Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Sales revenue Plant Utilities Sales commissions Net profit is: a. $175,820 O b. $178,07O O c. $167,820 O d. $159,820
Q: During a period when inventory costs are steadily increasing, which of the following is true? O a. N...
A: FIFO considers the cost of initial purchases as the cost of goods sold and the later purchases as th...
Q: The following data were selected from the records of Sykes Company for the year ended December 31, c...
A: Net sales revenue=Sales revenue-Sales returns and allowances+Sales discounts
Q: The balance in the supplies account on June 1 was $5230, supplies purchased during June were $3480, ...
A: In general, supplies are considered a current asset until they are used. When resources are exhauste...
Q: uding the Non-C
A: The Stockholders' Equity including the Non-Controlling Interest as,
Q: Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 per share cash di...
A: The journal entries are prepared to keep the record of day to day transactions of the business. The...
Q: year 0, Canon purchased a machine to use in its business for $56,000. In year 3, Canon sold the mach...
A: Solution... Cost = $56,000 Sales value = $42,000 Accumulated Depreciation expense = $32,000
Q: Rawlings Company prepared the following budget information for the coming year: Product A Product B ...
A:
Q: g the sale of machinery, which of the following do NOT appear in the journal entry? a. Cr Machinery...
A: When the sale of a fixed asset takes place the book value is compared to the sales value If the sale...
Q: TaskMaster Enterprises employs a standard cost system in which direct materials inventory is carried...
A: Direct labor efficiency variance = {6,000 - (22,000 × .25)} x $6.20 = 500 hours × $6.20 = $3,100 (U...
Q: e Current Liabilities Compute for the Non-current
A: The current asset as,
Q: The assets of J&R Associates consist entirely of current assets and net plant and Problem 1 (Stateme...
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...
Q: which of the following will not be deducted to compute the consolidated cost of goods sold? A. Inte...
A: Consolidated financial statements means financial statements of overall group where company have one...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A: Market Value 700,000 Less: Book Value 620,000 Purchase Differential 8...
Q: Book Value Market Value P60,000 Cash P60,000 130,000 Inventory Plant Assets (net) 210,000 630,000 58...
A: Share of NCI in Identifiable net asset on the date of acquisition: Amount (P) Cash ...
Q: Allocation of Cash Dividends to Preference and Ordinary Shareholders)
A: Dear As you have highlighted part D. So, I am sending you solution of Part D only.
Q: Straight-Line, Declining-Balance, and Sum-of-the-Years'-Digits Methods A light truck is purchased on...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: Which of the following statements is incorrect concerning the adjusted trial balance? A. THE A...
A: Adjusted Trial Balance: An adjusted trial balance is used after all of the modifications have been m...
Q: Depletion Prepare the following entries using a general journal: 1. A coal mine was acquired at a co...
A: journal entry for deletion expenses are as follows
Q: Total 112,850 10,400 On March 31, ABC has 2,700 units in ending inventory. Using the periodic LIFO (...
A: Answer LIFO (Last-in first out) Last in, first out (LIFO) is a method used to account for inventory ...
Q: Since 2005, Modco has a full range of groceries and general merchandise sold through 8,000 retail un...
A: Sustainability reporting is that the disclosure and communication of environmental, social, and gove...
Q: Book Value P40,000 170,000 620,000 220,000| 60,000 (300,000) (10,000) (450,000) (350,000) Market Val...
A: On acquisition of other company all assets and liabilities shall be valued at fair market value
Q: Variable and Absorption Costing Bing Company sells its product for $106 per unit. Variable manufactu...
A: Bing Company Variable Costing Income Statement Particulars Amount Amount Sales (9,000*106) 9...
Q: Book Value P40,000 170,000 Market Value P40,000 230,000 700,000 Cash Inventory Plant Assets (net) Co...
A: The acquisition means that the parent company acquires the shares more than 50% of subsidiary compan...
Q: Describe business activities thataffect a firm’s cash flow.
A: The net amount of cash and cash equivalents transported into and out of a corporation is referred to...
Q: Intangible Long-Term Assets Track Town Co. had the following transactions involving intangible asset...
