Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 140,000 Indirect material Indirect labor During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other $ December 31, 20x1 $ 70,000 115,000 165,000 9,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.

Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 60,000 120,000 140,000 Indirect material Indirect labor During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on plant and equipment Utilities Other $ December 31, 20x1 $ 70,000 115,000 165,000 9,000 24,000 100,000 26,000 30,000 Sales revenue was $1,112,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.

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

Required Information [The following information applies to the questions displayed below) The following data is provided for Garcon Company and Pepper Compeny for the year ended December 31. Garcon Company $12,100 15, e Pepper Company $18,55e 21,7 10,s00 14,40 25, 20,400 .0 25,3 22, 00 20,0 7,000 12,25e 47,000 34,620 1, Finished goods inventory, beginning Mork in process inventory, beginning Raw naterlals lnventory, beginning Rental cost on factory equlpeent Direct labor 11,250 intshed goods inventory, ending Mork in process ineeetory, ending Ran naterials inventory, ending Factory utilities General and adeanistrative expenses Indirect labor Repairs-factory equipeent Raw naterials purchases Selling expenses Sales Cash Accounts receivable, net 17,4s0 7.000 13,35e 34, 14,95e 5,420 43,500 271,60 2,4 29,20 22,e 13,200 1. Complete the table to find the cost of goods manufsctured for both Garcon Company and Pepper Company for the year ended December 31. 2. Complete the toble to calculate the…
Prepare the necessary journal entries from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases, Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indilrect labor wages of P12,500. d. C. Overhead Incurred and pald for Is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (b)? Work in process inventory Raw materials Inventory a. 53,865 53,865 Work in pracess inventory Manufacturing overhead Raw materials inventory b. 45,360 8,505 53,865 Work in process inventory Manufacturing overhead Accounts payable 45.360 8,505 53,865 Raw materials inventory Manufacturing overhead control Work in…
Prepare the necessary journal entrles from the following Information for Welsh Company, which uses a perpetual Inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: a. Direct materials: 80 percent of purchases: Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead incurred and pald for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. C. e. f. g. What is the journal entry for transaction (c)? 45,600 a. Work In process Wages payable 45,600 b. 45,600 Wages expense Wages payable 45,600 Work in process inventory Wages expense Wages payable 33,100 12,500 45,600 Work in process inventory Manufacturing overhead Wages payable 33.100 12,500 d. 45-600
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. Purchased raw material on account, P56,700. b. Requisitioned raw materials for production as follows: а. Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. С. d. е. Goods costing P97,600 were completed during the period. Goods costing P51,320 were sold on account. g.
Please complete the Income statement Calculation of Direct Materials Used (Analyze Raw Materials Account) Beginning Raw Materials Inventory 2,373.75 Plus: Purchases of Direct Materials, Freight-in, Duties 26111.25 Materials Available for Use 28485 Less: Ending Raw Materials Inventory 18,041.32 <<<To balance sheet Direct Materials Used 10443.68 Calculation of Cost of Goods Manufactured (Analyze WIP Inventory) Beginning WIP Inventory 0 Plus Manufacturing Costs Incurred: 355,428.68 Direct Materials Used 10443.68 Direct Labor 135,000.00 Manufacturing Overhead 191,943.68 Total Manufacturing Costs to Account For 337,387.36 Less: Ending WIP Inventory 18,041.32 <<<To balance sheet Cost of Goods Manufactured 319346.04 Calculation of Cost of Goods Sold (Analyze Finished Goods Inventory)…
The following inventory information is available for Narcisa Manufacturing Corporationfor the year: Beginning Ending Inventories:Raw materials P17,000 P19,000Work in process 9,000 14,000Finished goods 11,000 8,000Total P37,000 P41,000 In addition, the following transactions occurred:a. Raw materials purchased on account, P75,000.b. Incurred factory labor, P80,000, all is direct labor. (Credit Factory Wages Payable).c. Incurred the following overhead costs during the year: Utilities P6,800, Depreciation onmanufacturing machinery P8,000, Manufacturing machinery repairs P6,200, Factoryinsurance P9,000 (Credit Accounts Payable and Accumulated Depreciation).d. Assigned P80,000 of factory labor to…
