The ABC Company had beginning work in process inventory of 50,000 and ending work in process inventory of 55,000. Manufacturing overhead applied to work in process during the period was 78,000 and actual manufacturing overhead was 87,000. Unadjusted cost of goods sold was 900,000. What is ABC Company's adjusted cost of goods sold?
Q: Ivanhoe Enterprises engaged in the following activities during the year: . Purchased 100 shares of…
A: Investing activities—Investing activities—cash receipts and cash payments relating to the…
Q: Prepare a December 31, 2023, balance sheet for Long Print Shop from the following: cash, $41,500;…
A: Balance sheet is the financial statement that records all the assets, liabilities and stockholders'…
Q: Carla Vista Corporation had a projected benefit obligation of $3,280,000 and plan assets of…
A: A pension is a retirement plan that provides a fixed or regular income to an individual after they…
Q: Marcus invests $9,000, at 6% interest, compounded annually for 12 years. Calculate the compound…
A: Compound interest is related to earning interest on interest. The interest earnings are more if the…
Q: Tamarisk Corporation purchased on January 1, 2020, as a held-to-maturity investment, $53,000 of the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Accounts receivable Inventory Total assets . Selected financial ratios computed from the statements…
A: Current Ratio / Quick Ratio Current Ratio - Current Asset / Current Liability This Ratio suggest…
Q: Prepare the cash budget for Company X for the month of June using the following information: Cash…
A: A cash budget shows all cash inflows and cash outflows for a company. This helps in determining the…
Q: On April 30. Year 1 Tilton Products purchased machinery for $176,000. The useful life of this…
A: Depreciation rate as per double declining balance method = 2/useful life = 2/8 = 0.25 or 25%
Q: Items 16 to 18 are based on the following information: A manufacturer of radios purchases components…
A: Hi student Since there are multiple questions, we will answer only first question. Variance analysis…
Q: The determination of capital structure of a company is influenced by a number of factors. List six…
A: Note: As this this question have independent multiple questions. We have solved the first one for…
Q: Rodriguez Corporation issues 18,000 shares of its common stock for $99,300 cash on February 20.…
A: The shares that has no par or stated value, do not involve any additional paid in capital balance.…
Q: Brunswick Manufacturing owns one piece of equipment. The equipment was purchased on January 1, 2019…
A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the…
Q: Benjamin Company had the following results of operations for the past year: Sales (24,800 units at…
A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: On November 1, 2022, an advance rent payment of $15,000, representing a six-month prepayment (for…
A: As per dual concept of accounting, every transaction has dual impact on the books of accounts.…
Q: A coporation reported cash of $15,600 and total assets of 179,900 on its balance sheet. Its commen…
A: Balance sheet is one of most important financial statement. It is prepared at the end of accounting…
Q: View Policies Current Attempt in Progress Information on the activities of Sunland Toys Ltd. is as…
A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…
Q: Euclid Corporation processes a patented chemical, P-1, and produces two outputs, P-11 and P-12. In…
A: Joint cost :— It is the cost incurred jointly in manufacturing of two or more joint products during…
Q: Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains…
A: Standard labor-hours allowed (SH) to ship actual units=Actual units×Standard labor-hours per unit,…
Q: Waterways is thinking of mass-producing one of its special-order sprinklers. To do so would increase…
A: Contribution margin :— It is the difference between sales revenue and total variable cost.…
Q: ABC Co. entered into a long-term construction contract for 3 years. Contract price agreed was…
A: When the outcome of a construction contract can be estimated reliably, contract revenue and contract…
Q: On January 2, 2025, Wilhelm Co. bought a trademark from Big K Inc for $1389000. An independent…
A: Amortization expense = Cost/Useful life
Q: Subject:
A: Given in the question: Company is using three factor formula in order to apportion income between…
Q: A bond issue with a face amount of $1,000,000 bears interest at the rate of 8%. The current market…
A: The bonds are the financial instruments that are used to raise the money from the investors of the…
Q: a. Receivables tumover ratio b. Inventory turnover ratio c. Current ratio times times
