Question
In: Accounting
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March:
| Beginning Inventory | Ending Inventory | |
| Raw Materials | 29,100 | 26,900 |
| Work in process | 22,900 | 45,300 |
| Finished goods | 78,300 | 69,300 |
Additional information for the month of March follows:
| Raw materials purchases | 41,600 |
| Indirect materials used | 1,100 |
| Direct labor | 63,400 |
| Manufacturing overhead applied | 35,900 |
| Selling, general, and administrative expenses | 23,800 |
| Sales Revenue | 237,000 |
Required:
1. Based on the above information, prepare a cost of goods
manufactured report.
2. Based on the above information, prepare an income statement for the month of March.
Solutions
ekkarill92 answered 3 years agoRelated Solutions
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
29,600
$
26,700
Work in process
21,400
46,400
Finished goods
78,900
68,600
Additional information for the month of March follows:
Raw materials purchases
$
41,900
Indirect materials used
2,000
Direct labor
63,900
Manufacturing overhead applied
36,500
Selling, general, and administrative expenses
23,500
Sales revenue
236,800
Required:
1. Based on the above information, prepare...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
28,600
$
26,000
Work in process
22,500
45,300
Finished goods
78,700
69,100
Additional information for the month of March follows:
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Raw materials purchases
$
41,200
Indirect materials used
1,200
Direct labor
63,000
Manufacturing...
torSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
torSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
29,800
$
26,400
Work in process
21,800
46,500
Finished goods
80,000
69,900
Additional information for the month of March follows:
Raw materials purchases
$
40,300
Indirect materials used
1,400
Direct labor
63,000
Manufacturing overhead applied
36,400
Selling, general, and administrative expenses
23,800
Sales revenue
236,800
Required:
1. Based on the above information,...
StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Beginning Inventory
Ending Inventory
Raw materials
$
29,600
$
26,800
Work in process
22,600
47,000
Finished goods
78,300
69,800
Additional information for the month of March follows:
StorSmart Company makes plastic organizing bins. The company has
the following inventory balances at the beginning and end of
March:
Raw materials purchases
$
40,600
Indirect materials used
2,000
Direct labor
62,300
Manufacturing...
Manning Company had the following inventory balances at the beginning and end of the year: January...
Manning Company had the following inventory balances at the
beginning and end of the year:
January 1
December 31
Raw material
$60,000
$50,000
Work in process
140,000
180,000
Finished goods
280,000
255,000
During the year, the company purchased $100,000 of raw material and
incurred $340,000 of direct labor costs.
Other data: manufacturing overhead incurred, $440,000;
manufacturing overhead applied, $450,000
Sales, $1,560,000;
Selling and administrative expenses, $90,000;
Income tax rate, 30%.
Required:
A. Calculate cost of goods manufactured.
B. Calculate cost...
Ehrlich Company had the following inventory balances at the beginning and end of the year: January...
Ehrlich Company had the following inventory balances at the
beginning and end of the year:
January 1 December 31
Raw material $60,000 $50,000
Work in proces 140,000 180,000
Finished goods 280,000. 255,000
During the year, the company purchased $100,000 of raw
material and incurred $340,000 of direct labor costs.
Other data: manufacturing overhead incurred, $440,000;
manufacturing overhead applied, $450,000
Sales, $1,560,000;
Selling and administrative expenses, $90,000;
Income tax rate, 30%.
Required:
A. Calculate cost of goods manufactured.
B. Calculate cost...
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...
A toy store has beginning inventory of 20 plastic bouncy balls
at a cost of $1.05 each. During the year the toy store purchased 2
at $1.40; 4 at $2.00; 6 at $3.00; and 20 at $4.00. By the end of
the year, 25 balls were sold.
Calculate the following:
the number of plastic bouncy balls in stock at the end of the
year,
the cost of ending inventory under LIFO,
the cost of ending inventory under FIFO, and
the...
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...
A toy store has beginning inventory
of 20 plastic bouncy balls at a cost of $1.05 each. During the year
the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20
at $4.00. By the end of the year, 25 balls were sold.
Calculate the following:
the number of plastic bouncy
balls in stock at the end of the year,
the cost of ending inventory
under LIFO,
the cost of ending inventory
under FIFO, and
the...
A toy store has beginning inventory of 20 plastic bouncy balls at a cost of $1.05...
A toy store has beginning inventory
of 20 plastic bouncy balls at a cost of $1.05 each. During the year
the toy store purchased 2 at $1.40; 4 at $2.00; 6 at $3.00; and 20
at $4.00. By the end of the year, 25 balls were sold.
Calculate the following:
the number of plastic bouncy
balls in stock at the end of the year,
the cost of ending inventory
under LIFO,
the cost of ending inventory
under FIFO, and
the...
Inventory balances at the beginning and end of the year were as follows: Beginning of Year...
Inventory balances at the beginning and end of the year were as
follows: Beginning of Year End of Year Raw materials $ 54,000 $
34,000 Work in process ? $ 31,000 Finished goods $ 37,000 ? The
total manufacturing costs for the year were $680,000; the cost of
goods available for sale totaled $730,000; the unadjusted cost of
goods sold totaled $662,000; and the net operating income was
$30,000. The company’s underapplied or overapplied overhead is
closed to Cost of...
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