EBK INTRODUCTION TO MANAGERIAL ACCOUNTI
8th Edition
ISBN: 9781260190229
Author: BREWER
Publisher: MCGRAW HILL BOOK COMPANY
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Textbook Question
Chapter 3, Problem 13P
Schedules of Cost of Goods
L03-3
Superior Company provided the following data for the et2ded December 31 (all raw materials are in production as direct materials):
The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of gods sold totaled $660,000; and the net operating income was $30,000. The company's under applied or over appliedoverhead is closed to Cost of Goods Sold.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured)
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Cost of goods sold, profit margin, and net income for a manufacturingcompany
The following information is available for Bandera ManufacturingCompany for the month ending January 31:
cost of goods manufactured
$4,490,000
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Administrative expenses
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Finished goods inventory, January 31
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For the month ended January 31, determine Bandera's (a) cost of goodssold, (b) gross profit, and (c) net income.
The followung cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Fcatory overhead costs incurred during the year:
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Utilities- factory 2,600
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Insurance- factory 2,500
Total ACtual FOH costs P24,800
Other costs incurred during the year:
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Inventories:
Raw materials, beginning P5,000
Raw materials, ending 4,400
Work-in process,beginning 3,500
Work-in process, ending 4,500
The company uses a predetermined overhead rate to charge overhead cost to production. Th erate for the year just completed wa P4.00 per machine- hour; a total of 6,000 machine- hours were recorded for the year.…
Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory?
RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000
RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000
RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000
RM Inventory, end – P25,000 ; WIP inventory, end –…
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