For the year just ended, Royal Corporation reported total manufacturing costs of 3,600,000 and cost of...

For the year just ended, Royal Corporation reported total manufacturing costs of 3,600,000 and cost of goods sold of 3,750,000. For the past periods, the factory overhead had been about 1/2 of materials cost and 2/5 of the conversion costs. Raw materials on January 1 of 240,000 was 6/5 of the December 31 inventory, while work in process of 160,000 on January 1 increased by 1/4 at the year-end. The finished goods inventory decreased by 1/3.

Required: Prepare statement of cost of goods sold for the year just ended, giving as much details as can be determined from the information given.

Solutions

Expert Solution

ekkarill92 answered 2 years ago

Next > < Previous

Related Solutions

Lockheed Corporation reported EBITDA of $4,000 million in the year just ended (year 0), prior to...

Lockheed Corporation reported EBITDA of $4,000 million in the year just ended (year 0), prior to interest expenses of $1,000 million and depreciation charges of $600 million. Capital expenditures in the year just ended amounted to $1,000 million, and working capital was 8% of revenues (which was $20,000 million). The tax rate for the firm was 40%. The firm had debt outstanding of $18.00 billion (in book value terms), trading at a market value of $20.0 billion and yield a...

Lockheed Corporation reported EBITDA of $4,000 million in the year just ended (year 0), prior to...

Leslie corporation reported the following income statement and financial information for the year just ended Sales...

Leslie corporation reported the following income statement and financial information for the year just ended Sales 3,300,000 Average invested assets 3,000,000 CGS 1,700,000 Average current liabilities 200,000 Gross Margin 1,600,000 income tax rate 30% Selling and Admin 200,000 Operating income before support dept charged 1,400,000 capital debt at 8% average interest rate 600,000 Support Dept Charge 100,000 Equity dividend rate at 20% 1,800,000 Income from operations 1,300,000 The company uses GAAP operating income and assets net of current liabilities for...

The XYZ Corporation had a net profit of $120,000 in the fiscal year just ended

The XYZ Corporation had a net profit of $120,000 in the fiscal year just ended. The capital stock consists of 8,000 shares of 8% convertible preferred stock with a par value of $50 per share and 20,000 shares of no-par common stock. If the board of directors declared a dividend of the entire earnings, what amount would be paid to preferred and common shareholders?

The following information is available for United Corporation on December 31 for the year just ended....

The following information is available for United Corporation on December 31 for the year just ended. A review of the $12,000 unadjusted balance in the prepaid rent account shows a remaining balance of $8,750 at the end of the year. $2,200 of the television advertising paid for in advance has been used. The yearly depreciation on the building is $150. The yearly depreciation on the equipment is $800. $1,200 of the advertising paid for in advance has been published by...

How are manufacturing costs reported in the financial statements?How are period costs reported in the financial...

How are manufacturing costs reported in the financial statements?How are period costs reported in the financial statements?

Baltimore Manufacturing Company just completed its year ended December 31, 2019. Depreciation for the year amounted...

Baltimore Manufacturing Company just completed its year ended December 31, 2019. Depreciation for the year amounted to $300,000: 25% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2019: 65% were sold in 2019 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold. (Round dollar values & enter...

Question: Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year...

Question: Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted to $190,000: 25% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2016: 75% were sold in 2018 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold. (Round dollar values &...

Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted...

Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted to $290,000: 25% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2016: 75% were sold in 2018 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold. (Round dollar values & enter...

96. The Dunlop Corporation reported basic EPS of $3.50 for the year ended December 31, 2018;...

96. The Dunlop Corporation reported basic EPS of $3.50 for the year ended December 31, 2018; the denominator used in the basic EPS calculation was 360,000 shares. Dunlop’s marginal income tax rate is 40%. Dunlap had the following convertible securities outstanding during the entire year: 8% convertible preferred stock with a total par value of $1,000,000; the preferred stock is convertible into 22,000 shares of common stock. 10% convertible bonds with a total par value of $6,000,000; the convertible bonds...

Subjects