A: Ratio analysis used identify the business performance of the company. It is used to measure…
Q: Wade Corporation is reviewing an investment proposal. The initial cost is $105,000. Estimates of the…
A: Annual rate of return = (Average annual income / Average investment) x 100
Q: Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the…
A: Taxable income is the income which is used to calculate the amount of tax that needs to be paid by…
Q: Bill has just returned from a duck hunting trip. He brought home eight ducks. Bill's friend, John,…
A: Relevant Cost: Costs that can affect a decision's outcome are considered relevant costs. This…
Q: Marvel, Inc., purchased a truck to use for deliveries and is attempting to determine how much…
A: Fixed assets are those assets which are being held by the business for longer period of time.…
Q: Steve is an oilman from West Texas. Due to market factors beyond his control he finds himself unable…
A: In bankruptcy law, a preference payment refers to a payment made by a debtor to a creditor, which…
Q: QUESTION 4 At what rate must $287.50 be compounded quarterly for it to grow to $2,500 in 14 years?…
A: The concept of time value of money will be used here. Money deposited today (present value) grows…
Q: Division X makes a part with the following characteristics: Production capacity Selling price to…
A: In there exists a sufficient capacity, the minimum transfer price is the variable manufacturing…
Q: Cavern Company's output for the current period results in a $6,000 unfavorable direct material price…
A: Actual quantity means the actual number of units used in the production process for the making of…
Q: when using the indirect method to calculate and report net cash from or used in operating…
A: Cash flow statement :— It is one of the financial statement that shows change in cash and cash…
Q: Holly took a prospective client to dinner at a restaurant, and after agreeing to a business deal,…
A: Under current tax laws, the cost of entertainment expenses is generally not deductible, while the…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Product line analysis is required when there is more than one product in a company. Segmented income…
Q: EPS = CGS / (average inventory) Net profits / number of common shares O Net profit / Net Sales O…
A: Earnings per share (EPS) is a financial ratio that represents the portion of a company's net profit…
Q: Newport Corporation is considering the purchase of a new piece of equipment. The cost savings from…
A: Payback period: Payback period is the length of time in which an investment reaches its break-even…
Q: The Inventory account balance appearing in a perpetual inventory worksheet represents the
A: The products and materials that a company keeps on hand with the intention of reselling, producing,…
Q: Nance Corporation's December 31, 2017 balance sheet showed the following: 6% preferred stock, $20…
A: Paid in Capital - Paid in Capital is an amount collected by the organization from the shareholder's…
Q: Summary information from the financial statements of two companies competing in the same industry…
A: Ratio analysis is a potent tool used in accounting and finance to assess the health and performance…
Q: Estimating Share Value Using the DCF Model Following are forecasts of Target Corporation's sales,…
A: To estimate the value of a share of Target common stock using the discounted cash flow (DCF) model,…
Q: 2. Prepare a horizontal analysis of Sports Unlimited's 2024 balance sheet using 2023 as the base…
A: Horizontal analysis of a balance sheet involves comparing financial data of a company's balance…
Q: The expected average rate of return for a proposed investment of $652,000 in a fixed asset, with a…
A: Proposed investment = $652,000 in a fixed asset, Useful life = 4 years, straight-line depreciation,…
Q: Roxy operates a dress shop in Arlington, Virginia. Lisa, a Maryland resident, comes in for a…
A: Roxy's sales tax collection obligation depends on which state's sales tax law applies to the…
Q: Windsor, Inc. is considering purchasing equipment costing $42000 with a 6-year useful life. The…
A: IRR or internal rate of return is an important capital budgeting tool. It is the rate at which NPV…
Q: rect materials purchases budget Jetzaltenango Candle Inc. budgeted production of 765,000 candles for…
A: PRODUCTION BUDGET Production Budget is a Forecast of the Production for the Budgeted Peirod of an…
Q: Assuming situation (a), prepare the employer's September 30 journal entry to record salary expense…
A: This question asks you to prepare a journal entry for BMX Company to record its salary expense and…
Q: In accordance with ASC 958, contributions of services are recognized as increases in net assets…
