Problem # 2 - Prepare a schedule of cost of goods
manufactured for Gifford, Inc., as...
Problem # 2 - Prepare a schedule of cost of goods
manufactured for Gifford, Inc., as of December 31, 2019 using the
following information
Administrative salaries.....................................
$ 35,000
Depreciation of factory equipment..................
25,000
Depreciation of delivery vehicles ....................
6,000
Direct
labor........................................................
68,000
Factory supplies
used........................................
9,000
Factory
insurance..............................................
15,500
Interest expense on factory equipment...........
12,000
Factory utilities
.................................................
14,000
Factory maintenance........................................
7,500
Raw materials inventory, January 1, 2019.......
5,000
Raw materials inventory, December 31, 2019.
4,000
Raw material purchases .....................................
From the account balances listed below, prepare a schedule of
cost of goods manufactured for La...
From the account balances listed below, prepare a schedule of
cost of goods manufactured for La Lave Manufacturing Company for
the month ended December 31, 2018.
Account
Description
A/C
Balance
Account
Description
A/C
Balance
Finished Goods Inventory, December 31
$42,000
Raw Materials Purchases
$ 95,000
Factory Supervisory Salaries
12,000
Work In Process Inventory, December 1
30,000
Income Tax Expense
18,000
Factory Utilities Expense
4,000
Raw Materials Inventory, December 1
12,000
Direct Labor
70,000
Work In Process Inventory, December 31
25,000
Raw...
Prepare an income statement for Delray Mfg. (a
manufacturer).
Required information
The following selected account balances...
Prepare an income statement for Delray Mfg. (a
manufacturer).
Required information
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,081,000
Raw materials inventory, Dec.
31, 2016
36,000
Work in process inventory, Dec.
31, 2016
51,800
Finished goods inventory, Dec.
31, 2016
67,500
Raw materials purchases
178,700
Direct labor
245,000
Factory computer supplies
used
19,200
Indirect labor
60,000
Repairs—Factory equipment
5,250
Rent cost of factory
building
57,000
Advertising expense
106,000
General and administrative
expenses
130,000
Raw materials...
The following account balances and other information are from
SUNN Corporation’s accounting records for year-end December...
The following account balances and other information are from
SUNN Corporation’s accounting records for year-end December 31
2019.
Use this information to prepare a (A) table listing factory
overhead costs, (B) a schedule of cost of goods manufactured and
(C) an Income statement.
Inventories :
$’000
$’000
Finished goods inventory Dec. 31 2018
Finished goods inventory Dec. 31 2019
15,000
12,500
Sales
1,750,000
Work in process inventory Dec. 31 2018
Work in process inventory Dec. 31 2019
8,000
9,000
Depreciation...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Lily
Company.
LILY
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2020For the Month Ended December 31, 2020For the
Year Ended December 31, 2020
Work in process (1/1)
$216,130
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,710
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
30,350
Direct materials used
$189,120
Direct labor
Manufacturing overhead
Indirect...
Compute the total manufacturing costs using the following
information.
Raw materials inventory, January
1
$ 20000...
Compute the total manufacturing costs using the following
information.
Raw materials inventory, January
1
$ 20000
Raw materials inventory, December
31
40000
Work in process, January 1
18000
Work in process, December 31
12000
Finished goods, January 1
40000
Finished goods, December 31
32000
Raw materials purchases
1700000
Direct labor
760000
Factory utilities
150000
Indirect labor
50000
Factory depreciation
400000
Operating expenses
420000
$2860000.
$3040000.
$3046000.
$3460000.
Required information
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,250,000
Raw...
Required information
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,250,000
Raw materials inventory, Dec.
31, 2016
37,000
Work in process inventory, Dec.
31, 2016
53,900
Finished goods inventory, Dec.
31, 2016
62,750
Raw materials purchases
175,600
Direct labor
225,000
Factory computer supplies
used
17,840
Indirect labor
47,000
Repairs—Factory equipment
5,250
Rent cost of factory
building
57,000
Advertising expense
94,000
General and administrative
expenses
129,300
Raw materials inventory, Dec.
31, 2017
42,700
Work in process inventory,...
The following calendar year-end information is taken from the
December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the
December 31, 2017, adjusted trial balance and other records of
Leone Company.
Advertising expense
$
29,200
Direct labor
$
694,600
Depreciation expense—Office
equipment
11,600
Income taxes expense
295,300
Depreciation expense—Selling
equipment
10,300
Indirect labor
57,100
Depreciation expense—Factory
equipment
33,400
Miscellaneous production
costs
10,500
Factory supervision
126,900
Office salaries expense
62,000
Factory supplies used
9,200
Raw materials purchases
929,000
Factory utilities
40,000
Rent expense—Office space
29,000
Inventories
Rent expense—Selling space
27,100...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,472,000
Raw materials inventory,...
The following selected account balances are provided for Delray
Mfg.
Sales
$
1,472,000
Raw materials inventory, beginning
36,000
Work in process inventory, beginning
57,200
Finished goods inventory, beginning
68,000
Raw materials purchases
176,300
Direct labor
238,000
Factory supplies used (indirect materials)
21,600
Indirect labor
55,000
Repairs—Factory equipment
5,250
Rent cost of factory building
53,000
Advertising expense
98,000
General and administrative expenses
140,000
Raw materials inventory, ending
48,000
Work in process inventory, ending
45,200
Finished goods inventory, ending
65,100
Prepare an...