Question
In: Accounting
The following cost data describes the flow of costs for the year ending 31 December 2018...
The following cost data describes the flow of costs for the year ending 31 December 2018 relates to Precise Manufacturing Ltd.
|
Division North |
Division South |
|
|
$ |
$ |
|
|
Sales |
? |
$432,000 |
|
Inventories at 1 January 2018 |
||
|
Raw materials |
? |
13,500 |
|
Work in process |
126,000 |
13,500 |
|
Finished goods |
180,000 |
? |
|
Inventories at 31 December 2018 |
||
|
Raw materials |
288,000 |
27,000 |
|
Work in process |
? |
4,500 |
|
Finished goods |
? |
22,500 |
|
Direct material used |
342,000 |
49,500 |
|
Purchases of raw materials |
414,000 |
? |
|
Direct labour |
810,000 |
112,500 |
|
Actual manufacturing overhead |
936,000 |
144,000 |
|
Selling and administrative expenses |
? |
? |
|
Total manufacturing costs |
? |
? |
|
Cost of goods manufactured |
2,142,000 |
? |
|
Cost of goods available for sale |
? |
324,000 |
|
Cost of goods sold |
2,214,000 |
? |
|
Gross profit |
756,000 |
? |
|
Net profit |
378,000 |
90,000 |
The company uses normal costing and the manufacturing overhead is applied at the rate of 120% of direct labour cost.
Required:
Determine the missing amounts in each of the divisions shown above.
Solutions
ekkarill92 answered 12 hours agoRelated Solutions
The following annual budget data relates to Navient Inc. for the year ending December 31, 2018....
The following annual budget data relates to Navient Inc. for the
year ending December 31, 2018.
Item
APP
Item
ZAP
Sales budget:
Anticipated volume in units
400,000
250,000
Unit selling price
$23.00
$29.00
Production budget:
Desired ending finished goods units
27,000
20,000
Beginning finished goods units
34,000
11,000
Direct materials budget:
Direct materials per unit (pounds)
3
4
Desired ending direct materials pounds
35,000
16,000
Beginning direct materials pounds
43,000
12,000
Cost per pound
$4.00
$5.00
Direct labor budget:...
The following annual budget data relates to Navient Inc. for the year ending December 31, 2018....
The following annual budget data relates to Navient Inc. for the
year ending December 31, 2018.
Item
APP
Item
ZAP
Sales budget:
Anticipated volume in units
400,000
250,000
Unit selling price
$23.00
$29.00
Production budget:
Desired ending finished goods units
27,000
20,000
Beginning finished goods units
34,000
11,000
Direct materials budget:
Direct materials per unit (pounds)
3
4
Desired ending direct materials pounds
35,000
16,000
Beginning direct materials pounds
43,000
12,000
Cost per pound
$4.00
$5.00
Direct labor budget:...
Superior Company has the following cost and expense data for the year ending December 31, 2017....
Superior Company has the following cost and expense data for the
year ending December 31, 2017.
Raw materials, 1/1/17
$ 30,000
Insurance, factory
$ 14,000
Raw materials, 12/31/17
20,000
Property taxes, factory building
6,000
Raw materials purchases
205,000
Sales revenue
1,500,000
Indirect materials
15,000
Delivery expenses
100,000
Work in process, 1/1/17
80,000
Sales commissions
150,000
Work in process, 12/31/17
50,000
Indirect labor
90,000
Finished goods, 1/1/17
110,000
Factory machinery rent
40,000
Finished goods, 12/31/17
120,000
Factory utilities
65,000
Direct labor...
Following are the data for Larson Co. for the year ending December 31 Year 2, and...
Following are the data for Larson Co. for the year ending
December 31 Year 2, and the preceding year ended December 31 Year 1
and the indirect method of reporting cash flows from operating
activities. In addition to the balance sheet data, assume that:
Equipment costing $125,000 was
purchased for cash.
Equipment costing $85,000 with
accumulated depreciation of $65,000 was sold for $15,000.
The stock was issued for cash.
