Question
In: Accounting
For the year ended December 31, 2018, Martin Marietta Manufacturing Company has the following information: ...
For the year ended December 31, 2018, Martin Marietta Manufacturing Company
has the following information:
Work In Process Inventory, December 31 $ 30,000
Finished Goods Inventory, December 31 55,000
Raw Materials Inventory, December 31 28,000
Raw Materials purchases 36,000
Factory supervisory salaries 6,000
Operating expenses 47,000
Factory depreciation expense 2,000
Factory utilities expense 4,000
Direct labor 30,000
Indirect labor 10,000
Sales revenue 230,000
Sales discounts 5,000
Work In Process Inventory, January 1 60,000
Finished Goods Inventory, January 1 50,000
Raw Materials Inventory, January 1 44,000
INSTRUCTIONS
- Prepare a Cost of Goods Manufactured Schedule for the year ended December 31, 2018.
B. Prepare a complete income statement for the year ended December 31,2018
Solutions
ekkarill92 answered 2 years agoRelated Solutions
. For the year ended December 31, 2016, Martin Marietta Manufacturing Company has the following...
. For the year ended December 31, 2016, Martin
Marietta Manufacturing Company
has the following
information:
Work In Process Inventory, December
31
$ 30,000
Finished Goods Inventory, December
31
55,000
Raw Materials Inventory, December
31
28,000
Raw Materials
purchases
36,000
Factory supervisory
salaries
6,000
Operating
expenses
47,000
Factory depreciation
expense
2,000
Factory utilities
expense
4,000
Direct
labor
30,000
Indirect
labor
10,000
Sales
revenue
230,000
Sales
discounts
5,000...
Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances: ...
Chaos Manufacturing had the following financial information for
the year ended December 31 2018:
Inventory Balances:
Beginning
Ending
Work in
Progress
$ 90,000
$ 80,000
Finished
Goods
$ 77,000
$ 67,000
Raw Materials
$ 10,000
$ 30,000
During the year, the budgeted and actual costs were as
follows:
Note
Actual
Raw Materials
1
290,000
Labour
2
518,000
Depreciation Factory Equipment
72,000
Depreciation Office Equipment
24,000
Building Rent
3...
Question 1 Chaos Manufacturing had the following financial information for the year ended December 31 2018:...
Question 1
Chaos Manufacturing had the following financial information for
the year ended December 31 2018:
Inventory
Balances:
Beginning
Ending
Work in
Progress
$ 90,000
$ 80,000
Finished
Goods
$ 77,000
$ 67,000
Raw
Materials
$ 10,000
$ 10,000
During the year, the budgeted and actual costs were as
follows:
Note
Budget
Actual
Raw Materials
1
300,000
290,000
Labour
2
540,000
518,000
Depreciation Factory Equipment
72,000
72,000
Depreciation Office Equipment
...
Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances: ...
Chaos Manufacturing had the following financial information for
the year ended December 31 2018:
Inventory Balances:
Beginning
Ending
Work in
Progress
$ 90,000
$ 80,000
Finished
Goods
$ 77,000
$ 67,000
Raw Materials
$ 10,000
$ 30,000
During the year, the budgeted and actual costs were as
follows:
Note
Actual
Raw Materials
1
290,000
Labour
2
518,000
Depreciation Factory Equipment
72,000
Depreciation Office Equipment
24,000
Building Rent
3...
Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances: ...
Chaos Manufacturing had the following financial information for
the year ended December 31 2018:
Inventory Balances:
Beginning
Ending
Work in
Progress
$
90,000
$ 80,000
Finished
Goods
$
77,000
$ 67,000
Raw Materials
$
10,000
$ 30,000
During the year, the budgeted and actual costs were as
follows:
Note
Actual
Raw Materials
1
290,000
Labour
2
518,000
Depreciation Factory Equipment
72,000
Depreciation Office Equipment
24,000
Building Rent
3...
Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances:...
Chaos Manufacturing had the following financial information for
the year ended December 31 2018: Inventory Balances: Beginning
Ending Work in Progress $ 90,000 $ 80,000 Finished Goods $ 77,000 $
67,000 Raw Materials $ 10,000 $ 30,000 During the year, the
budgeted and actual costs were as follows: Note Actual Raw
Materials 1 290,000 Labour 2 518,000 Depreciation Factory Equipment
72,000 Depreciation Office Equipment 24,000 Building Rent 3 100,000
Maintenance – Factory Equipment 40,000 Utilities – Electrical 4
180,000 Utilities...
Chaos Manufacturing had the following financial information for the year ended December 31 2018: Inventory Balances: ...
Chaos Manufacturing had the following financial information for
the year ended December 31 2018:
Inventory Balances:
Beginning
Ending
Work in
Progress
$ 90,000
$ 80,000
Finished
Goods
$ 77,000
$ 67,000
Raw Materials
$ 10,000
$ 30,000
During the year, the budgeted and actual costs were as
follows:
Note
Actual
Raw Materials
1
290,000
Labour
2
518,000
Depreciation Factory Equipment
72,000
Depreciation Office Equipment
24,000
Building Rent
3...
Following is information from Kaitlyn Company for the year ended December 31, 2018. Direct labor $...
Following is information from Kaitlyn Company for the year ended
December 31, 2018.
Direct labor $ 90,000
Operating and administrative expenses (costs) of sales ????
Net sales $ 520,000
Initial Inventories (None)
Direct Material Inventory-December 31, 2018 $ 55,000
Inventory of Work in process-December 31, 2018 $ 30,000
Inventory of finished goods- December 31, 2018 $ 4,000
Purchase of direct material ???
Direct material used $ 53,000
Indirect manufacturing costs ???
Total manufacturing costs incurred (in this period) ???
Cost...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing
company, for the year ended December 31, 2018, included the
following income accounts:
Account Title
Debits
Credits
Sales revenue
2,520,000
Cost of goods sold
1,500,000
Selling and administrative expenses
440,000
Interest expense
50,000
Unrealized holding gains on investment securities
90,000
The trial balance does not include the accrual for income taxes.
Lindor's income tax rate is 40%. 1.2 million shares of common stock
were outstanding throughout 2018.
Required:
Prepare a single, continuous...
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2018,...
The trial balance for Lindor Corporation, a manufacturing
company, for the year ended December 31, 2018, included the
following income accounts:
Account Title
Debits
Credits
Sales revenue
2,400,000
Cost of goods sold
1,440,000
Selling and administrative expenses
416,000
Interest expense
44,000
Unrealized holding gains on investment securities
84,000
The trial balance does not include the accrual for income taxes.
Lindor's income tax rate is 40%. 1.4 million shares of common stock
were outstanding throughout 2018.
Required:
Prepare a single, continuous...
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