A: According to ASC 958, private nonprofit organisations are required to acknowledge contributed…
Q: create a income statement and a statement of owners equity nb. no sales or cost of good sold was…
A: Income statement is the financial statement that records all the income and expenses of the business…
please dont provide answer in image format thank you
The ABC Company had beginning work in process inventory of 50,000 and ending work in process inventory of 55,000. Manufacturing applied to work in process during the period was 78,000 and actual manufacturing overhead was 87,000. Unadjusted cost of goods sold was 900,000. What is ABC Company's adjusted cost of goods sold? |
|||||||||||
A | 886,000 | ||||||||||
B | 891,000 | ||||||||||
C | 909,000 | ||||||||||
D | 914,000 |
Step by step
Solved in 3 steps
- Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600Account balances from Boilermakers Company are as follows: Manufacturing Overhead Work in Process Finished Goods Cost of Goods Sold $240,000 underapplied 100,000 300,000 800,000 Under- or overapplied overhead is material and is allocated to Work in Process, Finished Goods, and Cost of Goods Sold (based on ending account balances), Cost of Goods Sold after adjustment would have a balance of Oa. $1,440,000. Ob. $640,000. Oc. $960,000. Od. $1,040,000.The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includesdirect material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 Required: a. The cost of raw material purchased during the year b. Direct labor cost charged to production during the year c. Cost of Goods Manufactured d. Cost of Goods Sold
- The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 8. Cost of Goods Manufactured wasa. P636.b. P716.c. P736.d. P766.The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 9. Cost of Goods Sold wasa. P691.b. P716.c. P736.d. P801.Use the information provided for preparing the statement of the cost of goods sold of Pacific States Manufacturing for the year just ended to answer the question number 10 to 13 Q # 10) what is the amount of direct materials used/consumed? Pacific States Manufacturing for the year just ended sales 31,800 purchase of direct materials 7,000 direct labor 5,000 work in process inventory, 1/1 800 work in process inventory, 12/31 3,000 fineshed goods inventory, 1/1 4,000 fineshed goods inventory, 12/31 5,300 accounts payable, 1/1 1,700 accounts payable, 12/31 1,500 direct materials inventory, 1/1 6,000 direct materials inventory, 12/31 1,000 indirect labour 600 indirect materials used 500 utilities expense, factory 1,900 Depreciation on factory equipment…
- Account balances from the Boilermakers Company are as follows: Manufacturing Overhead $240,000 underapplied Work in Process 100,000 Finished Goods 300,000 Cost of Goods Sold 800,000 Question: If underapplied or overapplied overhead is immaterial, Cost of Goods Sold after adjustment would have a balance of?The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 7. Direct labor cost charged to production during the year wasa. P135.b. P216.c. P225.d. P360.Gulick Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs OB) $72,000. $240,000 Gulick Company's direct labor cost for the year is OA) $216,000. OC) $360,000. OD) $288,000. 144,000 288,000 216,000 264,000 720,000
- The records of ABC Corporation revealed the following data for the current year. Work in Process P73,150 Finished Goods P115,000 Cost of Goods Sold P133,650 Direct Labor P111,600 Direct Material P84,200 Assume that ABC has underapplied overhead of P37,200 and that this amount is material. How much is needed to close the overhead account to Finished Goods? (Round decimals to nearest whole percent.)1. Cost of raw materials $132,000 2. Indirect materials $31,000 3. Indirect labor cost $19,000 4. Cost of goods manufactured $503,000 5. Unadjusted cost of goods sold $477,500 Questions: 1.If overhead is applied to production on the basis of direct labor cost, what predetermined overhead rate was in effect during the year? 2. Was manufacturing overhead underapplied or overapplied? By how much? 3. Compute the ending balance in Work in Process. Assume that this balance consists entirely of goods started during the year. If $10,750 of this balance is direct labor cost, how much of it is direct materials cost? Applied overhead cost?N4 Ragtime Company had the following information for the year: Direct materials used $ 112,000 Direct labor incurred (5,200 hours) $ 152,000 Actual manufacturing overhead incurred $ 168,000 Ragtime Company used a predetermined overhead rate of $34 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of $17,500. What was cost of goods manufactured? Multiple Choice $437,000 $423,300 $428,000 $262,000