Sales revenue2205000Raw material inventory 12/31/x189000Purchase of raw material in 2x2731000Raw material inventory 12/31/x259000Direct labor cost incurred474000Selling and Advertisement expenses269000Indirect labor cost incurred15000Property taxes on factory90000Deprecation on factory building125000Income tax expense25000Indirect material used45000Deprecation on factory equipment60000Insurance on factory & equipment40000Utilities for factory70000WIP inventor 12/31/x10WIP inventor 12/31/x240000Finish good inventory 12/31/x135000Finish good inventory 12/31/x240000Applied manufacturing overhead587500 Required Calculate Cost of goods manufactured Cost of goods sold Net Income

Required statements are given below:

Answered: Sales revenue 2205000 Raw material…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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:
A. 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.
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
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…
ABC Ltd. incurred the following costs while manufacturing its product. Property taxes on store 7500 Advertising expense 45000 Delivery expense 21000 Sales commissions 35000 Salaries paid to sales clerks 50000 Sales revenue 445000 Sales Discount 15000 COGS 337900 Work in process inventory was 12000 at January 1 and 15500 at December 31. Finished goods inventory was 60000 at January 1 and 45600 at December 31. Compute gross profit.Single line text.
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…
Inventory                    1/10/2021        31/12/2021 Raw Materials             $72,000           $65,000 Work in Progress        $138,875         $129,125 Finished Goods           $149,500         $141,700 Other information: Sales Revenue                                                 $1,694,950 Factory Labour                                               239,700 Raw Materials Purchased                               235,000 Office Cleaner’s Wages                                  4,500 Factory Supplies Used                                    23,500 Depreciation: Factory Plant & Equipment     32,000 Total Utilities                                                  118,750 Plant Supervisor’s Salary                               180,000 Design Costs ( Logo)                                      4,300 Packaging Material Cost                                35,000 Total Insurance                                               60,000 Delivery Vehicle Drivers’ Wages…
Inventory                    1/10/2021        31/12/2021 Raw Materials             $72,000           $65,000 Work in Progress        $138,875         $129,125 Finished Goods           $149,500         $141,700 Other information: Sales Revenue                                                 $1,694,950 Factory Labour                                               239,700 Raw Materials Purchased                               235,000 Office Cleaner’s Wages                                  4,500 Factory Supplies Used                                    23,500 Depreciation: Factory Plant & Equipment     32,000 Total Utilities                                                  118,750 Plant Supervisor’s Salary                               180,000 Design Costs ( Logo)                                      4,300 Packaging Material Cost                                35,000 Total Insurance                                               60,000 Delivery Vehicle Drivers’ Wages…
Inventory                    1/10/2021        31/12/2021 Raw Materials             $72,000           $65,000 Work in Progress        $138,875         $129,125 Finished Goods           $149,500         $141,700 Other information: Sales Revenue                                                 $1,694,950 Factory Labour                                               239,700 Raw Materials Purchased                               235,000 Office Cleaner’s Wages                                  4,500 Factory Supplies Used                                    23,500 Depreciation: Factory Plant & Equipment     32,000 Total Utilities                                                  118,750 Plant Supervisor’s Salary                               180,000 Design Costs ( Logo)                                      4,300 Packaging Material Cost                                35,000 Total Insurance                                               60,000 Delivery Vehicle Drivers’ Wages…
Inventory 1/10/2021 31/12/2021 Raw Materials $72,000 $65,000 Work in Progress $138,875 $129,125 Finished Goods $149,500 $141,700 Other information: Sales Revenue $1,694,950 Factory Labour 239,700 Raw Materials Purchased 235,000 Office Cleaner’s Wages 4,500 Factory Supplies Used 23,500 Depreciation: Factory Plant & Equipment 32,000 Total Utilities 118,750 Plant Supervisor’s Salary 180,000 Design Costs ( Logo) 4,300 Packaging Material Cost 35,000 Total Insurance 60,000 Delivery Vehicle Drivers’ Wages…
Raw Material inventory $657 $277 Work-in-Process inventory $4473 $1444 Finished Goods inventory $5429 $1481 Direct materials: $128 Direct labor: $193 Actual Manufacturing overhead costs: $1039 Applied Manufacturing overhead costs: $1933 Compute the ADJUSTED Cost of Good Sold Please give explanation for answer, thank you!
If the beginning finished goods inventory 250 000 ID , prime cost 250 000 ID , ending finished goods inventory 160 000 ID , manufacturing overhead expenses 180 000 ID , cost of goods manufactured 1224 000 ID , the cost of goods sold are : - a - 1314 000 ID. b - 2184 000 ID . c - 1824 000 ID .

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Sales revenue	2205000
Raw material inventory 12/31/x1	89000
Purchase of raw material in 2x2	731000
Raw material inventory 12/31/x2	59000
Direct labor cost incurred	474000
Selling and Advertisement expenses	269000
Indirect labor cost incurred	15000
Property taxes on factory	90000
Deprecation on factory building	125000
Income tax expense	25000
Indirect material used	45000
Deprecation on factory equipment	60000
Insurance on factory & equipment	40000
Utilities for factory	70000
WIP inventor 12/31/x1	0
WIP inventor 12/31/x2	40000
Finish good inventory 12/31/x1	35000
Finish good inventory 12/31/x2	40000
Applied manufacturing overhead	587500