Compute for the: a. Total manufacturing cost for the period b. Cost of goods sold for the period c. Net Income or (loss) for the period
Q: 12. A manufacturing company reports cost of goods manufactured as a(n) a. current asset on the…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: 2. A manufacturing company reports cost of goods manufactured as an) a current asset on the balance…
A: Manufacturing company is that company which is engaged in manufacturing of products. For example,…
Q: Compute(a)the cost of goods purchased and (b) the cost of goods sold
A: Cost of Goods Purchased is the net cost of merchandise acquired. It is that situation when business…
Q: If the amount of "cost of goods manufactured" during a period exceeds the amount of "total…
A:
Q: What is Cost of Goods Sold (COGS) and how is it calculated? What is Gross Profit and how is it…
A: The income statement is prepared to record the revenues and expenses of the current period.
Q: Contrast the income statement effect of LIFO versus FIFO(on Cost of Goods Sold and Gross Profit)…
A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…
Q: Product costs are ordinarily found in the traditional Income Statement's Operating Expenses whereas…
A: Product costs are those costs which are incurred on specific products like material cost, labour…
Q: A product cost is Oa. shown with operating expenses on the income statement Ob. shown with current…
A: The cost is classified into two categories i.e product cost and period cost. The product cost…
Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:
A: The income statement represents the net profit or net loss of the company that is calculated by…
Q: amount should be reported as cost of goods sold?
A: The inventory should be valued at the lower of cost or net realizable value. The value of inventory…
Q: The largest expense of most manufacturing firms is? a. Salaries Expense b. Amortization Expense c.…
A: Correct answer is D Cost of goods sold
Q: 4 Total Manufacturing Costs Cost of Goods Manufactured Cost of Goods Sold
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Identify each of the following costs as either a product cost (PROD) or a period cost (PER).…
A: Concept Introduction: Product costs are the costs which are incurred only when a product is…
Q: P/V Ratio is an indicator of [A] the rate at which goods are sold [B] the volume of sales [C] the…
A: P/V ratio also known as profit volume ratio is a ratio that determines the amount of profit attained…
Q: Cost of goods sold is also called cost of sales.
A: Cost of goods sold is the direct cost of producing those goods which are sold by the company during…
Q: An example of an expense classifi cation by function is: C . cost of goods sold.
A: Expenses are either classified by nature or by function.
Q: How do you compute the unadjusted cost of goods sold?
A: Cost of Goods Sold: Once the product is manufactured, that product is delivered to customers. The…
Q: rk-in-prc
A: Cost of goods manufactured is as under:- Particular Amount Amount Direct material…
Q: che $ cost per unit for the items purchased from THE SUPPLIER is
A: The cost function is a function that is used to show how production expense will change at different…
Q: what is production cost? what is tangible assets? what is operating expenses? what is cost of goods…
A: Expenses are those costs which are required to be incurred by the company to smoothly run the…
Q: As inventoriable costs expire, they become a. sales b. cost of goods sold c. operating expenses d.…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Prepare an income statement for the current year supported by a schedule of cost goods manufactured,
A: Introduction:- The following formula used to calculate cost of goods manufactured as follows under:-…
Q: Revenue from sales of the by-product can be listed in the income statement as: a. additional cost…
A: Revenue from sale of by product is shown in the income statement as an additional sales revenue…
Q: Product costs are: Treated in the same manner as period costs Subtracted from cost of goods sold…
A: There are two types of costs that are incurred in business. One is product costs and other is Period…
Q: Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement
A: Cost of goods manufactured: The cost of goods manufactured equation is calculated by adding the…
Q: the cost of goods sold is
A:
Q: b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured…
A: Based on the information provided, cost of goods manufactured needs to be prepared. Cost of goods…
Q: Consider the following: Code: A = Gross profit to net sales ratio B = Gross profit to cost of…
A:
Q: The difference between net sales and cost of goods sold is called (a) gross profit.(b) net…
A: Gross profit/margin: Difference between the sales and the cost of goods sold is called gross margin.…
Q: Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income…
A: Solution:- First we need to calculate schedule of cost of goods manufactured as follows under:-
Q: The terms period cost and product cost are sometimes used to describe certain items in financial…
A: Definition and distinguishing of the terms- a) Product Cost- these are all the direct cost…
Q: freight out/transportation out included in the calculation of cost of goods manufactured?
