The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/25 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 99,700 Factory Machinery Depreciation 17,100 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/24 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/25 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Cash 39,200 SPLISH BROTHERS COMPANY Income Statement (Partial) $

Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?

On December 31, Pitts Manufacturing Company reports the following assets: What is the total amount of Pitts inventory at year-end?

The following are data regarding Sunny Company in 2021 - Finished Goods Inventory December 31 $24,300 - Sales Revenue $768,000 - Cost of Goods Available for Sale $158,700 Sunny Company's gross profit for 2021 is... a. $633,600 b. $609,300 c. $663,300 d. $630,600 Cost of Goods Available for Sale is a step in the calculation of Cost of Goods Sold of ... a. A merchandising company but not a manufacturing company b. A merchandising company and a manufacturing company c. A manufacturing company but not a merchandising company d. Neither a manufacturing company nor a merchandising company

All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…

14. The following data pertain to Alpha Company for the month of June 2018: Finished Goods, June 1, 2018 Finished Goods, June 30, 2018 Cost of Goods Manufactured Recovery from inventory write-down P290,540 276,760 805,820 10,720 Determine the cost of goods sold to be shown in the statement of comprehensive income of Alpha Company for the month of June 2018: а. Р808,880 b. Р880,880 с. Р830,320 d. P808,080

The income statement of Stellar Company is shown below. STELLAR COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$6,910,000Cost of goods soldBeginning inventory$1,920,000Purchases4,420,000Goods available for sale6,340,000Ending inventory1,590,000Cost of goods sold4,750,000Gross profit2,160,000Operating expensesSelling expenses450,000Administrative expenses710,0001,160,000Net income$1,000,000 Additional information: 1. Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $170,000 during the year.3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.4. Accrued expenses payable decreased $110,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows using the direct method. STELLAR COMPANYStatement of Cash Flows (Partial)choose the accounting periodselect an opening section nameselect an item$enter a…

The comparative inventory data for SAN JOSE Manufacturing Corporation for the year ended December 31, 2014 is summarized below: January 1 P 55,000 December 31 P 53,000 Raw Materials inventory Work in process inventory Finished goods inventory 49,000 59,000 45,000 47,000 During the year 2014, the corporation completed, among others, the following transactions: Purchases, all on account, direct materials, P2,100,000; indirect materials, P400,000. The total materials requisitioned for use during the year included P360,000 for indirect materials. The payroll for the year was a follows: direct labor, P1,650,000, indirect labor, P550,000. The payroll was vouchered, and analysis disclosed the following details: w/H Tax a. b. C. d. Gross P 1,650,000 P80,000 Phil Health P 12,000 SS HDMF ECC Direct labor P 40,000 P 38,000 P 6,000 Indirect labor 550,000 40,000 12,500 3,000 12,000 1,500 e. Other manufacturing expenses vouchered amounted to P920,000, and depreciation charges were P450,000 on plant…

What is the cost of goods sold

The following information has been taken from the perpetual inventory system of Carrington Manufacturing Company for the year ended December 31: Depreciation on a factory building Telephone expense in factory office $ 5,700 $962 $1,060 $ 4,820 $ 1,320 Telephone expense in sales showroom Factory foreman's salary Maintenance costs for the factory Maintenance costs for the sales showroom$ 685 The manufacturing overhead costs totaled: $12,167. O $10,162. $14,547. $12,802.