Question

Miky Products PLC is a manufacturer of furniture. The company’s accountant has presented you the following...

Miky Products PLC is a manufacturer of furniture. The company’s accountant has presented you the following inventory balances for the month of March 2020. Total manufacturing costs for the month were $5,420. Your task is to calculate the cost of goods available for sale for the month of March.

Inventories

Opening bal.

Closing bal.

Materials

$80

$120

Work in process

$50

$40

Finished goods

$540

$630
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Particulars Amount
Total manufacturing cost                     5,420
Less: Ending Work in Process                        (40)
Cost of goods manufactured                     5,380
Add: Beginning Finished Goods                        540
Cost of goods available for sales                     5,920
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
You are employed by Spirit Company, a manufacturer of digital watches. The company’s CFO is trying...
You are employed by Spirit Company, a manufacturer of digital watches. The company’s CFO is trying to verify the accuracy of the ending WIP and Finished Goods inventories prior to closing the books for the year. You have been asked to assist in this verification. The year-end balances shown on Spirit’s books are as follows: Units Costs WIP, 12/31 (conversion 50% complete) 300,000 $   660,960 Finished Goods, 12/31 200,000 $1,009,800 Materials are added to production at the beginning of the...
You work as a Junior Management Accountant for JB & Sons, a local manufacturer of three...
You work as a Junior Management Accountant for JB & Sons, a local manufacturer of three joint products (cheese, cream and butter cream) in a continuous single process from milk pasteurisation. The company allows normal loss at 10% of inputs and do not have any value. The following information for the month of February 2020 has been made available to you. Direct materials input                         20,000 kg at a cost of £36,000 Direct labour costs                             3,000 hours @ £6...
In reviewing Larson Company’s September account records, Andy Miranda, the chief accountant, noted the following depreciation...
In reviewing Larson Company’s September account records, Andy Miranda, the chief accountant, noted the following depreciation costs. Assume product costs are defined by GAAP. 1. Factory buildings: $75,000 2. Computers used in manufacturing: $12,000 3. A building used to display finished products: $24,000 4. Trucks used to deliver merchandise to customer: $18,000 5. Forklifts used in the factory: $30,000 6. Furniture used in the president’s office: $15,000 7. Elevators in administrative buildings: $20,000 8. Factory machinery: $36,000 a. What amount...
he president of the retailer Prime Products has just approached the company’s bank with a request...
he president of the retailer Prime Products has just approached the company’s bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which...
The president of the retailer Prime Products has just approached the company’s bank with a request...
The president of the retailer Prime Products has just approached the company’s bank with a request for a $30,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which...
The chapter 22 team discussion problem is presented below. If your team has three members, complete...
The chapter 22 team discussion problem is presented below. If your team has three members, complete part 1 only; each team member should prepare a budgeted income statement for a different month (April, May, or June). If your team has four members, complete parts 1 and 2; the first three team members will complete part 1 (April, May, and June, respectively), and the fourth team member will complete part 2. The problem is reproduced below. For full credit on part...
Question 2 Smith Ltd manufactures and sells one product. You are presented with the following information...
Question 2 Smith Ltd manufactures and sells one product. You are presented with the following information for the preparation of the annual operating budget for the period ending 31 December 2021: Estimated sales in units are 50,000 units for Quarter 1, 53,000 units for Quarter 2, 62,000 units for Quarter 3, and 65,000 units for Quarter 4. The estimated per unit selling price is $9 for Quarters 1-3, and $10 for Quarter 4. Smith Ltd has set the desired ending...
The Cherry & White Bike Company is a small closely-held company with two owners. Its two...
The Cherry & White Bike Company is a small closely-held company with two owners. Its two owners, Charlotte and George, have decided to expand the business. You are CWB’s accountant. Your responsibilities include maintaining all accounting records and preparing annual financial statements. CWB wants to take out a loan to expand its business in the coming year. The banks and lending institutions require a set of financial statements prepared under U.S. GAAP to evaluate CWB’s credit worthiness. You must prepare...
CASE STUDY – Jacobson Carpet Company In January 2002, Ms. Mary Lewis was preparing to meet...
CASE STUDY – Jacobson Carpet Company In January 2002, Ms. Mary Lewis was preparing to meet with Mr. Carpenter, President of Jacobson Carpet Company. Ms. Lewis assumed that the meeting was related to the recent Board of directors of the company. As a direct assistant to the President, she knew from experience that this type of meeting often resulted in a project to be studied. Her expectation was confirmed as soon as Mr. Carpenter began to inform her of the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT