Sandhill Manufacturing Company has the following data at June 30, 2022: Raw materials inventory, June 1 $ 16,640 Work in process inventory, June 1 21,680 Finished goods inventory, June 1 52,200 Total manufacturing costs 516,000 Sales 696,000 Work in process inventory, June 30 36,520 Finished goods inventory, June 30 66,160 Raw materials inventory, June 30 21,600 a) Prepare an income statement through gross profit for the month of June.

Sandhill Manufacturing Company has the following data at June 30, 2022: Raw materials inventory, June 1 $ 16,640 Work in process inventory, June 1 21,680 Finished goods inventory, June 1 52,200 Total manufacturing costs 516,000 Sales 696,000 Work in process inventory, June 30 36,520 Finished goods inventory, June 30 66,160 Raw materials inventory, June 30 21,600 a) Prepare an income statement through gross profit for the month of June.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

See similar textbooks

Similar questions

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)?
Ivanhoe Manufacturing Company has the following data at June 30, 2022: $ 11,880 15,560 37,410 Raw materials inventory, June 1 Work in process inventory, June 1 Finished goods inventory, June 1 Total manufacturing costs Sales Work in process inventory, June 30 Finished goods inventory, June 30 Raw materials Inventory, June 30 369,800 498.800 26.150 47,460 15,480 Prepare an income statement through gross profit for the month of June. IVANHOE MANUFACTURING COMPANY (Partial) Income Statement S
Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Aricanly Manufacturing Company for the month ending January 31: Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales 421,790 099 43,440 Finished goods inventory, January 1 Finished goods inventory, January 31 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 31 Finished goods inventory, January 1 Cost of goods manufactured Cost of finished goods available for sale Less finished goods inventory, January 31 PIOS spoob jo 150) Feedback Show all 12:43 AM a (中岁。 11/3/2021 直0 su prt sc delete 114 1AA backspace 00 pause home ctri
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: Cost of goods manufactured $165,390 Selling expenses 55,250 Administrative expenses 29,210 Sales 351,890 Finished goods inventory, January 1 39,760 Finished goods inventory, January 31 36,240 a. For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold. Bandera Manufacturing Company Cost of Goods Sold January 31 $ $ $ b. For the month ended January 31, determine Bandera Manufacturing’s gross profit. Bandera Manufacturing Company Gross Profit January 31 $ $ c. For the month ended January 31, determine Bandera Manufacturing’s net income. Bandera Manufacturing Company Net Income January 31 $ Operating expenses: $ Total operating expenses…
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 $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
The following information is available for Shamrock Company. Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue January 1, 2022 $18,800 12,300 24,350 2022 tA $135,000 198,000 162,000 819,000 SHAMROCK COMPANY Income Statement (Partial) December 31, 2022 $27,000 $ 15,550 18,900 LA $ 4
Using the information below, compute the raw materials inventory turnover: Raw materials used $ 161,600 Beginning raw materials inventory 20,000 Ending raw materials inventory 22,200
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Aricanly Manufacturing Company for the month ending January 31: Cost of goods manufactured $292,550 Selling expenses 97,720 Administrative expenses 51,660 Sales 622,440 Finished goods inventory, January 1 70,340 Finished goods inventory, January 31 64,110 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 31
The following data were taken from the records of Larkspur Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 Raw Materials Inventory 6/30/25 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 Work in Process Inventory 7/1/24 Work in Process Inventory 6/30/25 Direct Labor Indirect Labor $57,500 41,500 96,300 22,100 21,300 28.200 142,650 26,760 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $29,900 4,900 17,000 31.100 8,550 561,300. 4,300 65,100 9.610 1,500 99,400 42.100
The following information is taking from Wei Min Enterprise for the year ended 31 December 2020: Particulars RM Inventory at 1 January 2020: Raw materials Work in progress Finished goods 25,400 31,100 23,260 Purchases : raw materials 91,535 Carriage on raw materials 1,960 Direct labour 84,208 Office salaries 33,419 Rent 5,200 Office lighting and heating 4,420 Depreciation: Works machinery Office equipment 10,200 2,300 Sales 318,622 Factory fuel and power 8,120 Additional information: Rent is to be apportioned: factory ¾; office ¼ Inventory at 31 December 2020 was: Raw materials RM28,900 Work in progress RM24,600 Finished goods RM28,840 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020.