The only entries in the retained earnings account were net
income...
On the basis of the following data for Larson Co. for the year ending December 31...
On the basis of the following data for Larson Co. for the year
ending December 31 Year 2, and the preceding year ended December 31
Year 1, prepare a statement of cash flows. Use the indirect method
of reporting cash flows from operating activities. In addition to
the balance sheet data, assume that: (Q.10)
Equipment costing $125,000 was purchased for cash.
Equipment costing $85,000 with accumulated depreciation of
$65,000 was sold for $15,000.
The stock was issued for cash.
The...
The following information is provided for X Corporation for the year ending December 31, 2018: Book...
The following information is provided for X Corporation for the
year ending December 31, 2018:
Book earnings before income taxes
$6,000
Tax exempt interest income
600
Taxes on foreign income above the U.S. statutory rate
200
State income taxes (before Federal benefit)
500
Annual increase in warranty reserve
200
Dividend received deduction on dividends from foreign
subsidiaries
600
Foreign tax credits available after the TCJA
400
Tax over book depreciation for 2018
500
Current year increase in valuation allowance
1,000...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31,
2018 for the Valley Pump Corporation.
Account Title
Debits
Credits
Cash
32,000
Accounts receivable
70,000
Inventories
95,000
Interest payable
17,000
Marketable securities
58,000
Land
134,000
Buildings
335,000
Accumulated
depreciation—buildings
107,000
Equipment
89,000
Accumulated
depreciation—equipment
32,000
Copyright (net of
amortization)
19,000
Prepaid expenses (next 12
months)
39,000
Accounts payable
72,000
Deferred revenues (next 12
months)
27,000
Notes payable
285,000
Allowance for uncollectible
accounts
7,000
Common stock
270,000
Retained earnings
54,000...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the ending balances of accounts at December 31,
2018 for the Valley Pump Corporation.
Account Title
Debits
Credits
Cash
31,000
Accounts receivable
68,000
Inventories
93,000
Interest payable
16,000
Marketable securities
56,000
Land
132,000
Buildings
330,000
Accumulated depreciation—buildings
106,000
Equipment
87,000
Accumulated depreciation—equipment
31,000
Copyright (net of amortization)
18,000
Prepaid expenses (next 12 months)
38,000
Accounts payable
71,000
Deferred revenues (next 12 months)
26,000
Notes payable
280,000
Allowance for uncollectible accounts
6,000
Common stock
260,000
Retained earnings
57,000...
The following is the ending balances of accounts at December 31, 2018 for the Valley Pump...
The following is the
ending balances of accounts at December 31, 2018 for the Valley
Pump Corporation.
Account
Title
Debits
Credits
Cash
35,000
Accounts
receivable
76,000
Inventories
101,000
Interest
payable
20,000
Marketable
securities
64,000
Land
140,000
Buildings
350,000
Accumulated
depreciation—buildings
110,000
Equipment
95,000
Accumulated
depreciation—equipment
35,000
Copyright (net
of amortization)
22,000
Prepaid expenses
(next 12 months)
42,000
Accounts
payable
75,000
Deferred
revenues (next 12 months)
30,000
Notes
payable
300,000
Allowance for
uncollectible accounts
5,000
Common
stock
300,000
Retained
earnings
50,000...
The following is the ending balances of accounts at December 31, 2018 for the Weismuller Publishing...
The following is the ending balances of accounts at December 31,
2018 for the Weismuller Publishing Company.
Account Title
Debits
Credits
Cash
101,000
Accounts receivable
196,000
Inventories
303,000
Prepaid expenses
184,000
Machinery and equipment
356,000
Accumulated
depreciation—equipment
128,000
Investments
176,000
Accounts payable
78,000
Interest payable
38,000
Deferred revenue
98,000
Taxes payable
48,000
Notes payable
290,000
Allowance for uncollectible
accounts
34,000
Common stock
418,000
Retained earnings
184,000
Totals
1,316,000
1,316,000
Additional information:
Prepaid expenses include $156,000 paid on December 31, 2018,...
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