Please do not give solution in image format thanku The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.April 1Inventory balancesRaw materialsWork in processFinished goodsApril 30Inventory balancesRaw materialsWork in processFinished goodsDuring AprilCosts of raw materials purchasedCosts of direct laborCosts of manufacturing overheadSales revenues$$$123,100118,10076,20085,900146,30081,700118,900101,10061,000360,000RequiredPrepare a schedule of cost of goods manufactured and sold.Calculate the amount of gross margin on the income statement.

Formula: Materials consumed = Beginning Raw materials + Purchases - Ending materials Deducting…

Answered: Required Prepare a schedule of cost of…

Required Prepare a schedule of cost of goods manufactured and sold. Calculate the amount of gross margin on the income statement.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13PB: Selected information from Hernandez Corporation shows the following: Prepare journal entries to...

See similar textbooks

Related questions

Q: Required information Skin to

A: As per IRS rules USA , a adjusted gross income of a taxpayer is the net…

Q: The following information relates to Charleston Co.'s accounts receivable for 2021: Accounts…

A: Ending account receivable balance = beginning account receivable balance + sales - cash collected -…

Q: Garrett Corporation began operations in 2021. To maintain its accounting records, Garrett entered…

A: INTRODUCTION: Capitalized Software Expenses are expenses such as programmer pay, software testing,…

Q: What are the materials purchases costs for February?

A: The direct material purchase budget is a budget prepared for a future period to calculate the…

Q: RM1. During March, Company A wrote off a $15,000 account receivable because a customer went…

A: If a customer goes bankrupt, it means that they are unable to pay the debt they owe to the company.…

Q: The controller of Wildhorse Company estimates sales and production for the first four months of 2022…

A: Budgeting - Budgeting is a method of estimating sales and expenses on the basis of past performance.…

Q: Use the following information below to complete the inventory calculations on the FIFO, LIFO, and…

A: Under FIFO method inventory that comes first is sold first and the most recent inventories is…

Q: Handy Leather, Inc., produces three sizes of sports gloves: small, medium, and large. A glove…

A: Factory Overhead Rate :— It is the rate used to allocate manufacturing overhead to cost object. It…

Q: Tree top Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy…

A: Consignment is the agreement between two parties known as consignor and consignee, under which…

Q: The Peace Department of Shalom Company uses 5,000 kilograms per month in its production of Peace…

A: Internal transfer means where one independent department is transferring the goods to another…

Q: Cablephones Inc., which is not a member of an affiliated group, had $390,000 gross income from

A: The dividend received from other companies are subjected to qualified deductions and these…

Q: Activity Setting up equipment Ordering costs Machine costs Direct materials Direct labor Units…

A: Activity driver analysis identifies and assesses the factors involved in the costing of goods and…

Q: inventory orporation's balance sheet at De Teal Mountain Corporation Balance Sheet December 31, 2024…

A: Journal Entries Are Recorded The All The Business Transaction Into Accounting Journal. It Is The…

Q: In today's fast-paced business environment, decision making is a critical task for managers. Making…

A: Total manufacturing cost = Direct materials + Direct labor + Variable manufacturing overhead + Fixed…

Q: Joint Cost Allocation—Physical Units Method Board-It, Inc., produces the following types of 2 × 4 ×…

A: Joint production cost refers to the costs incurred in producing two or more products or services…

Q: Preciou

Q: Requirements 1. Determine the amounts that Woody's should report for cost of goods sold and ending…

A: INVENTORY VALUATION Inventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: 6 12.5 points eBook 100 Hint References Record adjusting journal entries for each separate case…

A: Note : The adjustment entries are accounting journal entries made at the end of the accounting…

Q: Samantha Corporation purchased inventory costing $140,000 and sold 70% of the goods for $173,000.…

A: Journal entries are the primary reporting of the transactions in the books of accounts. It is…

Q: PT Barnum Company uses the periodic inventory system and has the following data from its December…

A: Gross profit method : Under this method a percentage of gross profit is taken to calculate the cost…