Rockman company's inventory transactions are given below s particulars amount details beginning raw material 155,500 purchase of raw materials 276,000 raw material issued material requisition 1281 material requisition 1282 152,400 for job 1001 165,100 for job 1002 for multiple jobs material requisition 1283 76,500 what would be the ending balance of raw materials inventory account.?
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual inventory system. a. Purchased raw materlal on account, P56,700. b. Requlsitioned raw materlals for production as follows: • Direct materials: 80 percent of purchases; Indirect materials: 15 percent of purchases. C. Direct labor wages of P33,100 are accrued as are indirect labor wages of P12,500. d. Overhead Incurred and paid for Is PG6,900. e. Overhead Is applied to production based on 110 percent of direct labor cost. f. Goods costing P97,600 xere completed during the pertod, What is the journal entry for Iransadion ()? a. Work in process inventory 97,600 Finished goods Inventory 97,600 b. Finished goods inventory Work in process inventary 97,600 97,600 Cost of goods sold Work In process inventory C. 97,600 97,600 97,600 d. Work in process inventory Cost of goods sold 97,600
(Inventoriable Goods and Costs—Perpetual) Colin Davis Machine Company maintains a general ledger account for each class of inventory, debiting such accounts for increases during the period and crediting them for decreases. The transactions below relate to the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use.1. An invoice for $8,100, terms f.o.b. destination, was received and entered January 2, 2017. The receiving report shows that the materials were received December 28, 2016.2. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2016, “because they were in a railroad car on the company’s siding on that date and had not been unloaded.”3. Materials costing $7,300 were returned to the supplier on December 29, 2016, and were shipped f.o.b. shipping point. The return was entered on that date, even though the materials are not expected to reach the supplier’s place of business until…
1 In. In. Z IMG_20210227_1.. -> Q/2:-The following balance appeared in the trial balance of Santana CO.as following :- Beginning raw materials inventory Ending raw materials inventory Work in process inventory in 1/1 Work in process inventory in 31/12 15 000 22 500 6 000 ৪ 400 Purchases of raw materials 90 000 Purchases commission 750 Import duties Freight- in Purchases return and allowance 450 300 2 100 Purchases discount 1050 Direct labor 25 200 Beginning finished goods inventory Ending finished goods inventory 21 000 29 100 Depreciation equipment 4 500 Depreciation machining Depreciation factory building Sales 750 1 500 135 000 Indirect materials 4 500 Indirect labor 2 100 Sales return and allowance 3 000 Sales discount 750 Oil and gas Water and electricity 3 600 1050 Ins :- 1- prepare manufacturing statement for the year ended in 31/12/2010 . 2-Prepare trading statement for the year ended in ( 2 5M) 31/12/2010. II
ezto.mheducation.com HW 1 (Chapter 2) Saved Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Port 3 of 3 10 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: points еВook Indirect material ndirect labor 12,000 26,000 100,000 26,000 30,000 Print Depreciation on plant and equipment Utilities References Other Sales revenúe was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Mc Graw Next > < Prev of 9
Prepare the necessary journal entries from the following information for Welsh Company, which uses a perpetual Inventory system. Purchased raw materlal on account, P56,700. b. Requisitioned raw materlals for production as follows: a. Direct materlals: 80 percent of purchases: Indirect materlals: 15 percent of purchases. Direct labor wages of P33,100 are accrued as are Indirect labor wages of P12,500. Overhead incurred and paid for is P66,900. Overhead is applied to production based on 110 percent of direct labor cost. f. C. d. e. Goods costing P97,600 were completed during the perlod. Goods costing P51,320 were sold on account. g. What is the journal entry for transaction (a)? Raw materials inventory 56,700 Accounts payable 56,700 b. Work in process inventory Accounts payable 56,700 56,700 Work in process inventory Raw materials inventory C. 56,700 56,700 Raw materials inventory Work in process inventory d. S6,700 56,700