1) The following information is available for The NewQuest Corporation for 2016: Inventories Jan 1 Dec31 Materials $351,000 $436,800 Work in Process 631,800 592,800 Finished goods 608,400 576,000 $ 296,400 Advertising expense Depreciation expense – office equipment Depreciation expense- factory equipment 42,120 56,160 Direct Labor 670,800 Heat, light, and power-factory Indirect labor 22,460 78,750 Materials purchased Office salaries expense 659,800 185,000 Property taxes factory Property taxes-office building Rent expense-factory 18,500 32,400 32,000 Sales 3,010,000 Sales salaries expense 420,000 Supplies-factory Miscellaneous costs-factory 15,400 9,500 Instructions 1. Prepare the 2016 statement of cost of goods manufactured. 2. Prepare the 2016 income statement.
Q: The following data summarizes in part the results of operations for 2021 of Place Company. Of the…
A: Cost of Goods Sold :- Cost of products sold (COGS) includes all of the prices and expenses…
Q: The following balances were extracted from the books of Lenga Ltd. For the year ended 31" March 2019…
A: The manufacturing account is prepared to find the manufacturing expenses incurred during the period.
Q: 2-33 Cost of goods manufactured, income statement, manufacturing company. Consider the following…
A:
Q: Ozone Products provided the following information for 2004: Materials: Materials inventory, January…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: The following information is available for Shanika Company for 20Y6: Inventories January 1 December…
A: The cost of goods manufactured is necessary to calculate the Net income. Cost of goods…
Q: Spades Company provided the following information for the year ended December 31, 2022: Sales…
A: Inventory can be classified into finished goods inventory, work-in-process inventory. Inventory…
Q: 3. Below is information pertaining to The Lime Green Wasp Corporation for the current year. On a…
A: Income statement shows the net income of the company and it is the difference between total revenue…
Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000…
A: Solution.. Net income
Q: The following information is available for Shanika Company for 20Y6: Inventories January 1 December…
A: The Income statement is prepared to find net income or losses of the business.
Q: Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: Find the attached file. 1) Prepare a schedule for the cost of goods manufactured for 2014. 2)…
A: Step 1 Cost sheet which shows the cost of goods manufactured and revenue statements shows the net…
Q: Consider the following account balances (in thousands) for the Canseco Company: Beglnning of End of…
A: Cost of goods manufactured includes all the costs that are incurred in order to manufacture the…
Q: E1-9 An incomplete cost of goods manufactured schedule is presented below. Molina Company Cost of…
A: A cost sheet is a method of allocating total cost into different categories such as direct material…
Q: There were no beginning or ending inventories. Calculate: (a) Prime Cost (b) Conversion Cost (c)…
A: a) Prime cost: - Prime costs are those costs that are directly incurred in the production or…
Q: Comvita management have provided you with the following data for the year ended in 31st December…
A: Cost of Goods manufactured is total cost of goods which are manufactured in the factory. Prime cost…
Q: 3. The following balances were extracted from the books of Flash Manufacturing Enterprises on July…
A: Income statement: It is one of the financial statements prepared by an organization. This statement…
Q: Selected data from Design Corporation for 2016 is as follows: Inventories Raw Materials Work in…
A: Cost sheet is a method of allocating total cost into different categories such as direct material…
Q: 2. The following information is available for Amir Company. January 1, 2017 2017 December 31, 2017…
A: Cost of Goods Manufactured otherwise called COGM. It is a term used in managerial accounting that…
Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000…
A: Net profit of the business will be calculated after deducting all type of costs and expenses from…
Q: 1. Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: Cost of goods sold:- Cost of goods sold defined as the cost which includes all the direct cost…
Q: You are provided with the following information taken from the books of the Mackenzie manufacturing…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: The following information is available for Shanika Company for 20Y6: Inventories January 1 December…
