Determine the total selling and administrative expenses
Q: How is total cost of goods sold and the total amount billed to customers calculated?
A: A job cost sheet is a sheet which is used to record the manufacturing costs .
Q: how much is the inventory write down for the finished goods?
A: The ending inventory is measured at cost or net realizable value whichever is lower. The comparison…
Q: Which accounting technique gives the most relevant information (net cost or gross invoice price)
A: The most relevant information of accounting technique will be explained:
Q: What are the inventory accounts used in JIT costing?
A: JIT (Just-In-Time) inventory system is usually implemented in an organization to reduce the amount…
Q: Which of the following statements is correct? Group of answer choices A)Revenue is recognized at the…
A: A)Revenue is recognized at the time of shipment when goods are shipped FOB destination-The given…
Q: State the standard method of determining the cost of goods sold by a retailing or a wholesaling…
A: The cost of goods sold includes the total cost of goods sold include the cost of goods that are sold…
Q: How is Income from Operations determined? A) Net Sales - Selling Expenses - Administrative Expenses…
A: Net sales - Cost of goods sold = Gross profit
Q: Define cost of goods sold. How is it computed? What two financial reports does it impact and how?
A: Cost of goods sold or COGS is the direct cost of the products sold/manufactured by the entity. It…
Q: Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling…
A: (A) Sales Discount Expense: It is expense given to buyer of goods to incentivize his purchases. It…
Q: How to calculate total selling expense
A: Selling expenses are the expenses incurred to sell a product to the customer.
Q: Explain the accounting for sales with right of return.
A: Definition: Accounting for sales with a right of return: Accounting for sales with the right of…
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: How to calculate sales revenue from Cost of Goods Sold, inventory, or cost of goods available for…
A: Without selling price per unit, calculation of sales revenue is not possible with the given details.…
Q: Which of the following is reported as part of the operating expenses? Cost of sales…
A: The question is based on the concept of Business Accounting.
Q: The branch of accounting that deals with evaluating the cost of products is called: O a. Financial…
A: The branch of accounting that deals with the cost of products is used to ascertain and allocate the…
Q: Compute for the realized profit in branch inventory.
A: Meaning of Branch Accounting Branch Accounting is a system in which separate books of accounts are…
Q: What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b) Customer…
A:
Q: how to find cost of goods sold
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: The following items are found in the account sales, except a. Total sales. b. Amount due to…
A: Consignment represents the situation where the consignor transfer the goods to consignee to sale the…
Q: Which financial statement will allow you to determine the gross margin for a ?retailer or…
A: Solution: Gross profit of a company is gross margin earned on sales before deducting operating…
Q: The cost of units sold is recorded by debiting Cost of Goods Sold and crediting
A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…
Q: WHAT IS THE TOTAL SELLING AND DISTRIBUTION EXPENSES
A: Selling and distribution expenses includes all the expenses incurred for making a sale and providing…
Q: Based on the account balances above, calculate Net sales Cost of goods sold Gross profit/loss Other…
A: Net sales means the sales of company less sales returns. Cost of goods sold means the direct cost of…
Q: Which accounting method (net cost or gross invoice price) provides the most useful information?
A: The net cost of any product is the amount of the invoice plus any taxes and extra fees that are…
Q: Product costs … a. are costs that are included in the determining the value of the inventory. b. are…
A: The costs can be classified as product cost and period cost. The product costs are the costs that…
Q: Explain the difference between the income statements of a merchandiser & a manufacturer
A: 1. Income Statement - An income statement is a statement that shows the revenue earned and expenses…
Q: Indicate whether the following financial statement items apply to a manufacturer, a merchandiser, or…
A: Cost of goods manufactured: Cost of goods manufactured can be defined as total cost incurred in…
Q: Operating expenses are comprised of the following: General and Administrative Expense, Cost of…
A: Solution Concept Cost of goods sold includes the direct material and direct labor and shall be…
Q: In the income statement of a merchandising business, why do you think we have to categorize expenses…
A: Income Statement Income Statement shows company's revenues and expenses during a particular period
Q: Describe the schedule of cost of goods manufactured. How does it tie into the income statement?
