Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
12th Edition
ISBN: 9780134486826
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 18, Problem P18.29APGA
Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company
Learning Objective 3
COGM: $182,000
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company Fill in the blanks with the missing words, and replace the Xs with the correct amounts.
ELLY MANUFACTURING COMPANY | |||||
_________________________________ | |||||
_________June 30, 2018 | |||||
Beginning ____________ | $27,000 | ||||
Direct _________: | |||||
Beginning Direct Materials | $X | ||||
Purchases of Direct Materials | 56,000 | ||||
____________________ | 84,000 | ||||
Ending Direct Materials | (20,000) | ||||
Direct___________ | $X | ||||
Direct __________ | X | ||||
Manufacturing Overhead | 44,000 | ||||
Total ______ Costs _____ | 180,000 | ||||
Total ______ Costs _____ | X | ||||
Ending _________________ | (25,000) | ||||
________________________ | $X |
ELLY MANUFACTURING COMPANY | ||||||
________________________________________ | ||||||
_________June 30, 2018 | ||||||
Net Sales revenue | $X | |||||
Cost of Goods Sold: | ||||||
Beginning ________________________________ | $110,000 | |||||
Cost of Goods _______________________________ | X | |||||
Ending ______________________________ | X | |||||
Cost of Goods Sold | X | 232,000 | ||||
Gross Profit | 258,000 | |||||
______________________ Expenses: | ||||||
Selling Expenses | 98,000 | |||||
Administrative Expenses | X | |||||
Total________________ | 160,000 | |||||
____________ Income | $X |
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S17-8 Completing and selling products
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Lincoln Company completed jobs that cost $38,000 to produce. In the same
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P16 • MANUFACTURING ACCOUNTING (MFG)
LEARNING OBJECTIVES
Prepare a schedule of cost of goods manufactured and sold.
• Calculate changes in labor cost needed to achieve production goals.
Alter the worksheet to include an income statement for a manufacturing firm.
Create a chart showing the dollar amount of materials, labor, and overhead.
PROBLEM DATA
The following information is for Twisp Industries for the year ended December 31, 2011:
Depreciation-equipment
$ 180,000
Direct labor
2,568,000
Direct materials inventory, 1/1/11
366,000
Direct materials inventory, 12/31/11
372,000
Factory rent
305,640
Finished goods, 1/1/11
528,000
Finished goods, 12/31/11
690,000
Indirect labor
150,000
Indirect materials
105,000
Purchases of direct materials
2,580,720
Work in process, 1/1/11
121,200
Work in process, 12/31/11
114,660
REQUIREMENT
1. You have been asked to prepare a schedule of cost of goods manufactured and sold for the
year just ended. Review the worksheet MFG that follows these…
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Learning Objective 3
Direct Materials Used
Use the following inventory data for Caddy Golf Company to compute the cost
of goods manufactured for the year:
Manufacturing Overhead
Work-in-Process Inventory:
Beginning Balance
Ending Balance
Direct Labor
Finished Goods Inventory:
Beginning Balance
Ending Balance
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Chapter 18 Solutions
Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
Ch. 18 - Prob. 1QCCh. 18 - Prob. 2QCCh. 18 - Dunaway Company reports the following costs for...Ch. 18 - Which of the following is a direct cost of...Ch. 18 - Which of the following is not part of...Ch. 18 - Which of the following accounts does a...Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - World-class businesses use which of these systems...Ch. 18 - Prob. 10QC
Ch. 18 - What is the primary purpose of managerial...Ch. 18 - List six differences between financial accounting...Ch. 18 - Explain the difference between line positions and...Ch. 18 - Explain the differences between planning,...Ch. 18 - Prob. 5RQCh. 18 - Describe a service company, and give an example.Ch. 18 - Describe a merchandising company, and give an...Ch. 18 - How do manufacturing companies differ from...Ch. 18 - List the three inventory accounts used by...Ch. 18 - Explain the difference between a direct cost and...Ch. 18 - What are the three manufacturing costs for a...Ch. 18 - Give five examples of manufacturing overhead.Ch. 18 - What are prime costs? Conversion costs?Ch. 18 - What are product costs?Ch. 18 - How do period costs differ from product costs?Ch. 18 - How is cost of goods manufactured calculated?Ch. 18 - How does a manufacturing company calculate cost of...Ch. 18 - How does a manufacturing company calculate unit...Ch. 18 - How does a service company calculate unit cost per...Ch. 18 - How does a merchandising company calculate unit...Ch. 18 - Prob. S18.1SECh. 18 - Prob. S18.2SECh. 18 - Distinguishing between direct and indirect costs...Ch. 18 - Computing manufacturing overhead Learning...Ch. 18 - Identifying product costs and period costs...Ch. 18 - Computing cost of goods sold, merchandising...Ch. 18 - Computing cost of goods sold and operating income,...Ch. 18 - Prob. S18.8SECh. 18 - Prob. S18.9SECh. 18 - Prob. S18.10SECh. 18 - S18-11 Matching business trends...Ch. 18 - Prob. S18.12SECh. 18 - Prob. E18.13ECh. 18 - Prob. E18.14ECh. 18 - Prob. E18.15ECh. 18 - Prob. E18.16ECh. 18 - Identifying differences between service,...Ch. 18 - Prob. E18.18ECh. 18 - Computing cost of goods manufactured Learning...Ch. 18 - Prob. E18.20ECh. 18 - Prob. E18.21ECh. 18 - Prob. E18.22ECh. 18 - Prob. E18.23ECh. 18 - Prob. E18.24ECh. 18 - Prob. P18.25APGACh. 18 - Classifying period costs and product costs...Ch. 18 - Calculating cost of goods sold for merchandising...Ch. 18 - Prob. P18.28APGACh. 18 - Preparing a schedule of cost of goods manufactured...Ch. 18 - Prob. P18.30APGACh. 18 - Prob. P18.31APGACh. 18 - Prob. P18.32APGACh. 18 - Prob. P18.33BPGBCh. 18 - Prob. P18.34BPGBCh. 18 - Prob. P18.35BPGBCh. 18 - Prob. P18.36BPGBCh. 18 - Prob. P18.37BPGBCh. 18 - Prob. P18.38BPGBCh. 18 - Prob. P18.39BPGBCh. 18 - Prob. P18.40BPGBCh. 18 - Prob. P18.41CTCh. 18 - Prob. P18.42CPCh. 18 - Prob. 18.1TIATCCh. 18 - Prob. 18.1DCCh. 18 - Prob. 18.1EI
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