A: Required statements are given below:
Q: 1. The following information for the year ended 31-12-2017 is obtained from pooks of a factory.…
A: The solution is here below
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January 1…
A: The income statement is prepared by the business entity so as to know how much amount of gross…
Q: Dreams Manufacturing Company provided the following information for the year 2015: Purchases—Raw…
A: COGM stands for Cost of Goods Manufactured which is a schedule presents the aggregate production…
Q: 4. The following information is available for Amir Company. January 1, 2017 Raw materials inventory…
A: Solution A Cost of good manufactured…
Q: The following information is available for the QRS Corporation for 2019: Inventories…
A: One of the three key financial statements for reporting a company's financial performance over a…
Q: The following data summarizes in part the results of operations for 2021 of Diamond Company. Of the…
A: Unfinished inventory refers to all raw materials, work-in-progress, parts, supplies, returned…
Q: Selected data from Design Corporation for 2016 is as follows: Beginning $34,000 135,000 110,000…
A: Prime costs are a company's expenses that are directly related to the materials and labor used in…
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January 1…
A: Cost of goods manufactured is computed by adding the beginning work-in-process with the total…
Q: Please provide the following information for the year ended December 2008 for Synder Corp., a lamp…
A: Given: The following information for the year gets ended in December 2008 based on the Synder Corp.,…
Q: The following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31…
A: Statement of cost of goods manufactured shows all the expenses related to manufacturing of the…
Q: Synder Corp., a lamp manufacturer provide the following information for the year ended December…
A: This question is asking the manufacturing cost, income statement, and cost per lamp Manufacturing…
Q: Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 Ending…
A: Manufacturing cost= Prime cost + manufacturing overheads Manufacturing overheads= Indirect Material+…
Q: The following selected account balances are provided for Delray Mfg. $ 1,250,000 37,000 53,900 Sales…
A: The cost of goods manufactured is a combination of material consumed. direct labor and factory…
Q: The following information is available for Robstown Corporation for 20Y8: Inventories January…
A: In the required problem, we need to compute the cost of goods sold and the income statement. Cost of…
Q: The following information was taken from the accounting records of the Brothers Company for the year…
A: The cost of goods manufactured is the total cost incurred by an entity to manufacture a product…
Q: The related data of Megan Company:…
A: Direct materials used = Beginning Inventory of materials + Direct material purchased - Closing…
Q: Cost of goods manufactured, income statement, manufacturing company. Consider the following account…
A:
Q: Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product…
A: Cost of goods manufactured = Total manufacturing costs + Beginning work in process - Closing work in…
Q: 69. The following account balance were taken from Entity C for the quarter ending March 31,…
A: Conversion cost = Direct labor + indirect labor + depreciation factory + indirect material + rent…
Q: Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 $ 80,000 Dec. 31,…
A: Cost if goods sold is the cost incurred to produce/ make the goods.
Q: he following data summarizes in part the results of operations for 2021 of Place Company. Of the…
A: COST OF GOODS SOLD MEANS cost of producing goods and services and it includes materials , labour and…
Q: Job costing, journal entries. The University of Chicago Press is wholly owned by the university. It…
A: 1.
Q: Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of…
A: A company prepares income statement to calculate the net profit or net loss from the sales of its…
Q: The following data summarizes in part the results of operations for 2021 of Place Company. Of the…
A: Prime cost = Direct material consumed + Direct expenses + Direct labor cost Working note - 1:…
Q: Prepare a schedule of the cost of goods manufactured for the year ended December 31, 2008 ii)…
A: Cost of goods manufactured=Direct Material used+ Direct Labor+ Factory overheads Unit Product Cost=…
