Question

DM Inventory, Beginning $1,000 DM Inventory, Ending $900 DM Purchased $8,000 DL $6,000 Factory Overhead $7,000...

DM Inventory, Beginning $1,000
DM Inventory, Ending $900
DM Purchased $8,000
DL $6,000
Factory Overhead $7,000
WIP Inventory, Beginning $2,000
WIP Inventory, Ending $2,100
Finished Goods Inventory, Beginning $9,500
Finished Goods Inventory, Ending $8,500
Sales Revenue $70,000
Selling and Administrative Expenses $20,000
Income Tax Rate 20%

Please show work.

a. Prepare the company's Cost of Goods Manufactured Schedule

b. Prepare the company's Income statement

Thanks

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR=$1,000 ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 COMPUTE...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR=$1,000 ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING: BEG RM=$1,000 BEG WIP=$2,000 BEG FG=$3,000 END RM=$4,000 END WIP=$5,000 END FG=$6,000 RM PURCHASED=$7,000 COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING: DL=8,000 BEG WIP=2,000 BEG FG=3,000 MO=9,000 END WIP=5,000 END FG=6,000 DM USED =7,000 COMPUTE MANUFACTURING OVERHEAD: FACTORY RENT=1,000 FACTORY UTILITIES=2,000 OFFICE DEPRECIATION=4,000 PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON ACCOUNT BASED...
The following information is available for Murray Manufacturing at year-end: Beginning raw materials inventory 6,000 Ending...
The following information is available for Murray Manufacturing at year-end: Beginning raw materials inventory 6,000 Ending raw materials inventory $8,000 Materials purchased 13,000 Direct labour 4,000 Manufacturing overhead Applied 15,000 Beginning work in process inventory 8,000 Ending working in process inventory 5,000 What was the cost of goods manufactured during the period? Select one: a. $16,000 b. $35,000 c. $28,000 d. $33,000
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR=$1,000ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 COMPUTE DIRECT...
COMPUTE DIRECT LABOR BASED ON THE FOLLOWING: FACTORY SUPERVISOR=$1,000ASSEMBLY LINE WORKERS=$2,000 AND OFFICE SALARIES=$5,000 COMPUTE DIRECT MATERIALS USED BASED ON THE FOLLOWING: BEG RM=$1,000BEG WIP=$2,000BEG FG=$3,000 END RM=$4,000 END WIP=$5,000 END FG=$6,000 RM PURCHASED=$7,000 COMPUTE COST OF GOODS MANUFACTURED BASED ON THE FOLLOWING: DL=8,000 BEG WIP=2,000 BEG FG=3,000 MO=9,000 END WIP=5,000 END FG=6,000 DM USED =7,000 COMPUTE MANUFACTURING OVERHEAD: FACTORY RENT=1,000 FACTORY UTILITIES=2,000 OFFICE DEPRECIATION=4,000 PREPARE THE JOURNAL ENTRY TO RECORD 5,000 RM PURCHASED ON ACCOUNT BASED ON 8 ABOVE,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,193,000 Raw materials inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,193,000 Raw materials inventory, beginning 45,000 Work in process inventory, beginning 51,700 Finished goods inventory, beginning 68,700 Raw materials purchases 160,000 Direct labor 241,000 Factory supplies used (indirect materials) 19,100 Indirect labor 40,000 Repairs—Factory equipment 5,250 Rent cost of factory building 57,000 Advertising expense 109,000 General and administrative expenses 126,000 Raw materials inventory, ending 42,900 Work in process inventory, ending 38,200 Finished goods inventory, ending 69,000 Prepare its...
The following selected account balances are provided for Delray Mfg. Sales $ 1,220,000 Raw materials inventory,...
The following selected account balances are provided for Delray Mfg. Sales $ 1,220,000 Raw materials inventory, beginning 41,000 Work in process inventory, beginning 57,800 Finished goods inventory, beginning 63,900 Raw materials purchases 199,900 Direct labor 232,000 Factory supplies used (indirect materials) 23,700 Indirect labor 48,000 Repairs—Factory equipment 5,250 Rent cost of factory building 54,000 Advertising expense 110,000 General and administrative expenses 140,000 Raw materials inventory, ending 40,000 Work in process inventory, ending 42,200 Finished goods inventory, ending 72,300 Prepare an...
1) he initial processing department had a beginning inventory of 750 units and an ending inventory...
1) he initial processing department had a beginning inventory of 750 units and an ending inventory of 1,350 units, and it started 9,500 units into production. How many were transferred out to the next department? A.750 B. 1,350 C. 8,900 D. 10,250 2) There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the beginning inventory was 2,000 units, how many units were started in process? a. 1,000 b. 2,000 c. 15,000 d. 17,000...
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...
The following data from the Oasis Corporation is below: Sales $              640,000 Direct Labor Cost 90,000...
The following data from the Oasis Corporation is below: Sales $              640,000 Direct Labor Cost 90,000 Raw Material Purchases 132,000 Manufacturing Overhead applied to WIP 210,000 Actual Manufacturing Overhead costs 220,000 Administrative Salaries 38,000 Depreciation Expense - Office 15,000 Marketing Expense 22,000 Rent Expense - Office 34,000 Sales Salaries 35,000 Sales Commissions 12,000 Direct Materials, beginning balance 8,000 Direct Materials, ending balance 10,000 Work in Process, beginning balance 5,000 Work in Process, ending balance 20,000 Finished Goods, beginning balance 70,000...
3. Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were...
3. Bakerston Company is a manufacturing firm that uses job-order costing. The company's inventory balances were as follows at the beginning and end of the year: The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 33,000 machine-hours and incur $231,000 in manufacturing overhead cost. The following transactions were recorded for the year: raw materials beginning balance $14,000 ending $22,000 WIP beginning $27,000...
Question 1 ​Hendrix & Franks Co. had the following beginning and ending inventory balances for the...
Question 1 ​Hendrix & Franks Co. had the following beginning and ending inventory balances for the current year ended December 31: ​ January 1 December 31 Materials $11,000 $ 8,800 Work in Process 19,800 18,700 Finished Goods 23,100 18,150 ​ In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT