Annapolis Clothing Company manufactures quality boating
attire. The following selected financial information for the fiscal
year...
Annapolis Clothing Company manufactures quality boating
attire. The following selected financial information for the fiscal
year 2018 is provided:
Item
Amount
Sales
$200,000
Cost of Goods Manufactured
58,000
Direct Material Purchased
80,000
Factory Overhead
20,000
Work in Process - January 1
60,000
Work in Process - December 31
30,000
Direct Material - December 31
20,000
Finished Goods Inventory - December 31
41,000
Net Income
30,000
Direct Materials used
60,000
Cost of Goods Sold
63,000
Use this information to determine the...
Annapolis Clothing Company manufactures quality boating attire.
The following selected financial information for the fiscal year...
Annapolis Clothing Company manufactures quality boating attire.
The following selected financial information for the fiscal year
2018 is provided: Item Amount Sales $200,000 Cost of Goods
Manufactured 55,000 Direct Material Purchased 80,000 Factory
Overhead 20,000 Work in Process - January 1 60,000 Work in Process
- December 31 30,000 Direct Material - December 31 20,000 Finished
Goods Inventory - December 31 30,000 Net Income 30,000 Direct
Materials used 60,000 Cost of Goods Sold 50,000 Use this
information to determine the...
Bravo Company manufactures quality gentlemenks clothing. The
following selected financial information for the fiscal year 2016...
Bravo Company manufactures quality gentlemenks clothing. The
following selected financial information for the fiscal year 2016
is provided:
ITEM
AMOUNT
SALES
$100,000
COST OF GOODS MANUFACTURED
65,000
DIRECT MATERIAL PURCHASED
25,000
FACTORY OVERHEAD
10,000
WORK IN PROCESS- JANUARY 1
30,000
WORK IN PROCESS- DECEMBER 31
15,000
DIRECT MATERIAL- DECEMBER 31
10,000
FINISHED GOODS INVENTORY- DECEMBER 31
60,000
NET INCOME
15,000
DIRECT MATERIALS USED
30,000
COST OF GOODS SOLD
55,000
Use this information to prepare a detailed Schedule of Costs of...
Drake Company manufactures quality
gentlemen's clothing. The following selected financial
information for the fiscal year 2017 is...
Drake Company manufactures quality
gentlemen's clothing. The following selected financial
information for the fiscal year 2017 is provided:
Item
Amount
Sales
$100,000
Cost of Goods Manufactured
75,000
Direct Material Purchased
30,000
Factory Overhead
10,000
Work in Process - January 1
30,000
Work in Process - December 31
15,000
Direct Material - December 31
10,000
Finished Goods Inventory - December 31
60,000
Net Income
15,000
Direct Materials used
30,000
Cost of Goods Sold
55,000
Use this information to prepared a detailed Schedule...
Top Sail
manufactures sailboats. The following selected financial
information for the fiscal year 2016 is provided:
Item...
Top Sail
manufactures sailboats. The following selected financial
information for the fiscal year 2016 is provided:
Item
Amount
Sales
$10,000,000
Cost of Goods Manufactured
7,500,000
Direct Material Purchased
4,000,000
Factory Overhead
1,000,000
Work in Process - January 1
3,000,000
Work in Process - December 31
1,500,000
Direct Material - December 31
1,000,000
Finished Goods Inventory - December 31
6,000,000
Net Income
1,500,000
Direct Materials used
3,000,000
Cost of Goods Sold
5,500,000
Use this
information to prepared Top Sail's Income Statement for...
Mars Sporting Goods Company manufactured 130,000 sets of
shoulder pads in 2020 and reported the following...
Mars Sporting Goods Company manufactured 130,000 sets of
shoulder pads in 2020 and reported the following costs:
Work-in-Process, January 1
12,000
Plant utilities
24,000
Direct Material inventory, December 31
20,000
Machinery grease, lubricants
7,000
Leasing cost, plant
60,000
Depreciation, factory equipment
27,000
Finished Goods, December 31
75,000
Revenues
950,000
Work-in-Process, December 31
4,000
Sales commissions
95,000
Finished Goods, January 1
67,000
Marketing/distribution
110,0000
Direct Material inventory, January 1
18,000
Direct Labor
200,000
Indirect manufacturing labor
8,000
Direct Material purchases
280,000...
Young Fashions Company produces children's clothing. During the
current year, the company incurred the following costs:...
Young Fashions Company produces children's clothing. During the
current year, the company incurred the following costs:
Factory Rent
$
144,000
Direct labor used
525,000
Factory utilities
120,000
Direct materials purchases
850,000
Indirect materials
106,000
Indirect labor
90,000
Inventories for the year were:
January 1
December 31
Direct materials
$
220,000
$
155,000
Work in process
160,000
128,000
Finished goods
320,000
310,000
Required:
Prepare a statement of cost of goods manufactured.
DistaBricks manufactures custom brick and applies job-order
costing. The following information relates to the fiscal year...
DistaBricks manufactures custom brick and applies job-order
costing. The following information relates to the fiscal year
ending December 31, 2017.
Beginning balance in Raw Materials Inventory $ 13,600
Purchases of raw material 211,000
Ending balance in Raw Materials Inventory 15,100
Beginning balance in Work in Process 18,700
Ending balance in Work in Process 16,500
Direct labor cost 78,600
Manufacturing overhead applied 47,900
Actual manufacturing overhead 44,800
Beginning balance in Finished Goods 26,200
Ending balance in Finished Goods 24,500
Sales 421,000...
Toyoda Ltd is specialised in manufacturing cars. The following
information is available for the financial year...
Toyoda Ltd is specialised in manufacturing cars. The following
information is available for the financial year ended 30 June
2020.
Direct labour cost
$365,800
Raw material inventory as at 1 July 2019
$89,000
Raw material inventory as at 30 June 2020
$135,000
Cost of finished goods
$2,195,800
Work in progress inventory as at 1 July 2019
$369,000
Raw material purchased
$1,200,000
Factory overhead is calculated as 175% of direct labour cost
--
Required
Calculate the ending work in process inventory...
The Duerr Company manufactures a single product. All raw
materials used are traceable to specific units...
The Duerr Company manufactures a single product. All raw
materials used are traceable to specific units of product. Current
information for the Duerr Company follows:
Beginning raw materials inventory
$
25,000
Ending raw materials inventory
28,000
Raw material purchases
102,000
Beginning work in process inventory
37,000
Ending work in process inventory
47,000
Direct labor
127,000
Total factory overhead
102,000
Beginning finished goods inventory
77,000
Ending finished goods inventory
57,000
The company's cost of raw materials used, cost of goods
manufactured...