Ramesh Abdul Industries Presents you the following data relating to the operations for the year ended on June 30, 2013.Required:Prepare cost of goods Manufactured and sold statement. *
Q: The following account balances are from Woods Corporation accounting records for the year ended…
A: 1. Amount of direct material used in production = Raw materials inventory, Jan 1 2008 + Raw material…
Q: (a) Prepare a condensed cost of goods manufactured schedule. (b) Prepare an income statement for May…
A: Income Statement: It is used to report a company financial statement during the accounting period…
Q: MARK Inc. is engaged in the business of manufacturing basket balls. The company employs actual…
A: Works-In-Progress: "Work in Progress" (WIP) is a manufacturing and supply chain management phrase…
Q: Computer Company is a manufacturer of personal computers and tablets. During its first month of…
A: Introduction Cost of goods manufactured: Cost of goods manufactured is the cost incurred by the…
Q: using the following additional information for Abby Company, along with the information in #3 above,…
A: Cost of goods manufactured shows total costs incurred on production and manufacturing of goods. It…
Q: Afridi Inc. has provided the following data for the month of August. The balance in the Finished…
A: Work in progress means the goods which is manufactured partially in the production process and not…
Q: Is manufacturing overhead underapplied or overapplied for the year? By how much? What is the cost of…
A: since you have asked a question with multiple subparts, we will be answering first three subparts…
Q: va Corp obtained the balances of different accounts at the end of 2010 as follows: Over-applied…
A: Solution: combined ending balances of all accounts containing overhead = P128,000 +P32,000…
Q: Income statement and schedule of cost of goods manufactured. The following items (in millions)…
A:
Q: Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: What is the amount of cost of goods manufactured for March 2016?
A:
Q: The following account balances are from Woods Corporation accounting records for the year ended…
A: The manufacturing overhead cost includes all the indirect cost and factory expenses.
Q: 1)Coronado Industries reported the following year-end information: beginning work in process…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Castner Corporation is considering implementation of a JIT inventory system. The company's…
A: Since you posted the question with multiple subparts, we solve first three parts for you. To get…
Q: e)Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing…
A: Cost of goods manufactured shows all costs incurred on the manufacturing and production of goods.
Q: Ramesh Abdul Industries Presents you the following data relating to the operations for the year…
A: Cost of goods manufactured includes all the cost pertaining to manufacturing of goods and it…
Q: a) Prepare the statement of cost of good manufactured for Kayuh Sdn Bhd for the year ended 31…
A: Op. Stock of raw material 21000 Add: Purchase of raw material 373500 Less: closing…
Q: 1)Coronado Industries reported the following year-end information: beginning work in process…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods…
A: Particulars Amount ($) Beginning finished goods Inventory 50,000 Add : Cost of goods…
Q: The following account balances are from Woods Corporation accounting records for the year ended…
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…
Q: Sheffield Corp. reported the following year-end information: beginning work in process inventory,…
A: Cost of goods sold includes all those materials that are related to production of goods that is cost…
Q: From the account balances listed below, prepare a schedule of cost of goods manufactured for Sur…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: Required: a) Calculate the raw material used by Personal Protective Gears & More. b) Calculate the…
A: "As per the policy of our company, we allowed to answer only first three subparts in case of a…
Q: Information related to Scullio Manufacturing appears below. What is the ending balance in the…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods…
A: Particulars Amount ($) Beginning finished goods Inventory 50,000 Add : Cost of goods…
Q: Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year ended December 31…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Prepare a schedule for the cost of goods manufactured for Beginning of 2013 End of 2013 2013. Begin…
A: Cost of goods manufactured Schedule: it is statement designed to show the output of a particular…
Q: Company produces a product that undergoes three processes and the completed items at end of process…
A: Average unit cost of inventory shows the cost per equivalent unit. Equivalent unit is calculated by…
Q: The following were taken from the general ledger and other data of Du- sik Manufacturing on July 31:…
A: Cost of goods sold = Opening stock of finished goods + Cost of goods manufactured - Closing stock of…
Q: The following information is available for the first month of operations of Bahadir Company, a…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The following account balances are from Woods Corporation accounting records for the year ended…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: Star Plastic company produces plastic cups. table below are the data for April 2019. Star Plastic…
A: Equivalent units of products concept came in to existence when some units are not fully completed at…
Q: The related data of Mireia Company: Cost of goods sold…
A: Variance is calculated with the subtraction of actual cost from the estimated cost.
Q: Gourmet Bones manufactures its own brand of pet chew bones. At the end of December 2018, the…
A: Cost of goods manufactured Schedule - It is used to calculate the cost of production of product…
Q: Several items are omitted from the income statement and cost of goods manufactured statement data…
A: Cost of goods manufactured in the business shows total costs to be incurred on production and…
Q: ccounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory…
A: SOLUTION COST OF GOOD SOLD REFERS TO THE DIRECT COSTS OF PRODUCING THE GOODS SOLD BY A COMPANY.
Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…
A: Cost of goods sold means the cost incurred on the goods which has been sold out. Cost of goods sold…
Q: sonal Protective Gears & More (PPGM) design and manufacture masks for stude luction, the masks are…
A: An income statement is Financial statement that details income and expenses of firm. It also…
Q: Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Marzoni's records show raw materials inventory had a beginning balance of $200 and an ending balance…
A: Raw material means the material purchased and still not enter in to the production lines. Work in…
Q: Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted…
A: A document that details the cost of items made during the period is known as a statement of cost of…
Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: please answer Q(c)
A: Cost of goods manufactured: The cost incurred to produce goods in a period is called cost of goods…
Q: Certain item descriptions and amounts are missing from the monthly schedule of cost of goods…
A: Schedule of Cost of Goods Manufactured - It the schedule showing cost of producing product for a…
Q: Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing…
A: Requirement 1:
Q: Kris GmbH has provided the following information regarding their inventories: Total Manufacturing…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: Distinguish between manufacturing & non-manufacturing overhead (product versus period costs) 2)…
A: Hi, since you have posted a question with multiple subparts, we are solving the 1st three subparts…
Please reply in 30 Minutes
Step by step
Solved in 2 steps
- 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.4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000A. Purchased P250,000 of materials. B. Used P180,000 of materials in production. C. Incurred P450,000 of direct labor wages. D. Incurred P190,000 of factory overhead. E. Transferred P760,000 of work in process to finished goods. F. Sold good P1,200,000. G. Sold goods with a cost of P675,000. H. Incurred P215,000 of selling expenses. I. Incurrent P125,000 of administrative expenses. Requirements: 1. Prepare income statement. 2. Prepare the inventory portion of the balance sheet.
- 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;…Additional information:Inventory at 2021 December 31: $Raw materials 62 800Work-in-progress 15 100Finished goods 36 500i. At 2021 December 31, rent of $3 500 was owing and prepaid light and heat amounted to $1 700. ii. Rent, light and heat are apportioned as follows: factory 60%, administration 40%.iii. Factory machinery is to be depreciated using the straight-line method at 10%.iv. Office equipment is to be depreciated by the reducing balance method at 15% A. Prepare the Manufacturing Account for year ended 2021 December 31. B. Prepare the Income Statement for year ended 2021 December 31.Raw material purchased OMR150000, opening stock raw material OMR 53000, Paid freight charges OMR 7000, wages paid to labor OMR 40000, closing stock finished goods OMR 15000 and factory overhead is OMR 58000. The cost of goods Manufacturing is:
- Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…Marigold Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec. 31, 2022 Raw materials inventory $100400 $79900 Work in process inventory 129200 145300 Finished goods inventory 125600 114000 During 2022, Marigold purchased $949000 of raw materials, incurred direct labour costs of $124200, and incurred manufacturing overhead totalling $159300. Marigold Manufacturing’s cost of goods manufactured for 2022 amounted to $1236900. How much would it report as cost of goods sold for the year? $1361100 $1225300 $1248600 $1248500T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
- Description Amount Inventory of Raw Material (Opening Stock) 12,500.00 Purchases of Raw Materials 102,000.00 Raw Materials Returned 650.00 Carriage on Purchases 1,800.00 Inventory of Finished goods - Opening 10,500.00 Inventory of Finished goods - Closing 12,000.00 Inventory of Raw Material (Closing Stock) 13,000.00 Cost of Raw Material Consumed ? find Cost fo Raw material consumedWork in process inventory on December 31 of the current year is $44,000. Work in process inventory increased by 60% during the year. Cost of goods manufactured amounts to $275,000. What are the total manufacturing costs incurred in the current year? a.$233,750 b.$291,500 c.$275,750 d.$302,000 Period costs include a.operating costs that are shown on the income statement when products are sold b.operating costs that are shown on the income statement in the period in which they are incurred c.current liabilities on the balance sheet d.current assets on the balance sheet On the statement of cash flows prepared by the indirect method, the cash flows from operating activities section would include A.amortization of premium on bonds payable. B.receipts from the sale of investments. C.receipts from the issuance of common stock. D.payments for cash dividends.Current Attempt in Progress An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9,110 $14,750 Work in process 6,800 8,470 Finished goods 9,350 6,700 Costs incurred: raw materials purchases $55,260, direct labor $48,920, manufacturing overhead $23,050. The specific overhead costs were: indirect labor $6,340, factory insurance $4,510, machinery depreciation $4,900, machinery repairs $1,930, factory utilities $3,610, and miscellaneous factory costs $1,760. Assume that all raw materials used were direct materials.(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.