Please answer all will surely given an upvote. THANK YOU V PROBLEM COST OF SALES / COST OF GOODS MANUFACTUREDLong-ganisa Corporation, a manufacturer of Hot Dogs, gave you the following partial financialinformation from the trial balance of the company, for its first year of operation, ending December 31,2020:Factory insuranceSalaries and wages - OfficeStore light and water expenseOffice light and water expenseDepreciation Expense - Factory machineriesAccrued salaries and wages - officeIndirect laborSales returns and allowancesFreight inMaterial inventory, Jan. 1Work in Process, Jan. 1Finished goods inventory, Jan. 1Material purchaseSalesSales discountFactory light and waterFreight OutStore Supplies, Jan. 1Direct LaborPurchase returns and allowancesPurchase discountsDepreciation expense - store equipmentFactory superintendenceFactory taxesDepreciation expense - delivery equipmentStore insurance expensePrepaid factory insurance expenseSalaries and wages - Store15,00015,0003,0002,00018,00013,00020,000150,00010,000100,000200,000200,000P2,000,0003,500,00050,00010,00020,00010,000500,000100,00040,00012,00050,00012,00013,0005,0002,00010,000FOH/CGMAESEAECA/CGM /DMCA/CGMCA/COSFOH/CGMCLFOH/CGMNSCGM DMCGM / DMCGMCOSCGM / DMNSNSFOH/CGMSESECGMCGM /DMCGM DMSEFOH/CGMFOH/GGMSESECASEThe physical count at the end of the year showed the amount of inventories as of December 31, 2020:Material inventoryP 100,000Work in Process inventory150,000Finished goods inventory200,000Quantity manufactured - 100 unitsRequired: In good form, prepare the Statement of Cost of Goods Manufactured and Cost of SalesINSTRUCTION: ANSWER THE FOLLOWING QUESTIONS AND INDICATE YOUR ANSWERS IN THEANSWER SHEET ABOVE.1. The cost of direct materials P2. The cost of direct labor is P3. The cost of FACTORY OVERHEAD is P4. The total FACTORY COST is P5. The COST OF GOODS MANUFACTURED is P6. The COST PER UNIT is P7. The COST OF SALES is P8. The GROSS PROFIT is P9. The GROSS PROFIT RATE is P7

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V PROBLEM COST OF SALES / COST OF GOODS MANUFACTURED Long-ganisa Corporation, a manufacturer of Hot Dogs, gave you the following partial financial information from the trial balance of the company, for its first year of operation, ending December 31, 2020: Factory insurance Salaries and wages - Office Store light and water expense Office light and water expense Depreciation Expense - Factory machineries Accrued salaries and wages - office Indirect labor Sales returns and allowances Freight in Material inventory, Jan. 1 Work in Process, Jan. 1 Finished goods inventory, Jan. 1 15,000 15,000 3,000 2,000 20,000 150,000 FOH/CGM AE SE AE 18,000 13,000 CL 10,000 100,000 200,000 200,000 FOH/CGM FOH/CGM NS CGM DM CGM / DM CGM COS 7

V PROBLEM COST OF SALES / COST OF GOODS MANUFACTURED Long-ganisa Corporation, a manufacturer of Hot Dogs, gave you the following partial financial information from the trial balance of the company, for its first year of operation, ending December 31, 2020: Factory insurance Salaries and wages - Office Store light and water expense Office light and water expense Depreciation Expense - Factory machineries Accrued salaries and wages - office Indirect labor Sales returns and allowances Freight in Material inventory, Jan. 1 Work in Process, Jan. 1 Finished goods inventory, Jan. 1 15,000 15,000 3,000 2,000 20,000 150,000 FOH/CGM AE SE AE 18,000 13,000 CL 10,000 100,000 200,000 200,000 FOH/CGM FOH/CGM NS CGM DM CGM / DM CGM COS 7

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.2P: Costs and Expenses The following costs are incurred by a retailer: Display fixtures in a retail...

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Costs and Expenses The following costs are incurred by a retailer: Display fixtures in a retail store Advertising Merchandise for sale Incorporation (i.e., legal costs, stock issue costs) Cost of a franchise Office supplies Wages and salaries Computer software Computer hardware Required For each cost, explain whether all of the cost or only a portion of the cost would appear as an expense on the income statement for the period in which the cost was incurred. If not all of the cost would appear on the income statement for that period, explain why not.
f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
a. Calculate the cost of goods manufactured for the year by Gopaul Electronics b.) Prepare an income statement for Gopaul Electronics for the year ended December 31, 2023, clearly showing the calculation of Cost of Goods Sold. List the non-production overheads in order of size starting with the largest. c) What is the selling price per switch if Gopaul Electronics manufactured 1,500 switches for the period under review and uses a mark-up of 33⅓% on cost?
e)Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost?
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,410 51,520 15,030 37,090 Double line4,010 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,020 56,340 15,540 31,920 Double line Double line6,860 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20
d) Determine the prime cost & conversion cost of the cases manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. g) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
c) What is the total factory overhead costs incurred by Personal Protective Gears & More during the period? d) Determine the prime cost & conversion cost of the masks manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. f) Prepare an income statement for personal Protective Gears & More for the year ended June 30, 2021. List the non-manufacturing overheads in order of size starting with the largest. g) What is the selling price per mask if Personal Protective Gears manufactured 1,850 masks for the period under review and uses a mark-up of 25% on cost? h) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
Answer question: d and e Elite Home Decor manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labor-intensive production process, so it assigns manufacturing overhead based on direct labor costs. Elite expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labor costs of $3,150,000 during 2020. At the end of December 2019, Elite reported work in process inventory (Job 551) of $93,000 The following events occurred during January - March 2020. Purchased materials on account, $392,000 Incurred manufacturing wages of $400,000 Requisitioned direct materials and used direct labor in manufacturing 4. Issued indirect materials to production, $30,000 5.Charged indirect manufacturing wages to production, $60,000 6.Depreciation of production machinery, $85,000 7. Other manufacturing overhead costs incurred on units 551 to 554 amounted to $49,000 8.Allocated overheads to jobs at the predetermined rate 9.…
4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
S1: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account is debited.S2: Over-applied overhead that is material in amount is closed to the Cost of Sales account at year-end. Group of answer choices False; True False; False True; True True; False
Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
5. The following information is available for Riqqio Manufacturing Company. January 1, 2020 2020 December 31,2020 Raw materials inventory $21,000 $30,000 Work in process inventory 18,500 17,200 Finished goods inventory 27,000 31,000 Materials purchased $170,000 Direct labor $200,000 Manufacturing overhead $180,000 Sales 900,000 Required: (a) Show the presentation of the ending inventories on the December 31, 2020 balance sheet. (b) How would the Balance sheet of a merchandising company be different from Riqqio’s financial statements?