Q: Edington Electronics Inc. produces and sells two models of pocket calculators, XQ-103 and XQ-104.…

A: Sales Budget :— This budget is prepared to estimate the total sales revenue generates during the…

Q: Round the answers to NPV (Option 1), and NPV (Option 2) to the nearest dollar. Round all other…

A: To calculate NPV in case if the equipment is purchased we will have to calculate the present value…

Q: On is a salesperson who receives an annual salary of $24,000 paid semimonthly plus commissions of 5%…

A: The company pays to the employees on the basis of fixed monthly pay and plus commission on the…

Q: olleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal…

A: Accounting profession is highly responsible profession and honesty and transparency and professional…

Q: The process of adjusting the bond interest expense account for any premium is called amortization of…

A: The process of adjusting the bond interest expense account for any premium is called amortization of…

Q: Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an…

A: An income statement is prepared by the company to calculate the amount of net loss or net profit…

Q: Milling Department Cost of beginning work in process inventory Costs added during the period Total…

A: Materials Conversion Total cost $301,600 $408,000 / Equivalent units / 5,200 / 5,000…

Q: XYZ Corp sells beach umbrellas. What methodology should it use to account for seasonality? Select an…

A: XYZ Corp, a company that sells beach umbrellas, needs to account for seasonality in its business…

Q: Information concerning Johnston Company's direct materials costs is as follows: Standard price…

A: Direct Materials Usage Variance = (SQ - AQ) x SP Where:SQ = Standard quantity of materials allowed…

Q: Toil & Oil processes crude oil to jointly produce gasoline, diesel, and kerosene. One batch produces…

A: Joint Cost :— It is the total cost incurred jointly in the manufacturing of two or more joint…

Q: Shalom Company manufactures socks that sell for P60 each. For the coming year, the management…

A: Contribution Margin is the amount that is arrived at after all the variable expenses of…

Q: On July 15, 2021, Cottonwood Industries sold a patent and equipment to Roquemore Corporation for…

A: INTRODUCTION: A patent is a license or legal instrument that grants the exclusive/sole right to…

Q: 1. If SnowDelights cannot reduce its costs, what profit will it earn? State your answer in dollars…

A: Variable cost will vary with level of output and fixed cost remain fixed. We need to deduct both…

Q: Dog Bone Bakery, which bakes dog treats, makes a special biscuit for dogs. Each biscuit uses 0.75…

A: The variance is the difference between the actual costs and standard costs of production. The…

Q: Alyeski Tours operates day tours of coastal glaciers in Alaska on its tour boat the Blue Glacier.…

A: Preparation of flexible budget for Alyeski Tours with all workings are as follows. Flexible budget…

Q: what is the change in bonus expected for next year expected to be (assume rest of firm operates same…

A: First, let's calculate Mountville's residual income for the current year: Operating Income = Sales…

Q: Holman Medical Supplies uses an ABC method of allocating overhead costs. Using their predetermined…

A: Adjusted Cost of Goods Sold - Adjusted Cost of Good Sold is a cost incurred on the selling of goods…

Q: ssume that the current ratio for Arch Company is 2.5, its acid-test ratio is 2.0. allowing questions…

A: The current is the sum of cash, accounts receivable, and inventory. The quick ratio is the current…

Q: Assume no other adjusting entries are made during the year. a. Accounts Receivable. At year-end, the…

A: In accounting, journal entries are a record of financial transactions that a business has made. Each…

Q: Swell Computers manufactures desktop and laptop computers. The components of the financial…

A: Materiality is a concept in accounting and auditing that refers to the importance of an item or…

Q: If the contract rate on the bond is 13% and the market interest rate at the time of sale is 13.2%,…

A: When the contract rate on a bond is lower than the market interest rate, the bond is sold at a…

Q: Shalom Company uses traditional costing method in allocating overhead. When you presented the idea…

A: ACTIVITY BASED COSTING Activity Based Costing is a Powerful tool for measuring performance.…

Q: What do the Financial Statements of a business include?

