Selected data from Design Corporation for 2016 is as follows: Beginning $34,000 135,000 110,000 Inventories Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant $8,000 $121,230 $41,000 $32,500 $11,500

Selected data from Design Corporation for 2016 is as follows: Beginning $34,000 135,000 110,000 Inventories Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant $8,000 $121,230 $41,000 $32,500 $11,500

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter11: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 11.2E: Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each...

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View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Sales revenue Plant Utilities Sales commissions What is the cost for raw materials used during 2016? O a. $35,000 O b. $80,000 O c. $40,000 O d. $46,000
Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23,700 Sales revenue Plant Utilities Sales commissions Net profit is: O a. $175,820 O b. $178,070 O c. $167,820 O d. $159,820
The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.
Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation– Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Plant Utilities Sales commissions Net pròfit is: O a. $175,820 O b. $178,070 $167,820 O d. $159,820
QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statement
Inventories Work in process Materials Finished goods Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor Direct materials Income tax Indirect labor Indirect materials Interest expense Interest payable Beginning 15,000 24,000 31,000 Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Research and development expense Retained earnings Selling expenses Sales revenue 12,800 21,100 12,500 5,800 2200 41,000 21,500 8,500 16,800 8,500 6,500 1,800 3,200 5,000 2,600 850 2,400 158,000 7,400 121,100 Ending 6,400 29,000 41,300 Required - Choosing only the appropriate data among those presented above: a) Prepare a statement of cost of goods manufactured for 2016. b) Prepare a statement of cost of goods sold for the same period. c) Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income. d) Prepare…
Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period $1,337,000 361,000 120,300 49,500 22,700 681,900 1,476,000 49,500 Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Cost of goods manufactured, income statement, manufacturing company. Consider the following account balances (in thousands) for the Peterson Company: Beginning of 2017 End of 2017 Peterson Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials 23,000 21,000 26,000 25,000 13,000 20,000 74,000 Direct manufacturing labor Indirect manufacturing labor Plant insurance 22,000 17,000 7,000 11,000 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,000 91,000 24,000 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.
Current Attempt in Progress The following information is available for Marin Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue (a) January 1, 2022 $17,600 eTextbook and Media 11,400 22,700 2022 $126,000 184,800 151,200 764,400 December 31, 2022 $25,200 14,500 17,640 Compute cost of goods manufactured. (Assume that all raw materials used were direct materials.) MARIN COMPANY Cost of Goods Manufactured Schedule QUO Attempte:0 of 3 used Submit Answer