ABC Company provided you the following net income and inventories for 2021 and 2022: 2021 2022 Net income using FIFO 750,000 1,000,000 Year-end inventories FIFO 1,400,000 2,000,000 Year-end inventories - Weighted Average 900,000 1,600,000 What is the net income for the year 2022 using the weighted average costing method?

ABC Company provided you the following net income and inventories for 2021 and 2022: 2021 2022 Net income using FIFO 750,000 1,000,000 Year-end inventories FIFO 1,400,000 2,000,000 Year-end inventories - Weighted Average 900,000 1,600,000 What is the net income for the year 2022 using the weighted average costing method?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 3MC

See similar textbooks

Similar questions

ABC Company provided you the following net income and inventories for 2021 and 2022: 2021 2022 Net income using FIFO 750,000 1,000,000 Year-end inventories FIFO 1,400,000 2,000,000 Year-end inventories - Weighted Average 900,000 1,600,000 What is the net income for the year 2022 using the weighted average costing method? a. 250,000 b. 900,000 c. 1,100,000 d. 600,000
Presented below is information related to Kaisson Corporation for the last 3 years. Base-Year Cost Current-Year Cost Item Quantitiesin EndingInventories Unit Cost Amount Unit Cost Amount December 31, 2019 A 9,000 $2.00 $18,000 $2.20 $19,800 B 6,000 3.00 18,000 3.55 21,300 C 4,000 5.00 20,000 5.40 21,600 Totals $56,000 $62,700 December 31, 2020 A 9,000 $2.00 $18,000 $2.60 $23,400 B 6,800 3.00 20,400 3.75 25,500 C 6,000 5.00 30,000 6.40 38,400 Totals $68,400 $87,300 December 31, 2021 A 8,000 $2.00 $16,000 $2.70 $21,600 B 8,000 3.00 24,000 4.00 32,000 C 6,000 5.00 30,000 6.20 37,200 Totals $70,000 $90,800 Instructions Compute the ending inventories under the dollar-value LIFO method for 2019, 2020, and 2021. The base period is January 1, 2019, and the beginning inventory cost at that date was $45,000. Compute indexes to two decimal places.
Additional data: Selling and Administrative expenses are 60% fixed and 40% variable A. What is the net income for 2020 under the variable costing method? B. What is the net income for 2020 under the absorption costing method? C. What is the net income for 2021 under the absorption costing method?
Additional information for No.'s 1 and 4 Selling and administrative expenses are 60% fixed and 40% variable What is the net income for 2020 under the Variable Costing Method? What is the net income for 2020 under the Absorption Costing Method? What is the net income for 2021 under the Variable Costing Method? What is the net income for 2021 under the Absorption Costing Method?
John Brown Inc.'s accounting records reflect the following inventories: Dec 31.2019 Dec 31, 2020 $80,000 $ 64,000 Raw materials inventory 104,000 116.000 Work in process inventory 92,000 100,000 Finished goods inventory During 2020, John Brown purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much is total manufacturing costs incurred during 2020 for John Brown? a $1,864.000 b. $1,876,000 c. $1,860,000 d. $1,872,000
From the following particulars calculate prime cost, works cost, cost of production, cost of sales and profit Prime Industries manufacture a product A. on 1st January 2020 finished goods in stock $50000. Other stocks such as:Work in progress (1.1.2020) $40000Raw materials (1.1.2020) $100000The information available from cost records for the year ended 31st December 2020 was as follows:
Ogleby Inc.'s accounting records reflect the following inventories:                                                Dec. 31, 2018   Dec. 31, 2019 Raw materials inventory           $120,000                     $ 96,000 Work in process inventory          156,000                       174,000 Finished goods inventory            150,000                       138,000 During 2019, Ogleby purchased $980,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much would Ogleby Manufacturing report as cost of goods manufactured for 2019? (hint: use T-accounts to solve) Group of answer choices $1,397,000 $1,229,000 $1,391,000 $1,385,000
Waterway Industries's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $ 90000    $ 74000    Work in process inventory 114000    126000    Finished goods inventory 100000    92000    During 2020, Waterway purchased $1650000 of raw materials, incurred direct labor costs of $250000, and incurred manufacturing overhead totaling $160000.How much is total manufacturing costs incurred during 2020 for Waterway? $2072000 $2060000 $2064000 $2076000
Collected these information from Bell Telecom Company (Egypt) producing 3 products "E" ,"F", and "G" for the year 2022: First: Sales: - Estimated sales "E" 11,000,000 EGP       "F" 8,400,000 EGP                                                                   "G" 7,380,000 EGP Sales price/unit 440 EGP                      420 EGP 410 EGP Second: Production and Inventory (finished goods): Total estimated sales units for product (E) will allocate for first quarter, second quarter, third quarter, and fourth quarter by For calculating of ending inventory of Finished Goods (F.G.) of product (E), 1/4 of sales units of the next quarter are used except the fourth quarter 4/4 of sales units of the same Ending inventory of Finished Goods (F.G.) for first quarter = 1250 units for product (E). Beginning inventory of Finished Goods (F.G.) for first quarter = 2300 units for product (E). Ending inventory of Finished Goods (F.G.) for product (F) and (G) 1/4 of sales Inventory 31/12/2021 for…
g. Calculate cost of goods sold for 2021. h. Calculate amount of prime costs was added to production during 2021.i. Calculate the amount of conversion costs was added to production during2021.
Roger Inc. began work in 2021 on a contract for $8,400,000. Other data are as follows: 2021 2022 Costs incurred to date $3,600,000 $5,600,000 Estimated costs to complete 2,400,000 — Billings to date 2,800,000 8,400,000 Collections to date 2,000,000 7,200,000 Roger uses the percentage-of-completion method. Calculate the gross profit to be recognized in 2021.
The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plz