Question
In: Accounting
Montevideo Company had the following account balances for the quarter ending March 31, unless otherwise noted:...
Montevideo Company had the following account balances for the quarter ending March 31, unless otherwise noted:
Work-in-process inventory (January 1) $ 140,400
Work-in-process inventory (March 31) 171,000
Finished goods inventory (January 1) 540,000
Finished goods inventory (March 31) 510,000
Direct materials used 378,000
Indirect materials used 84,000
Direct manufacturing labor 480,000
Indirect manufacturing labor 186,000
Property taxes on manufacturing plant building 28,800
Salespersons' company vehicle costs 12,000
Depreciation of manufacturing equipment 264,000
Depreciation of office equipment 123,600
Miscellaneous plant overhead 135,000
Plant utilities 92,400
General office expenses 305,400
Marketing distribution costs 30,000
Required:
a. Prepare a cost of goods manufactured schedule for the
quarter.
b. Prepare a cost of goods sold schedule for the quarter.
c. Calculate total prime costs and total conversion costs.
d. Calculate total product costs and period costs.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...
Messinger Manufacturing Company had the following account
balances for the quarter ending March 31, unless otherwise noted:
Work-in-process inventory (January 1) $ 140,400 Work-in-process
inventory (March 31) 171,000 Finished goods inventory (January 1)
540,000 Finished goods inventory (March 31) 510,000 Direct
materials used 378,000 Indirect materials used 84,000 Direct
manufacturing labor 480,000 Indirect manufacturing labor 186,000
Property taxes on manufacturing plant building 28,800 Salespersons'
company vehicle costs 12,000 Depreciation of manufacturing
equipment 264,000 Depreciation of office equipment 123,600
Miscellaneous plant...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...
Messinger
Manufacturing Company had the following account balances for the
quarter ending March 31, unless otherwise noted:
Work-in-process
inventory (January 1)$140,400
Work-in-process
inventory (March 31)171,000
Finished
goods inventory
(January 1)540,000
Finished
goods inventory (March 31)510,000
Direct
materials used378,000
Indirect
materials used84,000
Direct
manufacturing
labour480,000
Indirect
manufacturing
labour186,000
Property
taxes on manufacturing plant building28,800
Salespersons'
company vehicle costs12,000
Amortization
of manufacturing equipment264,000
Amortization
of office equipment123,600
Miscellaneous
plant overhead135,000
Plant
utilities92,400
General
office expenses305,400
Marketing
distribution costs30,000
Required:
a.Prepare
a cost...
Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...
Messinger Manufacturing Company had the following account
balances for the quarter ending March 31, unless otherwise
noted:
Accounts Amount
Work-in-process inventory (January 1) $ 140,400
Work-in-process inventory (March 31) 171,000
Finished goods inventory (January 1) 540,000
Finished goods inventory (March 31) 510,000
Direct materials used 378,000
Indirect materials used 84,000
Direct manufacturing labor 480,000
Indirect manufacturing labor 186,000
Property taxes on manufacturing plant building 28,800
Salespersons' company vehicle costs 12,000
Depreciation of manufacturing equipment 264,000
Depreciation of office equipment 123,600...
Gaby Manufacturing Company had the following account balances for the quarter ending September 30, unless otherwise...
Gaby Manufacturing Company had the following account balances
for the quarter ending September 30, unless otherwise noted:
Amortization of manufacturing
equipment
$88,000
Amortization of office
equipment
41,200
Direct manufacturing
labour
160,000
Direct materials
used
126,000
Finished goods inventory (July
1)
180,000
Finished goods inventory (September
30)
170,000
General office
expenses
101,800
Indirect manufacturing
labour
62,000
Indirect materials
used
28,000
Marketing distribution
costs
10,000
Miscellaneous plant
overhead
45,000
Plant
utilities
30,800
Property taxes on plant
building
9,600
Property taxes on salespersons'...
Lopez Manufacturing Company had the following account balances for the quarter ending June 30, unless otherwise...
Lopez Manufacturing Company had the following account balances
for the quarter ending June 30, unless otherwise noted:
Work-in-process inventory
(April
1) $
149,300
Work-in-process inventory
(March
31) 181,700
Finished goods inventory
(January
1) 550,000
Finished goods inventory
(March
31) 513,000
Direct materials
used 391,000
Indirect materials
used 96,000
Direct manufacturing
labor 494,000
Indirect manufacturing
labor 212,000
Property taxes on
manufacturing plant building 35,700
Salespersons' company car
costs 19,000
Depreciation of
manufacturing
equipment 287,200
Depreciation of office
equipment 137,400
Miscellaneous plant
overhead 133,100
Plant
utilities 129,000
General office
expenses 301,000
Marketing distribution
costs 51,800
Required:
a. Prepare a...
Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. If...
Unless otherwise noted, all sets in this module are finite.
Prove the following statements...
1. If A and B are sets then (a) |A ∪ B| = |A| + |B| − |A ∩ B|
and (b) |A × B| = |A||B|.
2. If the function f : A→B is (a) injective then |A| ≤ |B|. (b)
surjective then |A| ≥ |B|.
3. For each part below, there is a function f : R→R that is (a)
injective and surjective. (b)...
The following are selected account balances for Withers Company for the year ending December 31, 2019:...
The following are selected account balances for Withers Company
for the year ending December 31, 2019:
Accounts Payable $63,000
Accounts Receivable $82,000
Cash $95,000
Freight-in $3,000
Merchandise Inventory (1/1/19) $120,000
Merchandise Inventory (12/31/19) $90,000
Purchases $262,000
Purchase Returns & Allowances $33,000
Purchases Discounts $12,000
Sales $566,000
Sales Returns & Allowances 36,000
Total Selling Expenses $92,000
Total Administrative Expenses $43,000 Withers,
Capital $660,000 Withers,
Withdrawals $100,000
REQUIRED: 1) Prepare the multiple-step income statement under
the Periodic System (the way we did...
Unless otherwise noted, all sets in this module are finite. Prove the following statements... 1. Let...
Unless otherwise noted, all sets in this module are finite.
Prove the following statements...
1. Let S = {0, 1, . . . , 23} and define f : Z→S by f(k) = r
when 24|(k−r). If g : S→S is defined by (a) g(m) = f(7m) then g is
injective and (b) g(m) = f(15m) then g is not injective.
2. Let f : A→B and g : B→C be injective. Then g ◦f : A→C is
injective.
3....
Miller Corp. sells chairs. Miller reported the following information (all transactions are on account) for the quarter ending March 31, 2013:
InventoryMiller Corp. sells chairs. Miller reported the following
information (all transactions are on account) for the quarter
ending March 31, 2013:
Purchases
Sales
Units
Unit
Cost
Units
Selling Price/UnitJan.
1 Beginning
inventory
112
$72
13
Purchase
76
$71
29
Sale
121
$99Feb.
3
Purchase
56
$69
16
Purchase
102
$65 Mar. 21
Sale
67
$98 Required:In requirements 1-3, Miller uses a periodic inventory
system.1. Calculate the cost of ending inventory, cost of goods sold,
gross profit, and gross profit...
On March 31 a company needed to estimate its ending inventory to prepare its first quarter...
On March 31 a company needed to estimate its ending inventory to
prepare its first quarter financial statements. The following
information is available: Beginning inventory, January 1: $5,900
Net sales: $88,000 Net purchases: $86,000 The company's gross
margin ratio is 20%. Using the gross profit method, the estimated
ending inventory value would be:
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