During FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods manufactured for the year was $475,000. The January 1, 2019 balance of the Work-in-Process Inventory is $51,000. Use this information to give an example of the dollar amount of the FY 2018 beginning Work-in-Process Inventory.
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During FY 2018 Bay Manufacturing had total
Use this information to give an example of the dollar amount of the FY 2018 beginning Work-in-Process Inventory.
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- The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $54,800 Factory Insurance $5,300 Raw Materials Inventory 6/30/20 49,200 Factory Machinery Depreciation 16,500 Finished Goods Inventory 7/1/19 96,400 Factory Utilities 29,500 Finished Goods Inventory 6/30/20 28,500 Office Utilities Expense 9,250 Work in Process Inventory 7/1/19 22,600 Sales Revenue 561,300 Work in Process Inventory 6/30/20 27,300 Sales Discounts 4,500 Direct Labor 139,550 Plant Manager’s Salary 66,100 Indirect Labor 24,960 Factory Property Taxes 9,710 Accounts Receivable 34,900 Factory Repairs 2,300 Raw Materials Purchases 99,500 Cash 36,300 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an income statement through gross profit. (c) Prepare the current assets…Based on the following information, prepare a Schedule of Cost of Goods Manufactured and a multi-step Income Statement for Junaluska Company for the year ended December 31, 2020 Beginning Work-in-Process Inventory, Jan. 1 $60,000 Ending Work-in-Process Inventory, Dec. 31 40,000 Beginning Finished Goods Inventory, Jan. 1 50,000 Ending Finished Goods Inventory, Dec. 31 20,000 Net Sales Revenue 1,800,000 Selling and Administrative Expenses 500,000 Direct Labor 300,000 Manufacturing Overhead; actual and allocated 400,000 Direct Materials Used 200,000 Income Tax Expense 70,000Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
- Use the following income to answer all questions in this section: Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What is 2021 Gross Margin Percentage? Question 10 options: 80.19% 87.22% 83.49% 85.19%The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANYCost of Goods Manufactured Schedule…Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What is Music, Inc.’s 2021 Gross Margin (also referred to as Profit Margin)? Question 9 options: $13,175 $12,175 $13,275 $12,275
- The following information relates to production of ABC Company for the month of March 2019: Direct Materials used 10,000; Direct labor rate per hour 5.00 ; Overhead cost 2,300.00 ; Direct labor hours employed 500.00 ; Gross Profit rate 25% based on selling price; Increase in WIP 1,100.00 ; Ending inventory of Finished goods is 30% of its beginning balance; Total sales 50,000.00. What is the ending inventory of Finished goods of the company?(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule %24 %24 > >The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,000 Factory Insurance $4,600 Raw Materials Inventory 6/30/20 39,600 Factory Machinery Depreciation 16,000 Finished Goods Inventory 7/1/19 96,000 Factory Utilities 27,600 Finished Goods Inventory 6/30/20 75,900 Office Utilities Expense 8,650 Work in Process Inventory 7/1/19 19,800 Sales Revenue 534,000 Work in Process Inventory 6/30/20 18,600 Sales Discounts 4,200 Direct Labor 139,250 Plant Manager’s Salary 58,000 Indirect Labor 24,460 Factory Property Taxes 9,600 Accounts Receivable 27,000 Factory Repairs 1,400 Raw Materials Purchases 96,400 Cash 32,000 Prepare an income statement through gross profit.
- Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, OMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020? Select one: O a. OMR 2,060,000. O b. OMR 2,110,000. O c. None of the answers are correct O d. OMR 2,020,000. O e. OMR 2,100,000. ENG 07: INTL 25/05/Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, COMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 2020? Select one: O a. OMR 2,100,000. Ob. OMR 2,060,000. O c. None of the answers are correct O d. OMR 2,110,000. O e. OMR 2,020,000.Muscat Company's accounting records reflect the following inventories: Dec. 31, 2020, Jan. 1, 2020 Raw materials inventory OMR 310,000 OMR 300,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, OMR 800,000 of raw materials were purchased, direct labor costs amounted to OMR 670,000, and manufacturing overhead incurred was OMR 640,000. How much is the total manufacturing costs for 20207 Select one: O a. OMR 2,110,000. O b. None of the answers are correct Oc. OMR 2,020,000. O d. OMR 2,060,000. e. OMR 2,100,000.