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The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020 57,000 Raw materials used in production 80,000 Finished goods, December 31, 2020 54,000 Raw materials purchased 140,000 Raw materials used in production 80,000 Accounts receivable collections Raw materials purchased 140,000 Accounts payable payments 84,000 Accounts receivable collections 1570000 Sales ? Accounts payable payments 84,000 Total manufacturing costs Sales 1,500,000 Cost of goods manufactured ? Total manufacturing costs Cost of goods sold 60% of Sales Cost of goods manufactured Gross margin 600,000 Cost of goods sold Gross margin 600,000 Print Done

The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020 57,000 Raw materials used in production 80,000 Finished goods, December 31, 2020 54,000 Raw materials purchased 140,000 Raw materials used in production 80,000 Accounts receivable collections Raw materials purchased 140,000 Accounts payable payments 84,000 Accounts receivable collections 1570000 Sales ? Accounts payable payments 84,000 Total manufacturing costs Sales 1,500,000 Cost of goods manufactured ? Total manufacturing costs Cost of goods sold 60% of Sales Cost of goods manufactured Gross margin 600,000 Cost of goods sold Gross margin 600,000 Print Done

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 6E: Berg Company began operations on January 1, 2019, and uses the FIFO method in costing its raw...
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The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 ? Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020 57,000 Raw materials used in production 80,000 Finished goods, December 31, 2020 54,000 Raw materials purchased 140,000 Raw materials used in production 80,000 Accounts receivable collections ? Raw materials purchased 140,000 Accounts payable payments 84,000 Accounts receivable collections 1570000 Sales ? Accounts payable payments 84,000 Total manufacturing costs Sales 1,500,000 Cost of goods manufactured Total manufacturing costs Cost of goods sold 60% of Sales Cost of goods manufactured Gross margin 600,000 Cost of goods sold Gross margin 600,000 Print Done
Transcribed Image Text:The following information is available for the Turner Manufacturing company for 2020. E (Click the icon to view the information.) Requirement Assume that all raw materials are purchased on credit and all sales Data table Accounts receivable, January 1, 2020 $ 160,000 Accounts payable, January 1, 2020 Accounts receivable, January 1, 2020 160,000 Raw materials, January 1, 2020 12,000 Accounts payable, January 1, 2020 104,000 Work in process, January 1, 2020 20,000 Raw materials, January 1, 2020 12,000 Finished goods, January 1, 2020 70,000 Work in process, January 1, 2020 20,000 Accounts receivable, December 31, 2020 90,000 Finished goods, January 1, 2020 70,000 Accounts payable, December 31, 2020 240,000 Accounts receivable, December 31, 2020 90,000 Raw materials, December 31, 2020 ? Accounts payable, December 31, 2020 240,000 Work in process, December 31, 2020 57,000 Raw materials, December 31, 2020 72,000 Finished goods, December 31, 2020 54,000 Work in process, December 31, 2020 57,000 Raw materials used in production 80,000 Finished goods, December 31, 2020 54,000 Raw materials purchased 140,000 Raw materials used in production 80,000 Accounts receivable collections ? Raw materials purchased 140,000 Accounts payable payments 84,000 Accounts receivable collections 1570000 Sales ? Accounts payable payments 84,000 Total manufacturing costs Sales 1,500,000 Cost of goods manufactured Total manufacturing costs Cost of goods sold 60% of Sales Cost of goods manufactured Gross margin 600,000 Cost of goods sold Gross margin 600,000 Print Done
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