A: INTRODUCTION: Every business handles a variety of daily business operations. The financial…

Q: McJunkin Ltd. declares a 10% share dividend on December 31, 2015. Currently McJunkin has 30,000…

A: Stock dividend is the dividend given in the form of shares. This is based on Outstanding shares of…

Q: What is financial planning and why is it important? Discuss briefly the financial planning process.

A: Financial planning is the process of identifying an individual's or organization's financial goals,…

Q: Budget is being created for next year. Expected production of Q1 = 15201 units Q 2 =…

A: The question is based on the concept of Cost Accounting. Budgets are used to calculate the future…

Q: Tech Systems manufactures an optical switch that it uses in its final product. Another company has…

A: Note : In make or buy decision making process the company should choose that option that provides…

Q: Igeland Company completed the "anuary 15 Purchased and paid for merchandise. The invoice amount was…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Which of the following statements is incorrect with respect to the treatment of a net operating loss…

A: The question pertains to the treatment of a net operating loss (NOL) for corporations that arises in…

Q: You have been appointed to assist the accountant of Catalyst (Pty) Ltd to prepare the financial…

A: The financial statements' property, plant, and equipment (PP&E) part includes notes that offer…

Question

Please do not give solution in image format thanku

The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead.
April 1
Inventory balances
Raw materials
Work in process
Finished goods
April 30
Inventory balances
Raw materials
Work in process
Finished goods
During April
Costs of raw materials purchased
Costs of direct labor
Costs of manufacturing overhead
Sales revenues
$
$
$
123,100
118,100
76,200
85,900
146,300
81,700
118,900
101,100
61,000
360,000
Required
Prepare a schedule of cost of goods manufactured and sold.
Calculate the amount of gross margin on the income statement.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 - Basic Introduction and formula

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin 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 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
The following data summarize the operations during the year. Prepare a journal entry for each transaction. A. Purchase of raw materials on account: $1,500 B. Raw materials used by Job 1: $400 C. Raw materials used as indirect materials: $50 D. Direct labor for Job 1: $200 E. Indirect labor Incurred for Job 1: $30 F. Factory utilities Incurred on account: $500 G. Adjusting entry for factory depreciation: $200 H. Manufacturing overhead applied as percent of direct labor: 100% I. Job 1 is transferred to finished goods J. Job 1 is sold: $1,000 K. Manufacturing overhead is under applied: $100
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Rich Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan. 1 Purchased materials on account, 22,000. 15 Issued direct materials to Job No. 1, 18,000. 20 Issued indirect materials (factory overhead), 3,000. 31 Incurred direct labor, Job No. 1, 11,000. 31 Incurred indirect labor (factory overhead), 4,000. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 1,500.
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Hilburn Manufacturing Corporation had the following transactions for its job order costing operation. Prepare general journal entries to record these transactions. Jan.1 Purchased materials on account, 17,000. 15 Issued direct materials to Job No. 104, 11,000. 20 Issued indirect materials (factory overhead), 5,000. 31 Incurred direct labor, Job No. 104, 9,000. 31 Incurred indirect labor (factory overhead), 2,500. 31 Incurred other indirect costs (factory overhead; credit Accounts Payable), 2,000.
On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
JOURNAL ENTRIES FOR MATERIAL, LABOR, AND OVERHEAD Eto Manufacturing had the following transactions during the month: (a) Purchased raw materials on account, 70,000. (b) Issued direct materials to Job No. 300, 25,000. (c) Issued indirect materials to production, 10,000. (d) Paid biweekly payroll and charged direct labor to Job No. 300, 8,000. (e) Paid biweekly payroll and charged indirect labor to production, 3,000. (f) Issued direct materials to Job No. 301, 20,000. (g) Issued indirect materials to production, 4,000. (h) Paid miscellaneous factory overhead charges, 6,000. (i) Paid biweekly payroll and charged direct labor to Job No. 301, 10,000. (j) Paid biweekly payroll and charged indirect labor to production, 2,000. REQUIRED Prepare general journal entries for transactions (a) through (j).
Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
Selected information from Hernandez Corporation shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
During 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.