1.Manufacturing costs are typically classified as Select one: a.
direct materials or direct labor b. product...
1.Manufacturing costs are typically classified as Select one: a.
direct materials or direct labor b. product costs or period costs
c. direct materials, direct labor, or manufacturing overhead d.
direct materials, direct labor, or selling and administrative
2. Raw materials inventory, January 1 $ 12,000 Raw materials
inventory, December 31 16,000 Work in process, January 1 5,000 Work
in process, December 31 8,000 Finished goods, January 1 17,000
Finished goods, December 31 12,000 Raw materials purchases 118,000
Direct labor 165,000...
Information for Stanton, Inc., as of December 31 follows.
Prepare a schedule of cost of goods...
Information for Stanton, Inc., as of December 31 follows.
Prepare a schedule of cost of goods manufactured for the year ended
December 31.
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
Finished goods inventory, January 1
57,000
Finished goods inventory, December 31
?
Factory insurance
15,500
Interest expense
12,000
Factory utilities
14,000
Factory maintenance
7,500
Raw materials inventory, January 1
5,000
Raw materials inventory, December 31
4,000...
You have the following
information about the activities of Martin Inc. for 2014:
Sales...
You have the following
information about the activities of Martin Inc. for 2014:
Sales
$
1,560,000
Factory
maintenance
66,000
Indirect labour
32,000
Direct material
purchases
204,000
Factory utilities
47,000
Direct materials used
in production
198,000
General and
administrative expenses
101,800
Beginning
work-in-process inventory
27,200
Beginning finished
goods inventory
63,000
Ending work-in-process
inventory
28,900
Beginning direct
materials inventory
16,000
Selling expenses
97,900
Direct labour
285,000
Factory insurance
45,600
Indirect materials
39,100
Depreciation,factory
55,000
Cost of goods sold
709,000
...
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...
Figure 2-15
Information from the records of Chrome Ponies Enterprises for
June 2014 is as follows:...
Figure 2-15
Information from the records of Chrome Ponies Enterprises for
June 2014 is as follows:
Sales $41,000
Direct labor 10,000
Selling and administrative expenses 7,000
Direct materials purchases 5,000
Factory overhead 11,500
Inventories
June 1, 2014 June 30, 2014
Direct
materials $1,200 $1,400
Work in
process 2,500 2,800
Finished
goods 2,300 1,900
7. Refer to Figure 2-15. What is the gross margin (profit)?
a.
$11,500
b.
$11,600
c.
$ 14,500
d.
$ 14,600
Conrad, Inc. recently lost a portion of its records in an office
fire. The following information...
Conrad, Inc. recently lost a portion of its records in an office
fire. The following information was salvaged from the accounting
records. Cost of Goods Sold $ 71,000 Work-in-Process Inventory,
Beginning 12,900 Work-in-Process Inventory, Ending 10,200 Selling
and Administrative Expense 18,000 Finished Goods Inventory, Ending
18,300 Finished Goods Inventory, Beginning ? Direct Materials Used
? Factory Overhead Applied 13,200 Operating Income 14,660 Direct
Materials Inventory, Beginning 11,540 Direct Materials Inventory,
Ending 6,420 Cost of Goods Manufactured 65,640 Direct labor cost...
Conrad, Inc. recently lost a portion of its records in an office
fire. The following information...
Conrad, Inc. recently lost a portion of its records in an office
fire. The following information was salvaged from the accounting
records. Cost of Goods Sold $ 68,000 Work-in-Process Inventory,
Beginning 11,700 Work-in-Process Inventory, Ending 9,600 Selling
and Administrative Expense 16,500 Finished Goods Inventory, Ending
16,650 Finished Goods Inventory, Beginning ? Direct Materials Used
? Factory Overhead Applied 12,600 Operating Income 14,330 Direct
Materials Inventory, Beginning 11,270 Direct Materials Inventory,
Ending 6,210 Cost of Goods Manufactured 62,820 Direct labor cost...
The administrative
offices and manufacturing plant of Billings Tool & Die share
the same building. The...
The administrative
offices and manufacturing plant of Billings Tool & Die share
the same building. The following information (in $000s) appears in
the accounting records for last year:
Administrative costs
$
1,653
Building and
machine depreciation (75% of this amount is for factory)
900
Building
utilities (90% of this amount is for factory)
1,230
Direct
labor
845
Direct materials
inventory, December 31
15
Direct materials
inventory, January 1
13
Direct materials
purchases
3,660
Factory
supervision
495
Finished goods
inventory,...
.4. Macondo Company, a manufacturer firm, has supplied the
following information from its accounting records for...
.4. Macondo Company, a manufacturer firm, has supplied the
following information from its accounting records for the year 2019
(in thousands dollars):
Work-in-process inventory, December 31, 2018………………. 12,500
Work-in-process inventory, December 31,
2019……… …… 14,250
Direct labor cost ………………………………………………. 10,500
Purchase of raw materials……………………………………….15,000
Supplies used
……………………………………………………. 675
Materials inventory, December 31, 2018…………………………3,475
Materials inventory, December 31, 2019 ……………………….. 9,500
Factory Insurance
Expense……………………………………… 350
Commissions Expenses ………………………………………… 2,500
Factory supervision
Expense………………………………… 2,225
Advertising Expense……………………………………………… 800
Finished Goods inventory, December 31, 2018 …………………
6.685
Finished Goods inventory,...
Sleep Tight, Inc., manufactures comforters. The estimated
inventories on January 1 for finished goods, work in...
Sleep Tight, Inc., manufactures comforters. The estimated
inventories on January 1 for finished goods, work in process, and
materials were $39,000, $33,000, and $27,000, respectively. The
desired inventories on December 31 for finished goods, work in
process, and materials were $42,000, $35,000, and $21,000,
respectively. Direct materials purchases were $575,000, direct
labor was $212,000 for the year, and factory overhead was $156,000.
Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep
Tight, Inc. Cost of Goods Sold...