A: Amortization - Amortization of intangibles is the expense incurred on the intangibles. Amortization ...
Q: 1. Peter and Renee, who file married filing jointly, recelved $30.200 of Social Security benefits th...
A: The tax on social security benefit is depended on the modified AGI. (a) Individual filling joint ret...
Q: Clarion Co. completed the following transactions and events Involving the purchase and operation oT ...
A: Journal entry is the recording of transaction at the very first stage of the transaction.
Q: Social Security tax =
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...
Q: On August 1, ABC Corporation acquired 80 percent of XYZ Corporation for P560,000. XYZ Corporation ha...
A: Introduction Goodwill is considered as an intangible assets that is linked with purchasing of one co...
Q: Bankers usually insist that prospective borrowerssubmit audited financial statements along with a lo...
A: CPA or the Certified Public Accountant is the individual that has authority to investigate and audit...
Q: Salter Mining Company purchased the Northern Tier Mine for $21 million cash. The mine was estimated ...
A: Purchase cost of Northern Tire Mine $2,10,00,000 Less: Residual value -$10,00,000 $2,00,00...
Q: Problem 8 (Ratio Calculations) Assume the following relationships for Woody Corp: Sales/Total assets...
A: GIVEN 8. Assume the following relationships for the woody Corp: Sales / total assets 1.5x Return on ...
Q: Proportional method Eamination method Appreciation (RC-Cost) Cost Replacement Cost Equipment Accumul...
A: The question pertains to revaluation of the asset. IAS 16 pertains to revaluation of asset. The IAS ...
Q: For each action for X co. below you should draw up a balance sheet and income statement that reflect...
A: Balance Sheet, comprise of assets, liabilities and shareholder's funds that helps several users to t...
Q: ABC Corporation acquired 70 percent of XYZ Corporation on August 1 for P420,000. On that date, XYZ C...
A:
Q: Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in ...
A: Variance refers to the difference between the estimated data and the actual results obtained by the ...
Q: Account Amount Account Amount Cash at bank 12,500 25,000 Discount received 1,675 Opening stock Posta...
A: Trial balance was an statement used to prepare financial statements where it contains debit and cred...
Q: The condensed balance sheets of Ayayai Limited, a small private company that follows ASPE, follow fo...
A: The question is based on the concept of Financial Accounting.
Q: be used to fund the equity portion of the capital budget? Assuming the company has 400,000 issued or...
A: Net income = P12,000,000 Capital budget = P 10,000,000 Equity percentage = 70%
Q: Comprehensive operating budget. Slopes, Inc., manufactures and sells snowboards. Slopes manufactures...
A: Answer to Question(1):- Slopes Inc Pr...
Q: Peter acquired 80% of the outstanding ordinary shares of Simon on January 2, 20x1. During 20x1, Pete...
A: Workings: 1) Computation of unrealized profit on downstream transactions: Beginning unrealized profi...
Q: ith the lowest capital balances first c. Partners based on their capital balances
A: When a partnership is dissolved , the assets are liquidated and liabilities are paid off
Q: A business purchased a machine on the Ist January 2018 at a cost of £100,000. At the time of acquisi...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Amortization schedule must include Interest calculation and a running balance
A: An amortization schedule is to be created for the given data. Amortization of loan has equal monthly...
Q: It costs HHI Company $7 of variable costs and $3 of fxed costs to produce its product at full capaci...
A: Variable cost per unit for the offered 3,000 units = $7 + $2.50 = $9.50 . Even when company is not u...
Q: Which inventory valuation model serves as a middle-of-the-road approach for taxes and income? a.Last...
A: When a corporation values its inventory using FIFO, it reports reduced COGS, which boosts its gross ...
Q: Which of the following correctly describes the term cost driver? a.The primary factor which is corr...
A: Cost driver is the driver cause of which the cost is incurred. On the basis of this we find the tota...
Q: Based on the above statement, discuss: a) The advantages of auditing done by an independent expert. ...
A: a) The advantages of auditing done by an independent expert. Answer : the main advantages are: 1. Au...
Q: QUESTION 9 On July 1, 2015, ABC Corporation purchased a patent asset for $21,600 and a trademark ass...
