Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
(a)
Indicate the missing amount for each letter.
Direct materials used
Direct labor
Manufacturing overhead
Cost of goods manufactured
Beginning finished goods inventory
Goods available for sale
Cost of goods sold
Ending finished goods inventory
Gross profit
Operating expenses
Case
Net income
1
$9,600
Total manufacturing costs
Beginning work in process inventory 1,000
Ending work in process inventory
Sales revenue
Sales discounts
5,000
8,000
24,500
2,500
17,000
20,000
3,400
2,500
2
$
8,000
4,000
16,000
3,000
1,400
22,000
3,300
2,500
7,000
5,000
b) Prepare a condensed cost of goods manaufactures schdule ffor Casel
c1) Prepare an Income statement for Case 1
c2) Prepare the current assets section of the balance sheet for Case1. Assume that in Case 1 the other items in the current
assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600 and Prepaid Expenses…
(c)
Prepare an income statement for Case 1
CASE 1
Income Statement
Prepare the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets
section are as follovs: Cash $3,100, Receivables (net) 515,100, Raw Materials S510, and Prepaid Expenses 5410. List Current
Assets in order of liquidity
CASE 1
(Partial) Balance Sheet
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Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
Â
Indicate the missing amount.
Â
Case 1 Case 2
Direct materials used $10,119 $
Direct labor 5,826 8,800
Manufacturing overhead 8,669 4,561
Total manufacturing costs 16,536
Beginning work in process inventory 1,924Â
Ending work in process inventory 3,809
Sales revenue 25,790Â
Sales discounts 2,853 1,972
Cost of goods manufactured 17,946 22,211
Beginning finished goods inventory 4,174
Goods available for sale 21,003Â
Cost of goods sold Â
Ending finished goods inventory 4,406 3,416
Gross profit 7,850
Operating expenses 3,095Â
Net income 5,758
Chapter 1 Solutions
Managerial Accounting: Tools for Business Decision Making
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...
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