Question
In: Accounting
Cornelius Company produces women’s clothing. During the year, the company incurred the following costs: Factory rent...
Cornelius Company produces women’s clothing. During the year, the company incurred the following costs:
| Factory rent | $ | 386,000 | |
| Direct labor | 312,000 | ||
| Utilities—factory | 39,600 | ||
| Purchases of direct materials | 565,000 | ||
| Indirect materials | 69,400 | ||
| Indirect labor | 62,400 | ||
Inventories for the year were as follows:
| January 1 | December 31 | |||||
| Materials | $ | 27,000 | $ | 43,000 | ||
| Work-in-Process | 46,000 | 40,800 | ||||
| Finished Goods | 139,000 | 77,200 | ||||
Required:
1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.
Solutions
ekkarill92 answered 3 years agoRelated Solutions
7)Cornelius Company produces women’s clothing. During the year, the company incurred the following costs: Factory rent...
7)Cornelius Company produces women’s clothing. During the year,
the company incurred the following costs:
Factory rent
$
393,500
Direct labor
327,000
Utilities—factory
41,600
Purchases of direct materials
577,500
Indirect materials
73,650
Indirect labor
65,400
Inventories for the year were as follows:
January 1
December 31
Materials
$
29,500
$
46,750
Work-in-Process
47,250
41,800
Finished Goods
144,000
79,950
Required:
1&2. Prepare a statement of cost of goods manufactured and
calculate cost of goods sold.
Cornelius Company produces women’s clothing. During the year,the company incurred the following costs:Factory rent...
Cornelius Company produces women’s clothing. During the year,
the company incurred the following costs:Factory rent$386,000Direct labor312,000Utilities—factory39,600Purchases of direct materials565,000Indirect materials69,400Indirect labor62,400Inventories for the year were as follows:January 1December 31Materials$27,000$43,000Work-in-Process46,00040,800Finished Goods139,00077,200Required:1&2. Prepare a statement of cost of goods manufactured and
calculate cost of goods sold.Cornelius CompanyStatement of Cost of Goods ManufacturedFor the Year Ended December 31Direct materialsMaterials availableMaterials usedFactory overheadTotal factory overheadTotal manufacturing costsTotal manufacturing costs to account forCost of goods soldCost of goods available for saleCost of goods sold
Loring Company incurred the following costs last year: Costs Amounts Direct materials $211,000 Factory rent 20,000...
Loring Company incurred the following costs last year:
Costs
Amounts
Direct materials
$211,000
Factory rent
20,000
Direct labor
125,000
Factory utilities
6,800
Supervision in the factory
47,000
Indirect labor in the factory
34,000
Depreciation on factory equipment
7,900
Sales commissions
29,000
Sales salaries
70,000
Advertising
34,000
Depreciation on the headquarters building
9,400
Salary of the corporate receptionist
27,000
Other administrative costs
160,000
Salary of the factory receptionist
26,000
Required:
1.
Classify each of the costs using the table provided. Be...
Identifying Research and Development Costs Diaz Company incurred the following costs during the year 2020. 1....
Identifying Research and Development Costs
Diaz Company incurred the following costs during the year
2020.
1.
Salaries expense related to design for a trademark with an
indefinite estimated life
$4,800
2.
Materials used for research and development projects for the
current year
8,000
3.
Fees paid to external consultants related to research and
development projects
24,000
4.
Trouble-shooting in connection with breakdowns during
production
14,400
5.
Design of tooling involving new technology
7,200
6.
Cost of equipment (purchased January 2019)...
During the month of March, Special Corporation incurred the following manufacturing costs. Depreciation of factory building...
During the month of March, Special Corporation incurred the
following manufacturing costs. Depreciation of factory building
$1250. Employer fringe benefits payable $4,950. Factory wages
payable $48,200. Factory building insurance payable $1725. Raw
,aterials on account $20,000. Raw materials purchased for cash
$21,600. Utilities for factory not yet paid $4000. Depreciation of
factory equipment $2400. Insurance for factory used up $3300.
there should be 3 sets of journals, journalize in order thank
you
company produces washers and dryers in an assembly - line process Labor costs incurred during a...
company produces washers and dryers in an assembly -
line process Labor costs incurred during a recent period were:
corporate executives, $ 500,000; assembly - line workers, $
203,000; security guards, $ 45,000; and plant supervisor, $
110,000. The total of a company's direct labor cost was: Select
one:
O a $
858,000 b. $ 748,000 c. $ 203,000 d. $ 197,000 O e. $ 313,000
Diaz Company incurred the following costs during the year 2020. 1. Salaries expense related to design...
Diaz Company incurred the following costs during the year
2020.
1.
Salaries expense related to design for a trademark with an
indefinite estimated life
$12,000
2.
Materials used for research and development projects for the
current year
20,000
3.
Fees paid to external consultants related to research and
development projects
60,000
4.
Trouble-shooting in connection with breakdowns during
production
36,000
5.
Design of tooling involving new technology
18,000
6.
Cost of equipment (purchased January 2019) that will have
alternative uses...
Diaz Company incurred the following costs during the year 2020. 1. Salaries expense related to design...
Diaz Company incurred the following costs during the year
2020.
1.
Salaries expense related to design for a trademark with an
indefinite estimated life
$12,000
2.
Materials used for research and development projects for the
current year
20,000
3.
Fees paid to external consultants related to research and
development projects
60,000
4.
Trouble-shooting in connection with breakdowns during
production
36,000
5.
Design of tooling involving new technology
18,000
6.
Cost of equipment (purchased January 2019) that will have
alternative uses...
Loring Company incured the following costs last year: Direct Materials $216,000 Factory Rent 24,000 Direct Labor...
Loring Company incured the following costs last year:
Direct Materials
$216,000
Factory Rent
24,000
Direct Labor
120,000
Factory Utilities
6,300
Supervision in the factory
50,000
Indirect labor in the factory
30,000
Depreciation on factory equipment
9,000
Sales commissions
27,000
Sales salaries
65,000
Advertising
37,000
Depreciation on the headquarters building
10,000
Salary of the corporate receptionist
30,000
Other administrative costs
175,000
Salary of the factory receptionist
28,000
Required:
1. Classify each of the costs using the following table format in
excel...
Dave's Lighting Inc. produces lamps for the construction industry. During the year, the company incurred the...
Dave's Lighting Inc. produces lamps for the construction
industry. During the year, the company incurred the following
costs:
Factory Rent
$
80,000
Direct labor used
425,000
Factory utilities
50,000
Direct materials purchases
600,000
Indirect materials
150,000
Indirect labor
90,000
Inventories for the year were:
January 1
December 31
Direct materials
$
100,000
$
75,000
Work in process
20,000
10,000
Finished goods
250,000
215,000
Required:
Prepare a statement of Cost of Goods Sold.
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