Q5. Various cost and sales data for Daxcon Company for the year 2022 appear in the table below: Finished goods inventory, beginning Finished goods inventory, ending $20,000 $40,000 Administrative expenses $110,000 Manufacturing overhead $105,000 Purchases of raw materials $125,000 Raw materials inventory, beginning $9,000 Raw materials inventory, ending $6,000 Direct labor $70,000 Work in process inventory, beginning $17,000 Work in process inventory, ending Sales $30,000 $500,000 $80,000 Selling expenses Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed. a. Prepare a schedule of the cost of goods manufactured. b. Prepare an income statement for the company for the year 2022.

Q5. Various cost and sales data for Daxcon Company for the year 2022 appear in the table below: Finished goods inventory, beginning Finished goods inventory, ending $20,000 $40,000 Administrative expenses $110,000 Manufacturing overhead $105,000 Purchases of raw materials $125,000 Raw materials inventory, beginning $9,000 Raw materials inventory, ending $6,000 Direct labor $70,000 Work in process inventory, beginning $17,000 Work in process inventory, ending Sales $30,000 $500,000 $80,000 Selling expenses Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed. a. Prepare a schedule of the cost of goods manufactured. b. Prepare an income statement for the company for the year 2022.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 6BE: Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of...

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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.
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
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1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent $ 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $4 1,200 Depreciation on Factory Building $ 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: c. Assume that FAN Company's accounting records show the balance of the following current asset accounts on December 31, 2021 (in thousand): Cash $110,250 Accounts Receivable $ 12,440 Prepaid Expenses $9,250 Supplies $ 500 Short-Term Investment $ 550 Prepare the current…
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1. FAN Company has the following data for the year 2021 (in thousand) January 1, 2021 December 31, 2021 Raw Materials Inventory $16,300 $15,000 Work-in-process Inventory $40,000 $40,110 Finished Goods Inventory $49,600 $44,256 During 2021 the amount of raw material purchased was $21,700 and direct labor costs incurred were $10,100. The finance department also provides the following additional data : Factory Machinery Rent 1,840 Indirect Materials $ 3,400 Delivery Expense $ 760 Factory Utilities $ 1,200 Depreciation on Factory Building 3,500 Sales Commissions $ 340 Administrative Expense $ 1,620 Factory Insurance $ 1,266 Sales Revenue $ 98,600 Factory Manager's Salary $ 2,240 Indirect Labor $ 5,670 Instructions: a. Prepare a cost of goods manufactured schedule for FAN Company for 2021! %24
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