A: Solution Concept Freight out Freight out is the cost that is incurred in selling the goods . it is…
Q: 1.Based on the data above. What is the total conversion cost? 2.Based on the data above. What is…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: The COGS is estimated by deducting the gross profit from sales revenue. Distinguish between gross…
A: Gross profit is calculated by deducting the cost of goods sold from the sales. The percentage of…
Q: Which account is credited when there is material issued to production? a. Purchase A/c O b. Account…
A: Journal entry for issue of raw materials: Work in process Dr. Raw material inventory…
Q: Sales revenue min a. gross margin income from c b. C. cost of goods d. net sales
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: i.) Determine the cost of goods sold using each of the following flow assumptions:
A:
Q: A multi- step income statement ___________. A. Seperates cost of goods sold from operating…
A: Mutli step income statement means an income statement where first gross profit is calculated by…
Q: total net revenue
A: Statement of comprehensive income is a part of financial statements which shows the net income from…
Q: Compute the following: a) Net sales revenue b) Cost of goods sold
A: Gross profit is the amount earned from selling the company's products or rendering services. It is…
Q: WHAT IS THE TOTAL COST OF GOODS SOLD?
A: Cost of goods sold in the business means how much total costs has been incurred on manufacturing of…
Q: Baxter Corporation has been using FIFO during a period ofrising costs. Explain whether you would…
A: Requirement a: If Baxter have been using LIFO method during rising costs, the net income the…
Q: A product cost is Oa. shown with current liabilities on the balance sheet Ob. shown with operating…
A: Product costs are those costs which are incurred on the specific product and that can be allocated…
Q: Period costs include: a. current liabilities on the balance sheet b. operating costs that are shown…
A: Period costs are costs other than Product Costs incurred by an entity. These Costs generally include…
Q: Which of the following statements correctly complete the sentence: "Gross Margin equals": I.…
A: Sales revenue less cost of goods manufactured is wrong because as per accrual concept, equivalent…
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- An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
- Issuance of materials On May 7, Bergan Company purchased on account 10,000 units of raw materials at 8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at 8 per unit and 1,480 units for Job 305 at 5 per unit. Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom.Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
- Review Problem for Chapters 1 and 2 UltraLift Corp. manufactures chain hoists. The raw materials inventories on hand on October 1 were as follows: The balances in the ledger accounts on October 1 were as follows: Transactions during October were as follows: a. Payroll recorded during the month: direct labor, 28,000; indirect labor, 4,800. b. Indirect materials purchased for cash, 1,000. c. Materials purchased on account: chain4,000 lb, 8,800; pulleys2,000 sets, 10,200; steel plates5,000 units, 3,000. d. Sales on account for the month, 126,375. e. Accounts receivable collected, 72,500. f. Materials used during October (FIFO costing): chain14,000 lb; pulleys4,400 sets; bolts and taps4,000 lb; steel plates3,800 units. g. Payroll paid, 32,800. h. Indirect materials issued to production in October, 650. i. Factory heat, light, and power costs for October, 3,000 (not yet paid). j. Office salaries paid, 6,000. k. Advertising paid, 2,000. l. Accounts payable paid, 33,750. m. Expired insuranceon office equipment, 100; on factory machinery, 300. n. Factory rent paid, 2,000. o. Depreciation on office equipment, 400; on office furniture, 180; on machinery, 1,200. p. Factory overhead charged to jobs, 11,950. q. Work in Process, October 31, 31,000. (Hint: The difference between the sum of the beginning balance in Work in Process plus the total charges to it during the period less the ending balance in Work in Process represents the cost of the goods completed during the period.) r. Cost of goods sold during the month, 84,250. Required: 1. Set up T-accounts and enter the balances as of October 1. 2. Prepare journal entries to record each of the previous transactions. 3. Post the journal entries to the accounts, setting up any new ledger accounts necessary. Only controlling accounts are to be maintained; however, show the calculation for the cost of materials used. 4. Prepare a statement of cost of goods manufactured for October. 5. Prepare an income statement. 6. Prepare a balance sheet showing the classifications of current assets, plant and equipment, current liabilities, and stockholders equity.Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
- SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)