Managerial Accounting
7th Edition
ISBN: 9781260247886
Author: Wild
Publisher: MCG
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Dd.14.
The following data are available for munnah company at the end of the fiscal year Gross profit -------- $96 Cost of goods manufactured --- 340 Finished goods Jan 1 ---- 45 Finished goods Jan 31 ---- 52 Work in process Jan 1 ---- 28 Work in process Jan 32 ---- 38 Determine the amount of sale for the year.
Problem 12
Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation:
Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000
PROBLEM 14: MMM Company started operations in 2019. The following data are abstractedfrom the company’s production and sales records:
2019 2020 2021
Number of units
produced 120,000 116,250 101,250
Number of units sold 75,000 108,750 97,500
Unit production cost P 4.50 P 5.20 P 5.80
Sales revenue 600,000 900,000 975,000
Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is:
Chapter 1 Solutions
Managerial Accounting
Ch. 1 - Prob. 1MCQCh. 1 - What is Ella Company’s current ratio? a.0.69...Ch. 1 - What is Ella Company’s acid-test ratio? a.2.39...Ch. 1 - What is Ella Company’s debt ratio? a. 25.78% b....Ch. 1 - What is Ella Company’s equity ratio? a.25.78%...Ch. 1 - Describe the managerial accountant’s role in...Ch. 1 - Distinguish between managerial and financial...Ch. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Distinguish between (a) factory overhead and (b)...
Ch. 1 - Prob. 6DQCh. 1 - What product cost is both a prime cost and a...Ch. 1 - APPLE Assume that we tour Apple’s factory where it...Ch. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Prob. 13DQCh. 1 - Prob. 14DQCh. 1 - Prob. 15DQCh. 1 - Prob. 16DQCh. 1 - Prob. 17DQCh. 1 - What are the three categories of manufacturing...Ch. 1 - List several examples of factory overhead.Ch. 1 - Prob. 20DQCh. 1 - GOOGLE Prepare a proper title for the annual...Ch. 1 - Prob. 22DQCh. 1 - Prob. 23DQCh. 1 - Prob. 24DQCh. 1 - Prob. 25DQCh. 1 - Prob. 1QSCh. 1 - Prob. 2QSCh. 1 - Fixed and variable costs C2 Listed below are...Ch. 1 - QS 14-4 Direct and indirect costs C2
Diez Company...Ch. 1 - Classifying product costs C2 Identify each of the...Ch. 1 - QS 14-6 Product and period costs C3
Identify each...Ch. 1 - Prob. 7QSCh. 1 - Prob. 8QSCh. 1 - Prob. 9QSCh. 1 - Prob. 10QSCh. 1 - Prob. 11QSCh. 1 - Prob. 12QSCh. 1 - Prob. 13QSCh. 1 - Prob. 14QSCh. 1 - Prob. 15QSCh. 1 - Prob. 16QSCh. 1 - Raw materials inventory management A1 Nestlé...Ch. 1 - Exercise 14-1 Sources of accounting information C1...Ch. 1 - Prob. 2ECh. 1 - Exercise 14-3 Cost classifications for a service...Ch. 1 - Exercise 14-4 Cost classifications for a service...Ch. 1 - Prob. 5ECh. 1 - Prob. 6ECh. 1 - Prob. 7ECh. 1 - Prob. 8ECh. 1 - Exercise 14-9 Preparing financial statements for a...Ch. 1 - Prob. 10ECh. 1 - Prob. 11ECh. 1 - Prob. 12ECh. 1 - Prob. 13ECh. 1 - Prob. 14ECh. 1 - Prob. 15ECh. 1 - Prob. 16ECh. 1 - Exercise 14-17 Lean business practice C6 Many...Ch. 1 - Prob. 18ECh. 1 - Prob. 19ECh. 1 - Prob. 1PSACh. 1 - Prob. 2PSACh. 1 - Prob. 3PSACh. 1 - Prob. 4PSACh. 1 - Prob. 5PSACh. 1 - Prob. 1PSBCh. 1 - Prob. 2PSBCh. 1 - Problem 14-3B Schedule of cost of goods...Ch. 1 - Problem 14-4B Ending inventory computation and...Ch. 1 - Prob. 5PSBCh. 1 - Prob. 1SPCh. 1 - Prob. 1AACh. 1 - Both Apple and Google (Alphabet) invest in...Ch. 1 - Samsung’s 2017 annual report discloses the...Ch. 1 - Prob. 1BTNCh. 1 - Prob. 2BTNCh. 1 - Prob. 3BTNCh. 1 - Prob. 4BTNCh. 1 - Prob. 5BTNCh. 1 - Prob. 6BTN
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- Costing inventory Golden Eagle Company begun operations in 2016 by selling a single product. Data on purchases and sales for the year were as follows: Sales: April 16,000 units May 16,000 June 20,000 July 24,000 August 28,000 September 28.000 October 18,000 November 10,000 December 8,000 Total units 168,000 Total sales 10,000,000 On January 4, 2017, the president of the company, Connie Kilmer, asked for your advice on costing the 32,000-unit physical inventory that was taken on December 51, 2016. Moreover, since the firm plans to expand its product line, she asked for your advice on the use of a perpetual inventory system in the future. 