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...
Annapolis Company manufactures quality boating
apparel. The following selected financial information
for the fiscal year 2020 is...
Annapolis Company manufactures quality boating
apparel. The following selected financial information
for the fiscal year 2020 is provided:
Item
Amount
Sales
$850,000
Beginning Raw Material Inventory
74,000
Direct Material Purchased
318,000
Factory Overhead
90,000
Finished Goods Inventory - January 1
144,000
Work in Process - January 1
74,000
Work in Process - December 31
98,000
Ending Raw Material Inventory
58,000
Finished Goods Inventory - December 31
168,000
Net Income
65,000
Direct Labor
155,000
Cost of Goods Sold
531,000
Use this information...
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...
The following information is for X Company, a manufacturer, in
2018: Direct materials purchased $37,195 Direct...
The following information is for X Company, a manufacturer, in
2018: Direct materials purchased $37,195 Direct materials used
34,907 Direct labor 12,467 Overhead 22,360 Work in Process
Inventory, January 1, 2018 6,060 Work in Process Inventory,
December 31, 2018 8,338 Finished Goods Inventory, December 31, 2018
3,148 Cost of Goods Sold 67,226 What was the balance in Finished
Goods Inventory on January 1, 2018?
XYZ Company recorded the following information related to their inventory
accounts for 2018:
January 1, 2018...
XYZ Company recorded the following information related to their inventory
accounts for 2018:
January 1, 2018 December 31, 2018
Direct materials 10,000 17,000
Work in process 11,000 ?
Finished goods 16,000 9,000
Additional information is as follows:
Direct materials purchased .......... $20,000
Direct labor ........................ 15,000
Actual manufacturing overhead ....... 14,000
Applied manufacturing overhead ...... 16,000
Cost of goods manufactured .......... 31,000
Calculate the work in process inventory balance at December 31, 2018.
XYZ Company recorded the following information related to their inventory
accounts for 2018:
January 1, 2018...
XYZ Company recorded the following information related to their inventory
accounts for 2018:
January 1, 2018 December 31, 2018
Direct materials 10,000 17,000
Work in process 11,000 ?
Finished goods 16,000 9,000
Additional information is as follows:
Direct materials purchased .......... $20,000
Direct labor ........................ 15,000
Actual manufacturing overhead ....... 14,000
Applied manufacturing overhead ...... 16,000
Cost of goods manufactured .......... 31,000
Calculate the work in process inventory balance at December 31, 2018.
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...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process,...
Sleep Tight manufactures comforters. The estimated inventories
on January 1 for finished goods, work in process, and materials
were $36,000, $31,000 and $27,000 respectively. The desired
inventories on December 31 for finished goods, work in process, and
materials were $43,000, $37,000 and $20,000 respectively. Direct
material purchases were $570,000. Direct labor was $230,000 for the
year. Factory overhead was $143,000.
Finished goods inventory, January 1
$
Work in process inventory, January 1
$
Direct materials:
Direct materials, January 1
$...