Sales Inventories at 1 July 2021 Raw materials Work in process Finished goods Inventories at 30 June 2022 Raw materials Work in process Finished goods Direct material used Purchases of raw materials Direct labour. Actual manufacturing overhead Selling and administrative expenses Total manufacturing costs Cost of goods manufactured Cost of goods available for sale Cost of goods sold Gross profit Net profit $ 4,625,000 300,000 175,000 250,000 400,000 150,000 150,000 475,000 575,000 1,125,000 2,238,750 0 3,850,000 3,875,000 4,125,000 3,963,750 661,250 661,250

Sales Inventories at 1 July 2021 Raw materials Work in process Finished goods Inventories at 30 June 2022 Raw materials Work in process Finished goods Direct material used Purchases of raw materials Direct labour. Actual manufacturing overhead Selling and administrative expenses Total manufacturing costs Cost of goods manufactured Cost of goods available for sale Cost of goods sold Gross profit Net profit $ 4,625,000 300,000 175,000 250,000 400,000 150,000 150,000 475,000 575,000 1,125,000 2,238,750 0 3,850,000 3,875,000 4,125,000 3,963,750 661,250 661,250

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

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
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.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and 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 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Bubba 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…
An incomplete cost of goods manufactured schedule is presented here.Complete the cost of goods manufactured schedule for Splish Brothers Company. (Assume that all raw materials used were direct materials.) SPLISH BROTHERS COMPANYCost of Goods Manufactured ScheduleFor the Year Ended December 31, 2022 Work in process, January 1 $243,600 Direct materials Raw materials inventory, January 1 $enter a dollar amount Raw materials purchases 184,000 Total raw materials available for use enter a total of the two previous amounts Less: Raw materials inventory, December 31 27,000 Direct materials used $208,800 Direct labor enter a dollar amount Manufacturing overhead Indirect labor 21,600 Factory depreciation 41,400 Factory utilities 79,600 Total manufacturing overhead 142,600 Total…
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:
Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended31 March 2021:Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory valuation…
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) P60,000
Exercise 4: ABC Electrical Company has the following records for the period ended 31 December 2019. Total production units 7500 units Material purchased OMR 55000 Inventories, 1 January 2019: Materials OMR 2000 Work-in-process OMR 20000 Finished goods OMR 10000 Direct labor OMR 105000 Factory overhead OMR 75000 Inventories, 31 December 2019: Material OMR 5000 Work-in process OMR 10000 Finished goods 1000 units Finished goods are valued at the current unit 1/Schedule of cost of goods manufactured
Requirements: 1. Compute equivalent production for 2020 2. Compute the unit cost for the year 2020 to the nearest cent. 3. Compute the cost of the ending inventory of work in process. 4. Compute the cost of goods completed and transferred to finished goods. 5. Tess now uses FIFO. Compute the ending inventory of work in process.
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 $1248500
The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?