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...
Income statement and balance sheet data for The Sports Shack are
provided below.
The Sports Shack...
Income statement and balance sheet data for The Sports Shack are
provided below.
The Sports Shack
Income Statements
For the years ended December 31
2019
2018
Sales revenue
$8,200,000
$6,600,000
Cost of goods sold
6,100,000
4,700,000
Gross profit
2,100,000
1,900,000
Expenses:
Operating
expenses
1,450,000
1,400,000
Depreciation
expense
90,000
100,000
Interest
expense
25,000
50,000
Income
tax expense
95,000
80,000
Total
expenses
1,660,000
1,630,000
Net income
$440,000
$270,000
The Sports Shack
Balance Sheets
December 31
Assets
2019
2018
2017
Current assets:
Cash...
URGENT
ABC company provide the following cost data for 2020:
Sales
$450,000
Materials 01/01/2020
$24,000
Materials...
URGENT
ABC company provide the following cost data for 2020:
Sales
$450,000
Materials 01/01/2020
$24,000
Materials 12/31/2020
$18,000
Purchases of Materials
$66,000
Direct labor
$20,000
Manufacturing overhead
$100,000
Administrative expenses
$90,000
Selling expenses
$80,000
Work in process 01/01/2020
$50,000
Work in process 12/31/2020
$62,000
Finished Goods 01/01/2020
$120,000
Finished Goods 12/31/2020
$85,000
What is the net operating income for 2020?
Exercise 5
When Job 711 was completed, direct materials totaled $3,000;
direct labor, $3,500; and factory...
Exercise 5
When Job 711 was completed, direct materials totaled $3,000;
direct labor, $3,500; and factory overhead, $1,500, respectively.
Units produced totaled 1,000. Unit costs are:
Select one:
a. $8,000
b. $800
c. $80
d. $8
Exercise 6
Compute conversion costs given the following data: Direct
Materials, $247,800; Direct Labor, $183,400; Factory Overhead,
$121,300.
Select one:
a. $431,200
b. $552,500
c. $304,700
d. $369,100
Exercise 7
Albany, Inc. has estimated total factory overhead costs of
$400,000 and 20,000 direct labor...
Q1 The
manufacturing overhead budget at Polich Corporation is based on
budgeted direct labor-hours. The...
Q1 The
manufacturing overhead budget at Polich Corporation is based on
budgeted direct labor-hours. The direct labor budget indicates that
9,800 direct labor-hours will be required in February. The variable
overhead rate is $8.20 per direct labor-hour. The company's
budgeted fixed manufacturing overhead is $141,120 per month, which
includes depreciation of $18,130. All other fixed manufacturing
overhead costs represent current cash flows.
The February cash
disbursements for manufacturing overhead on the manufacturing
overhead budget should be:
Multiple Choice
$221,480...
Lunar Company (Pty) Ltd‘s balance sheets for the last two years
are provided below
Balance Sheets...
Lunar Company (Pty) Ltd‘s balance sheets for the last two years
are provided below
Balance Sheets 2013 2012
Cash R 82,000 R 40,000
Accounts Receivable 180,000 150,000
Inventory 170,000 200,000
Equipment 200,000 140,000
Accum. Depreciation (72,000) (60,000)
Total Assets R560,000 R470,000
Accounts Payable R100,000 R 80,000
L/T Notes Payable 100,000 50,000
Ordinary Shares 250,000 250,000
Retained Earnings 110,000 90,000
Total Liabilities &
Shareholders’ Equity R560,000 R470,000
The company’s income statement for 2013 is provided below:
Income Statement 2013
Sales R345,000...
Using the following information
Provide Cost of Goods Manufactured Statement
AND Income Statement
Preclosing Trial Balance
Debit...
Using the following information
Provide Cost of Goods Manufactured Statement
AND Income Statement
Preclosing Trial Balance
Debit Credit
cash 54
accounts receivable 210
finished goods [begin year] 247
work in process [begin year] 150
direct materials [begin year] 28
property, plant, equipment 1,140
accounts payable 70
bonds payable 600
paid in capital 100
retained earnings 930
sales 1,488
sales discount 20
interest revenue 2
purchase direct materials 510
direct labor 260
indirect factory labor 90
office salries 122
sales salaries 42...
Two years of financial statement data for the World Export
Corporation are shown below. Calculate inventory-to-sale...
Two years of financial statement data for the World Export
Corporation are shown below. Calculate inventory-to-sale conversion
period for 2016, calculate the sales to cash conversion for 2016,
calculate the purchase to payment conversion period for 2016 and
calculate the cash conversion cycle for 2016( For balance sheet
items, use the average of the two years).
Balance Sheet 2015 2016
Cash $50,000
$50,000
Accounts Receivables 200,000
290,000
Inventories
450,000
550,000
Accounts Payable
130,000
140,000
Accruals
50,000
80,000
Long-term...
For Year 2019 a firm had sales of
$900,000, cost of goods sold of $685,000, depreciation...
For Year 2019 a firm had sales of
$900,000, cost of goods sold of $685,000, depreciation expense of
$35,000, interest expense of $15,000, and dividends paid of
$18,800. At the beginning of the year, net fixed assets were
$580,000, current assets were $300,000, and current liabilities
were $140,000. At the end of the year, net fixed assets were
$640,000, current assets were $400,000, and current liabilities
were $200,000. The tax rate was 21%.
Income Statement
6(a)
What was the...