Question 1.2Following are the account balances for the DC Company in 2018:Beginning of 201826,500Ending of 2018Direct materials inventoryWork-in-process inventoryFinished-goods inventory27,00028,40022,10079,00030,50016,500Purchases of direct materialsDirect manufacturing laborIndirect manufacturing labor24,50018,600Plant insurance7,900Depreciation-plant, building, and equipmentRepairs and maintenance-plantMarketing, distribution, and customer-service costs11,8003,50087,900General and administrative costs26,500Required:1. Prepare a schedule for the cost of goods manufactured for 2018.2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

1. Cost of goods manufactured CALCULATION PARTICULAR WORKING AMOUNT ($) Raw…

Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 26,500 27,000 30,500 28,400 16,500 22,100 Purchases of direct materials 79,000 Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 26,500 27,000 30,500 28,400 16,500 22,100 Purchases of direct materials 79,000 Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.

Managerial Accounting

15th Edition

ISBN:9781337912020

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

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

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 5PA: Statement of cost of goods manufactured and income statement for a manufacturing company The...

See similar textbooks

Similar questions

Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
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)?
The following information is taking from Wei Min Enterprise for the year ended 31December 2020: Particulars RM Inventory at 1 January 2020:Raw materialsWork in progressFinished goods 25,40031,10023,260Purchases : raw materials 91,535Carriage on raw materials 1,960Direct labour 84,208Office salaries 33,419Rent 5,200Office lighting and heating 4,420Depreciation:Works machineryOffice equipment 10,2002,300Sales 318,622Factory fuel and power 8,120 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Rent is to be apportioned: factory 3⁄4; office 1⁄4ii. Inventory at 31 December 2020 was:a. Raw materials RM28,900b. Work in progress RM24,600c. Finished goods RM28,840Required: b) Prepare statement of comprehensive income for the year ended 31 December 2020.
Question 3 The following information is available for Marigold Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $25,330 $33,190 Work in process inventory 15,170 19,680 Finished goods inventory 28,340 21,530 Materials purchased $152,300 Direct labor 223,050 Manufacturing overhead 183,600 Sales revenue 902,420 3. Show the presentation of the ending inventories on the December 31, 2017, balance sheet. MARIGOLD COMPANY(Partial) Balance Sheet For the Year Ended December 31, 2017For the Month Ended December 31, 2017December 31, 2017 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term…
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…
Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.
Question 9The following information was taken from Candy Company's accounting records for the year ended July 31, 2021. > Increase in materials inventory, P15,000> Decrease in finished goods inventory, P35,000> Raw materials purchased, P430,000> Direct labor payroll, P200,000> Factory overhead, P300,000> Selling expenses, P45,000 There was no work-in-process inventory at the beginning or end of the year. Candy's cost of goods sold is:A.P995,000B.P975,000C.P950,000D.P965,000 10. Panda Company manufactures silver coated wooden chairs. The following were among Panda's 2020manufacturing costs:> Machine operators, P200,000> Maintenance workers, P30,000> Factory foreman, P90,000> Wood, P500,000> Lubricant for oil machinery, P10,000> Silver coating, P380,000 In 2020, Panda's direct labor and direct materials amounted to:A. Direct Labor, P230,000; Direct Materials, P510,000B. Direct Labor, P320,000; Direct Materials, P880,000C. Direct Labor, P200,000;…
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory and equipment 3,600 Work-in-process inventory, 12/31/x1 8,200 Finished-goods inventory, 12/31/x0 14,000 Cash balance, 12/31/x1 7,000 Indirect material used 4,600 Depreciation on factory equipment 2,100 Raw-material inventory, 12/31/x0 10,100 Property taxes on factory 2,400 Finished-goods inventory, 12/31/x1 15,400 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,800 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200…
14. You are given the following details of the company L. for the financial year 1.1.2020-31.12.2020 Beginning inventory of direct materials 120000Purchases of direct materials 228000Direct labor cost 610000direct cost (Initial cost) 780000 The cost of the ending inventory on 31.12.2020 of direct materials is:a. 178000b. 170000c. 150000d.348000
Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company’s ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, Short-term Investments $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2010.
Q1. On October 31, 2020, the Beginning Inventory accounts Balances of Adote Manufacturing Company were: Raw Materials Inventory -----------------------------------------------------Br10, 000 Work-In-Process Inventory --------------------------------------------------- Br15, 000 Finished Goods Inventory ----------------------------------------------------- Br20, 000 During the month of September, Raw Materials costing Br25, 000 were purchased. Direct Labor and Factory Overhead costs were Br40, 000 and Br30, 000 respectively. The September 30, Ending Inventory Accounts Balances were as follows Raw Materials Inventory ---------------------------------------------------- Br12, 000 Work-In-Process Inventory ------------------------------------------------- Br25, 000 Finished Goods Inventory -------------------------------------------------- Br12, 000 Required: A. Calculate Cost of Materials Placed in Production (Direct Materials) B .Calculate Cost of Goods…
Q8) Financial statements for manufacturing companies includes the following, except: a. Direct Labor b. Direct material purchases c. Product inventories costs d. Merchandise purchase