1. Prepare the 2016 statement of cost of goods manufactured.
2. Prepare the 2016 income statement.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Classifying costs as factory overhead Which of the following items are properly classified as part of factory overhead for Caterpillar? a. Amortization of patents on new assembly process b.Consultant fees for a study of production line employee productivity C. Depreciation on Peoria. Illinois, headquarters building d.Factory supplies used in the Morganton. North Carolina, engine parts plant e.Interest expense on debt f. Plant manager's salary at Aurora, Illinois, manufacturing plant g.Properly taxes on the Danville, Kentucky, tractor tread plant h.Sales incentive fees to dealers i. Steel plate j. Vice president of finance's salaryThe following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31 Materials $77,350 $95,550 Work in Process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense – office equipment 22,750 Depreciation expense- factory equipment 14,560 Direct Labor 186,550 Heat, light, and power—factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes—factory 4,095 Property taxes—office building 13,650 Rent expense—factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies—factory 3,250 Miscellaneous costs—factory 4,420 Instructions Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020 are given below: Ending Balance Beginning Balance Finished goods P400,000 P385,000 Work on process 520,000 495,000 Raw materials 710,000 750,000 Transactions that transpired during the year were: Raw materials costing P280,000 were purchased for cash. Raw materials costing P220,000 were purchased on account. Incurred factory overhed cost, P135,000. Other materials requisitioned for production, P30,000 Factory wages consisted of: Direct labor, P270,000; Indirect labor, P100,000. Finished goods costing 350,000 were sold for P800,000. Required: Prepare the statement of cost of goods manufactured and sold in good form. Determine the following: a. Prime cost b. Conversion cost c. Product cost.
- Marigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500In June Paul CableSource has the following transactions:Purchased $145666 of materials on accountIssued $130000 of material to productionIssued $3333 of supplies from materials inventoryDirect Labor of $69000 was charged to productionPaid $34000 for miscellaneous items for the manufacturing plantRecognized $25000 depreciation for the manufacturing plant.Applied manufacturing overhead for the plantAt beginning of the year management estimated Labor to be $5000000 and overhead to be $4500000.Management applies overhead based on total labor cost based on a predetermined rate using normalcosting beg bal end balMaterial Inventory ? 92000WIP ? 67000FG INV 13455 75644COGS 262100Show the t-accounts for Material, WIP, FG, Cogs, and Applied Overhead and Overhead Control. Is overhead under or overapplied and by how much? Fill in the above amounts for…Eddie Company had the following data available:Direct materials purchased on account P74,000Direct materials requisitioned P41,000Direct-labor cost incurred P65,000Factory overhead incurred P77,000Factory overhead applied P85,000Work in process is increased by _____. a) P334,250 b) P191,000 c) P179,000 d) P139,000
- Question 2: ABC Company has the following information for the period ended 31 December 2020. Direct material purchased OMR 360000 Direct labor OMR 200000 Factory maintenance OMR 29000 Power and heat—factory OMR 18500 Direct Expenses 15 % of the direct labor cost Indirect factory labor OMR 21000 Freight In OMR 7000 Depreciation - Factory OMR 22300 Advertisement expenses OMR 8500 Inventories, 1 January 2020: Direct Material OMR 41700 Work-in-process…Basic cost system; journal entries; financial statementssimilar to Self-Study Problem 1The post-closing trial balance of Beamer Manufacturing Co. onApril 30 is reproduced as follows:Beamer Manufacturing Co.Post-Closing Trial BalanceApril 30, 2011 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 25,000Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,000Finished Goods .................................. 120,000Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000Building . . . ...................................... 480,000Accumulated Depreciation—Building ............. $ 72,000Factory Equipment . . ............................ 220,000Accumulated Depreciation—Factory Equipment . . . 66,000Office Equipment ................................ 60,000Accumulated Depreciation—Office Equipment…The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.
- The following information taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $436,200 Work in process 632,000 590,800 Finished goods 606,200 574,000 December 31 Advertising expense $ 295,400 Depreciation expense-office equipment 43,800 Depreciation expense-factory equipment 56,340 Direct labor 669,400 Heat, light, and power-factory 22,220 Indirect labor 77,000 Materials purchased 659,200 Office salaries expense 185,300 Property taxes-factory 18,500 Property taxes-office building 31,600 Rent expense-factory 33,000 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,700 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions…Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…