The following data pertain to Spartan Products Company: Sales revenue S 2,050,000 Materials inventory, January 1 27,000 Direct labor-wages 385,000 Depreciation expense- plant and equipment 87,000 Indirect labor-wages 12,000 Heat, light, and power-plant 15, 500 Supervisor's salary-plant 47,000 Finished goods inventory, January 138,500 Work-in-process inventory, December 31 28, 500 Supplies-administrative office 7, 400 Property taxes-plant 27,000 Finished goods inventory, December 31 47,000 Materials inventory, December 31 33,500 Sales representatives' salaries 295,000 Work-in- process inventory, January 1 42,000 Materials purchases 184,000 Supplies-plant 6,800 Depreciation-administrative office 40,500 Required: Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31.

The following data pertain to Spartan Products Company: Sales revenue S 2,050,000 Materials inventory, January 1 27,000 Direct labor-wages 385,000 Depreciation expense- plant and equipment 87,000 Indirect labor-wages 12,000 Heat, light, and power-plant 15, 500 Supervisor's salary-plant 47,000 Finished goods inventory, January 138,500 Work-in-process inventory, December 31 28, 500 Supplies-administrative office 7, 400 Property taxes-plant 27,000 Finished goods inventory, December 31 47,000 Materials inventory, December 31 33,500 Sales representatives' salaries 295,000 Work-in- process inventory, January 1 42,000 Materials purchases 184,000 Supplies-plant 6,800 Depreciation-administrative office 40,500 Required: Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Current December 31 Purchases of materials $ 165,000 Direct labor 114,000 Indirect labor 45,000 Factory insurance 8,000 Depreciation-factory 33,000 Repairs and maintenance-factory 11, 000 Marketing expenses 144,000 General and administrative expenses 86,000 Materials inventory $ 23,000 55,000 Work- in - Process inventory 13, 000 16,000 Finished Goods inventory 17,000 24,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an income statement for the current year for Babor Company.
The following data pertain to Spartan Products Company: Sales Revenue 1,000,000 Direct materials inventory, Jan 1, 2004 20,000 Direct labor-Wages 350,000 Depreciation expense-Plant and equipment 80,000 Indirect labor-Wages 5,000 Heat, Light, and power - Plant 12,000 Supervisor's salary-Plant 40,000 Finished goods inventory, Jan 1, 2004 35,000 Work in Process inventory, Dec, 31, 2004 25,000 Supplies-Administrative office 6,000 Property taxes-Plant 13,000 Finished goods inventory, Dec 31, 2004 40,000 Direct materials inventory, Dec 31, 2004 30,000 Sales representative's salaries 190,000 Work in Process inventory, Jan, 1, 2004 35,000 Direct materials purchases 100,000 Supplies-Plant 4,000…
The following data refer to San Fernando Fashions Company for the year 20x2: Description Cost Sales revenue $950,000 Work-in-process inventory, December 31 $30,000 Work-in-process inventory, January 1 $40,000 Selling and administrative expense $150,000 Income Tax expense $90,000 Purchases of raw material $180,000 Raw material inventory, December 31 $25,000 Raw material inventory, January 1 $40,000 Direct labor $200,000 Utilities: plant $40,000 Depreciation: plant and equipment $60,000 Finished-goods inventory, December 31 $50,000 Finished-goods inventory, January 1 $20,000 Indirect material $10,000 Indirect labor $15,000 Other manufacturing overhead $80,000 1) Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year. 2) Prepare San Fernando Fashions' schedule of cost of goods sold for the year. 3) Prepare San Fernando Fashions' income statement for the year. 4) Construct an Excel spreadsheet to solve all of…
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The following are the cost incurred by Ericson Company for the month of April: Factory Utilities $16,500 Depreciation, Factory Eq. $12,650 Depreciation, Del. Truck. $8,800 Repairs to office Equipment $1,300 Indirect Materials used $80,800 Direct Materials Used $137,600 Factory Manager’s Salary $13,000 Material Purchases $220,000 Direct Labor $89,100 Sales Salaries $46,400 Payroll $227,400 Indirect Factory Labor $48,900 Factory Repairs $2,000 Advertising $18,000 Office Supplies Used $5,640 Property Taxes on Factory Building $2,500 Additional Information: Mat, Beg. $20,000; Mat, end $??? WIP, Beg $0; WIP End (10 units) $??? FG Beg $0; Finished Units (80 units) $????; FG End (15 units) $??? Overhead is applied based on 150% of direct labor cost QUESTION: (1) Determine the total amount of a) Manufacturing Cost b) Selling Expenses c) Administrative (2) Supporting documents also.
The following data relates to the Atlanta Co.: Direct Materials Inventory, Beginning $650 Direct Materials Inventory, Ending $600 Direct Materials Purchases $4,500 Direct Labor $2,300 Factory Overhead $3,200 Work-in-Process Inventory, Beginning $1,350 Work-in-Process Inventory, Ending $1,440 Finished Goods Inventory, Beginning $2,400 Finished Goods Inventory, Ending $2,350 Sales Revenue $14,500 Selling and Administrative Expenses $2,800 Income Tax Rate 35% Required: a. Prepare a Statement of Cost of Goods Manufactured. b. Prepare an Income Statement
Use the following selected account balances of Delray Manufacturing for the year ended December 31. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Indirect labor $ 2,200,000 92,000 120,000 156,000 423,000 508,000 76,000 Repairs-Factory equipment 61,000 Rent cost of factory building 122,000 Selling expenses 195,000 General and administrative expenses 312,000 Raw materials inventory, ending 110,000 Work in process inventory, ending Finished goods inventory, ending 144,000 187,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,148,000. Cost of goods sold: DELRAY MANUFACTURING Income Statement For Year Ended December 31 Goods available for sale Cost of goods sold Net income
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The following data from the just completed year are taken from the accounting records of Kenton Company: Sales $ 975,000 Direct labor cost $ 165,000 Raw material purchases $ 229,000 Selling expense $ 48,750 Administrative expenses $ 146,250 Manufacturing overhead applied to work in process $ 180,000 Actual manufacturing overhead costs $ 175,050 Inventories: Beginning Ending Raw 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 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.
The following data were taken from the records of Jun Company for the current period:Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…