Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Now calculate the cost of goods sold. West Nautical Company Calculation of Cost of Goods Sold For Current Year Plus: Less: Data table \table[[, \table[[Beginning], [of Year]], \table[[\table[[End of], [Year]]], [$,27,000 Data table Beginning of Year End of Year End of Year Raw materials inventory ...... 25,000 $ 27,000 Insurance on plant $ 10,000 Work in process inventory. $ 36,000 $ 30,000 Depreciation-plant building and equipment ... $ 13,100 Finished goods inventory... $ 20,000 $ 28,000 Repairs and maintenance-plant $ 4,400 Purchases of direct materials .... 78,000 Marketing expenses $ 81,000 Le Direct labor.. 80,000 General and administrative expenses $ 25,500 Co Indirect labor. $ 38,000 No Print Done -

Compute the Cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials. (Click the icon to view the data.) Calculation of Cost of Goods Manufactured For Current Year Plus: Manufacturing costs incurred Less: Cost of goods manufactured Now calculate the cost of goods sold. West Nautical Company Calculation of Cost of Goods Sold For Current Year Plus: Less: Data table \table[[, \table[[Beginning], [of Year]], \table[[\table[[End of], [Year]]], [$,27,000 Data table Beginning of Year End of Year End of Year Raw materials inventory ...... 25,000 $ 27,000 Insurance on plant $ 10,000 Work in process inventory. $ 36,000 $ 30,000 Depreciation-plant building and equipment ... $ 13,100 Finished goods inventory... $ 20,000 $ 28,000 Repairs and maintenance-plant $ 4,400 Purchases of direct materials .... 78,000 Marketing expenses $ 81,000 Le Direct labor.. 80,000 General and administrative expenses $ 25,500 Co Indirect labor. $ 38,000 No Print Done -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How is materials inventory computed.? a) Cost of materials used in production during the period/ Average materials inventoryb) Cost of the goods produced during the period/ average materials inventoryc) Cost of good sold / average materials inventoryd) Net sales / average materials inventory To calculate the raw materials inventory, add the cost of the direct materials in production with the manufacturing overhead. In this case your raw materials inventory is valued at $6,000.
Required information [The following information applies to the questions displayed below.] 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 Repairs-Factory equipment Rent cost of factory building Selling expenses General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending $ 2,700,000 112,000 146,000 190,000 515,000 618,000. 93,000 74,000 148,000 237,000 379,000 134,000 175,000 228,000 Prepare an income statement for Delray Manufacturing (a manufacturer). Assume that its cost of goods manufactured is $1,397,00
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
How is the average unit cost (of sold products) calculated at the end of a period, for a retailer? Select one: O a. Total Operating Expenses/Total Number of units Sold O b. Cost of Goods Manufactured/Total units Produced O c. Total Cost of Goods Sold /Total Number of units Sold O d. Total Service Costs/Total Number of Services Provided
By using the information given below calculate the net income under the traditional costing method. Show your calculations. (No beginning finished goods inventory.) Variable cost of goods sold per unit Fixed cost of goods sold per unit Variable operating expenses per unit Fixed operating expenses per unit Selling price Number of units sold Number of units produced 18,000 20,000 $4.00 $ 3.00 $1.50 $1.25 $12.00
1. Calculate the raw material used by Pro-Leather Company. 2. Calculate the indirect materials used by Pro-Leather Company. 3. What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?
Accounting records for The Ralston Company show the following for the most recent fiscal year. Units produced and sold Total revenues and costs Sales revenue Direct materials costs Direct labor costs Variable manufacturing overhead Fixed manufacturing overhead Variable marketing and administrative costs Fixed marketing and administrative costs Required: a. Prepare a gross margin Income statement. b. Prepare a contribution margin Income statement. Required A Required B Complete this question by entering your answers in the tabs below. Prepare a gross margin income statement. Gross Margin Income Statement 59,500
Required: 1) Calculate the raw material used by Pro-Leather Company. 2) Calculate the indirect materials used by Pro-Leather Company 3) What is the total manufacturing overhead cost incurred by Pro-Leather Company during the period? 4) Determine the prime cost & conversion cost of the cases manufactured. 5) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6) Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7) What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year? 8) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity? thank you very much
the information of the firm using the average cost method is as follows: Quantity unit price 200 10 300 15 250 20 300 25 Since the firm sold 750 units of 25 TL during the period by cash, (a) What will be the cost of goods sold and profit/loss? (b) Make the journal entry of the transaction?
eBook Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-In on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Show Me How Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 $496,580 376,390 7,250 17,000 52,520 78,219 162,270 145,910 17,790 203,540 118,070 39,640 32,610 62,980 63,460
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Beginning Inventory Ending Inventory $26,600 46,300 69,600 $28,300 21,400 79,200 Raw materials Work in process Finished goods Additional information for the month of March follows: StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: $ 40,800 1,900 63,400 35,000 23,100 236,700 Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling, general, and administrative expenses Sales revenue
4. Determine the prime cost & conversion cost of the cases manufactured. 5. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2020, clearly showing total manufacturing cost & total manufacturing costs to account for. 6. Prepare an income statement for Pro-Leather Company for the year ended December 31, 2020. List the non-manufacturing overheads in order of size starting with the largest. 7. What is the factory cost per case if Pro-Leather manufactured 19,200 cases for tablets for the year?8. How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising entity?