A:
Q: Briefly explain the accounting treatment for sales returns.
A:
Q: The purpose of costing are as follows EXCEPT: Price products Make decisions record cost Formulate…
A: The purpose of costing 1. To fix the price of the product 2. For decision making 3. For…
Q: Find the Gross Profit
A: Direct costs are associated with the manufacturing of goods/services provided to consumers,…
Q: Cost of goods sold and gross profit and net profit
A: Trading and profit and loss account Trading account shows sales and expenses incurred in…
Q: Selling Expenses Interest Revenue Net Sales Revenue Cost of Goods Sold Administrative Expenses
A: Net sales revenue = $113,500 Cost of goods sold = $85,000 Gross profit = Net sales revenue - Cost of…
Q: How to calculate net sales revenue and net purchases
A: The income statement is one of the financial statements of the business which is prepared to know…
Q: Find Cost of goods sold and Gross profit
A: Formula: Gross profit = Sales - Cost of goods sold
Q: e category you put cost accounting, inventory management and budgeting?
A: Accounting is called the process of compiling and checking all the transactions of a company in…
Q: Define Sales returns and allowances
A: The Numerical has covered the concept of Sales Return and Sales Allowance.
Q: How do the product costs move through the various accounts and affect the balance sheet and income…
A: Every transaction that takes place in a firm is reflected in various accounts and eventually gets…
Q: Distinguish between product costs and period costs asthey relate to inventory.
A:
- Determine the total selling and administrative expenses.
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- Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included: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.What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
- 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. 40,600Bubba 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…Accounting At the end of 2019, Alonzo Company’s manufacturing inventory and expense accounts held the following costs. Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Direct Materials P120,000 P190,000 P350,000 Direct Labor P100,000 P250,000 P580,000 Factory Overhead P60,000 P300,000 P480,000 Alonzo’s accountant applied overhead during the year using a budgeted rate of P8.40 per hour. At year end, they computed the actual rate of P10.00 per machine hour. The beginning balances of both work in process inventory and finished goods inventory were zero. Over/underapplied overhead are to be allocated to appropriate inventories how much is the Adjusted Finished Goods inventory?
- The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P140,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P150,000. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P150,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020? d. Compute factory overhead incurred. $fill in the blank 4 e. Compute materials inventory on January 1. $fill in the blank 5 f. Compute materials inventory on December 31. $fill in the blank 6 g. Compute direct materials used. $fill in the blank 7The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P140,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. d. Compute factory overhead incurred.$fill in the blank 4 e. Compute materials inventory on January 1.$fill in the blank 5 f. Compute materials inventory on December 31.$fill in the blank 6 g. Compute direct materials used.$fill in the blank 7The following information is available for Integrity Corporation for 2020: 1) Materials inventory decreased P4,000 during 2020. 2) Materials inventory on December 31, 2020, was 50% of materials inventory on January 1, 2020. 3) Beginning work in process inventory was P145,000. 4) Ending finished goods inventory was P65,000. 5) Purchases of direct materials were P154,700. 6) Direct materials used were 2.5 times the cost of direct labor. 7) Total manufacturing costs incurred were P246,400, 80% of cost of goods manufactured and P156,000 less than cost of goods sold. What is the finished goods inventory on January 1, 2020?
- 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. $1,872,000Golden Ventures has the following inventories for the month of December 2020: December 1 December 31 Materials P 18,000 P 14,000 Work-in-process 32,000 24,800 Finished goods 72,000 60,000 During December, purchases of direct materials were P 36,000. Direct labor and factory overhead costs were P 40,000 and P56,000 respectively. The cost of goods manufactured in December was Group of answer choices P 155,200 P 143,200 P 148,000 P 136,000Presented below are incomplete 2019 manufacturing cost data for ABC Inc. Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs (a) $48,000 $72,000 ? $194,000 (b) $95,000 ? $80,000 $305,000 (c) ? $80,000 $120,000 $260,000 Instructions: Determine the missing amounts.