The following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31 Materials $77,350 $95,550 Work in Process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense – office equipment 22,750 Depreciation expense- factory equipment 14,560 Direct Labor 186,550 Heat, light, and power—factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes—factory 4,095 Property taxes—office building 13,650 Rent expense—factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies—factory 3,250 Miscellaneous costs—factory 4,420 Instructions Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.

The following information is available for Shanika Company for 2016: Inventories Jan 1 Dec31 Materials $77,350 $95,550 Work in Process 109,200 96,200 Finished goods 113,750 100,100 Advertising expense $ 68,250 Depreciation expense – office equipment 22,750 Depreciation expense- factory equipment 14,560 Direct Labor 186,550 Heat, light, and power—factory 5,850 Indirect labor 23,660 Materials purchased 123,500 Office salaries expense 77,350 Property taxes—factory 4,095 Property taxes—office building 13,650 Rent expense—factory 6,825 Sales 864,500 Sales salaries expense 136,500 Supplies—factory 3,250 Miscellaneous costs—factory 4,420 Instructions Prepare the 2016 statement of cost of goods manufactured. Prepare the 2016 income statement.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $347,900 $438,350 Work in process 626,220 596,160 Finished goods 601,870 609,310 Advertising expense $297,640 Depreciation expense-office equipment 42,080 Depreciation expense-factory equipment 56,550 Direct labor 675,060 Heat, light, and power-factory 22,360 Indirect labor 78,900 Materials purchased 661,910 Office salaries expense 231,010 Property taxes-factory 18,410 Property taxes-headquarters building 38,140 Rent expense-factory 31,120 Sales 3,099,130 Sales salaries expense 380,490 Supplies-factory 15,340 Miscellaneous costs-factory 9,640 Required: 1. Prepare the statement of cost of goods manufactured. 2. Prepare the income statement.
Ogleby Inc's accounting records reflect the following inventories: Dec. 31. 2016 T Dec 31, 2017 Raw materials inventory $120,000 $96.000 Work in process inventory 156,000 174,000 Finished goods inventory 138.000 150,000 During 2017, Ogleby purchased $890,000 of raw materials, incurred direct labor costs of $175,000, and incurred manufacturing overhead totaling $224,000. How much is total manufacturing costs incurred during 2017 for Ogleby? $1,403,000 $1,313,000 $1,385,000 $1,379,000
The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $437,000 Work in process 625,800 592,800 Finished goods 605,200 576,000 December 31 Advertising expense $294,200 Depreciation expense-office equipment 44,760 Depreciation expense-factory equipment 56,200 Direct labor 669,600 Heat, light, and power-factory 22,060 Indirect labor 76,750 Materials purchased 658,200 Office salaries expense 184,200 Property taxes-factory 17,000 Property taxes-office building 31,600 Rent expense-factory 32,100 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,500 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.* *Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions list provided for the exact wording of…
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,750 $94,450 Work in process 108,600 96,800 Finished goods 113,750 109,100 December 31 Advertising expense $ 69,000 Depreciation expense-office equipment 22,750 Depreciation expense-factory equipment 14,860 Direct labor 184,350 Heat, light, and power-factory 5,950 Indirect labor 24,600 Materials purchased 122,200 Office salaries expense 77,750 Property taxes-factory 4,170 Property taxes-office building 13,200 Rent expense-factory 6,675 Sales 862,000 Sales salaries expense 138,500 Supplies-factory 5,000 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list…
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $345,000 $436,800 Work in process 634,600 591,600 Finished goods 607,800 575,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 42,000 Depreciation expense-factory equipment 55,940 Direct labor 669,000 Heat, light, and power-factory 22,100 Indirect labor 78,500 Materials purchased 658,000 Office salaries expense 185,900 Property taxes-factory 19,000 Property taxes-office building 31,800 Rent expense-factory 32,300 Sales 3,010,000 Sales salaries expense 416,000 Supplies-factory 15,300 Miscellaneous costs-factory 9,300 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for…
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $352,000 $436,200 Work in process 632,000 590,800 Finished goods 606,200 574,000 December 31 Advertising expense $ 295,400 Depreciation expense-office equipment 43,800 Depreciation expense-factory equipment 56,340 Direct labor 669,400 Heat, light, and power-factory 22,220 Indirect labor 77,000 Materials purchased 659,200 Office salaries expense 185,300 Property taxes-factory 18,500 Property taxes-office building 31,600 Rent expense-factory 33,000 Sales 3,015,000 Sales salaries expense 418,000 Supplies-factory 15,200 Miscellaneous costs-factory 9,700 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions…
The following information is available for Lagakos Corporation for 20Y8: Inventories January 1 December 31 Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400 December 31 Advertising expense $67,800 Depreciation expense-office equipment 23,000 Depreciation expense-factory equipment 14,600 Direct labor 186,100 Heat, light, and power-factory 5,550 Indirect labor 23,800 Materials purchased 123,800 Office salaries expense 78,300 Property taxes-factory 4,145 Property taxes-office building 13,800 Rent expense-factory 6,550 Sales 861,500 Sales salaries expense 138,500 Supplies-factory 4,750 Miscellaneous costs-factory 4,420 Required: 1. Prepare the statement of cost of goods manufactured.* 2. Prepare the income statement.*
The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.
Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Dec. 31, 2017 Raw materials inventory $ 80,000 $ 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000.How much raw materials were transferred to production during 2017 for Benson? Select one: A. $1,386,000 B. $1,450,000 C. $1,466,000 D. $1,434,000
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…
The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $78,950 $95,200 Work in process 110,000 95,000 Finished goods 114,750 109,800 December 31 Advertising expense $ 68,300 Depreciation expense-office equipment 21,500 Depreciation expense-factory equipment 14,460 Direct labor 186,700 Heat, light, and power-factory 5,800 Indirect labor 24,260 Materials purchased 121,600 Office salaries expense 74,850 Property taxes-factory 4,035 Property taxes-office building 13,250 Rent expense-factory 6,025 Sales 863,500 Sales salaries expense 135,000 Supplies-factory 3,500 Miscellaneous costs-factory 5,280 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries.…

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bartleby, a Learneo, Inc. business

Inventories	Jan 1	Dec31
Materials	$77,350	$95,550
Work in Process	109,200	96,200
Finished goods	113,750	100,100

Advertising expense		$ 68,250
Depreciation expense – office equipment		22,750
Depreciation expense- factory equipment		14,560
Direct Labor		186,550
Heat, light, and power—factory		5,850
Indirect labor		23,660
Materials purchased		123,500
Office salaries expense		77,350
Property taxes—factory		4,095
Property taxes—office building		13,650
Rent expense—factory		6,825
Sales		864,500
Sales salaries expense		136,500
Supplies—factory		3,250
Miscellaneous costs—factory		4,420