1. Determine the cost of the December 31. 2016, inventory under the periodic system, using the (a) first-m, first-out method, (b) last-in, first-out method, and (c) weighted average cost method. 2. Determine the gross profit for the year under each of the three methods in (1). 3. a. Explain varying viewpoints why each of the three inventory costing methods may best reflect the results of operations for 2016. b. Which of the three inventory costing methods may best reflect the replacement cost of the inventory on the balance sheet as of December 31, 2016:' c. Which inventory costing method would you choose to use for income tax purposes? Why? d. Discuss the advantages and disadvantages of using a perpetual inventory system. From the data presented in this case, is there any indication of the adequacy of inventory' levels during the year?arrow_forwardQuestion 2) Textbook Exercise 13-19: Target prices, target costs, cost management. 13-19 Target prices, target costs, activity-based costing. Snappy Tiles is a small distributor of marble tiles. Snappy identifies its three major activities and cost pools as ordering, receiving and storage, and shipping, and it reports the following details for 2016: For 2016, Snappy buys 250,000 marble tiles at an average cost of $3 per tile and sells them to retailers at an average price of $4 per tile. Assume Snappy has no fixed costs and no inventories. Required: Calculate Snappy’s operating income for 2016. For 2017, retailers are demanding a 5% discount off the 2016 price. Snappy’s suppliers are only willing to give a 4% discount. Snappy expects to sell the same quantity of marble tiles in 2017 as in 2016. If all other costs and cost-driver information remain the same, calculate Snappy’s operating income for 2017. Suppose further that Snappy decides to make changes in its ordering and…arrow_forwardPR 15-5B Statement of cost of goods manufactured and income Cost of goods manufactured, $367,510 statement for a manufacturing company. The following information is available for Shanika Company for 20Y6 Instructions Prepare the 20Y6 statement of cost of goods manufactured. Prepare the 20Y6 income statement. Inventories January 1 December 31 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—headquarters building $ 13,650 Rent expense—factory $…arrow_forward
- Question 3 The following information is available for Marigold Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $25,330 $33,190 Work in process inventory 15,170 19,680 Finished goods inventory 28,340 21,530 Materials purchased $152,300 Direct labor 223,050 Manufacturing overhead 183,600 Sales revenue 902,420 3. Show the presentation of the ending inventories on the December 31, 2017, balance sheet. MARIGOLD COMPANY(Partial) Balance Sheet For the Year Ended December 31, 2017For the Month Ended December 31, 2017December 31, 2017 Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term…arrow_forwardProblem 1 The following data about Maxwell Company is given for the month of August. August 1 Inventory 800 units at P10 12 Purchase 1,000 units at P12 14 Purchase 500 units at P11.50 16 Issue 800 units 18 Purchase 600 units at P15 20 Issue 500 units 25 Purchase 400 units at P14 28 Issue 800 units Required: Using FIFO method of costing materials, how much is the cost of ending inventory for August? How much is the cost of materials issued or used for production? How much is the total goods available for sale? PROBLEM 2 Using the data in problem 1 above and using weighted average, compute for Weighted average unit cost Cost of ending inventory Cost of materials issued Using Moving average method, compute for Cost of ending…arrow_forwardExercises 6-3 A Year-end Physical Inventory The December 31 Inventory for the Hayes Company included five products. The year-end physical count revealed the following: Product Quantity Available A 26 B 50 C 64 D 75 E 55 The related unit costs were: A, $10; B, $6; C, $9; D, $8; and E, $7. Required: Calculate the total cost of the December 31 Physical Inventory.arrow_forward
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