 - Describe a service company, and give an example.Ch. 18 - Describe a merchandising company, and give an...Ch. 18 - How do manufacturing companies differ from...Ch. 18 - List the three inventory accounts used by...Ch. 18 - Explain the difference between a direct cost and...Ch. 18 - What are the three manufacturing costs for a...Ch. 18 - Give five examples of manufacturing overhead.Ch. 18 - What are prime costs? Conversion costs?Ch. 18 - What are product costs?Ch. 18 - How do period costs differ from product costs?Ch. 18 - How is cost of goods manufactured calculated?Ch. 18 - How does a manufacturing company calculate cost of...Ch. 18 - How does a manufacturing company calculate unit...Ch. 18 - How does a service company calculate unit cost per...Ch. 18 - How does a merchandising company calculate unit...Ch. 18 - Prob. S18.1SECh. 18 - Prob. S18.2SECh. 18 - Distinguishing between direct and indirect costs...Ch. 18 - Computing manufacturing overhead Learning...Ch. 18 - Identifying product costs and period costs...Ch. 18 - Computing cost of goods sold, merchandising...Ch. 18 - Computing cost of goods sold and operating income,...Ch. 18 - Prob. S18.8SECh. 18 - Prob. S18.9SECh. 18 - Prob. S18.10SECh. 18 - S18-11 Matching business trends...Ch. 18 - Prob. S18.12SECh. 18 - Prob. E18.13ECh. 18 - Prob. E18.14ECh. 18 - Prob. E18.15ECh. 18 - Prob. E18.16ECh. 18 - Identifying differences between service,...Ch. 18 - Prob. E18.18ECh. 18 - Computing cost of goods manufactured Learning...Ch. 18 - Prob. E18.20ECh. 18 - Prob. E18.21ECh. 18 - Prob. E18.22ECh. 18 - Prob. E18.23ECh. 18 - Prob. E18.24ECh. 18 - Prob. P18.25APGACh. 18 - Classifying period costs and product costs...Ch. 18 - Calculating cost of goods sold for merchandising...Ch. 18 - Prob. P18.28APGACh. 18 - Preparing a schedule of cost of goods manufactured...Ch. 18 - Prob. P18.30APGACh. 18 - Prob. P18.31APGACh. 18 - Prob. P18.32APGACh. 18 - Prob. P18.33BPGBCh. 18 - Prob. P18.34BPGBCh. 18 - Prob. P18.35BPGBCh. 18 - Prob. P18.36BPGBCh. 18 - Prob. P18.37BPGBCh. 18 - Prob. P18.38BPGBCh. 18 - Prob. P18.39BPGBCh. 18 - Prob. P18.40BPGBCh. 18 - Prob. P18.41CTCh. 18 - Prob. P18.42CPCh. 18 - Prob. 18.1TIATCCh. 18 - Prob. 18.1DCCh. 18 - Prob. 18.1EI
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