A: Amortization expense is the write-off of an intangible asset over its anticipated useful life, indic...
Q: QUESTION 19 When a company decreases the estimated useful life of a PP&E asset O a. It is admitting ...
A: Depreciation refers to a decline in asset value over its useful life.
Step by step
Solved in 2 steps with 1 images
- Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation – Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Sales revenue Plant Utilities Sales commissions What is the cost for raw materials used during 2016? O a. $35,000 O b. $80,000 O c. $40,000 O d. $46,000Selected data from Design Corporation for 2016 is as follows: Inventories Beginning $34,000 135,000 110,000 Ending $40,000 150,000 102,000 Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation– Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages Sales revenue $8,000 $121,230 $41,000 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23.700 Plant Utilities Sales commissions Net pròfit is: O a. $175,820 O b. $178,070 $167,820 O d. $159,820CO Selected data from Design Corporation for 2016 is as follows: Inventories Ending $40,000 Beginning Raw Materials Work in process Finished goods Other information: Plant janitorial services Administrative expenses Raw materials purchased Depreciation-Plant Building & Equipment Insurance on plant Depreciation expense on delivery truck Direct manufacturing wages 000 %24121,230 $32,500 $11,500 $18,250 $144,000 $575,000 $28,000 $23,700 Sales revenue Plant Utilities Sales commissions Total manufacturing costs to account for is: O a. $369,000 O b. $354,000 O c. $259,000 Od. $394,000 tv
- Compute cost of goods manufactured and cost of goods sold from the followingamounts. Beginning of Year End of YearDirect materials inventory $22,000 $26,000Work in process inventory $38,000 $30,000Finished goods inventory $18,000 $23,000Purchases of direct materials $75,000Direct labour $82,000Manufacturing overhead $39,000The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
- Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…QuestionQ# 1: Accounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of KentonCompany:Sales $ 975,000Direct labor cost $ 165,000Raw material purchases $ 229,000Selling expense $ 48,750Administrative expenses $ 146,250Manufacturing overhead applied to work in process $ 180,000Actual manufacturing overhead costs $ 175,050Inventories: Beginning EndingRaw materials $ 18,000 $ 17,500Work in process $ 20,000 $ 14,750Finished goods $ 9,000 $ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in productionwere direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overappliedoverhead is closed to Cost of Goods Sold.3. Prepare an income statementAccounting for Manufacturing Concern The following data from the just completed year are taken from the accounting records of Kenton Company:Sales$ 975,000Direct labor cost $ Selling expense $ Manufacturing overhead applied to work in process $Inventories:Work in process $165,000 48,750 180,000Beginning 20,000 $Ending 14,750Raw material purchases$ 229,000Administrative expenses$ 146,250Actual manufacturing overhead costs$ 175,050Raw materials$ 18,000$ 17,500Finished goods$ 9,000$ 11,000Required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.3. Prepare an income statement.
- Following are the account balances for the DC Company in 2018: Ending of 2018 27,000 Beginning of 2018 Direct materials inventory 26,500 28,400 Work-in-process inventory Finished-goods inventory 30,500 22,100 79,000 16,500 Purchases of direct materials 24,500 Direct manufacturing labor Indirect manufacturing labor 18,600 7,900 11,800 Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs 3,500 87,900 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.The following selected account balances are as at the end of the current period. Manufacturing direct labour $140,000 Direct materials purchased Variable manufacturing overhead Depreciation on plant equipment and building Sales commissions Direct materials used Head office overhead costs Marketing costs What are the conversion costs for the period? O $300,000 O $420,000 O $120,000 O $215,000 150,000 75,000 85,000 35,000 120,000 110,000 90,000The given miscellaneous data has been collected for a manufacturing company for the year ended 12/31/2020. Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 • Ending - raw material_P55,000 - work in process_P45,000 - finished goods_P50,000 costs recorded during the year: - purchases of raw material_P195,000 - direct labor_P150,000 - COGS_P595,000 - freight out_P25,000 - purchase discount_P32,000 - purchase return and allowances_P23,000 Required: Prepare a statement of cost of goods manufactured.