Question

In: Accounting

Cost of Goods sold; Income Statement. Te followin data pertain to Babor Company for the fiscal...

Cost of Goods sold; Income Statement. Te followin data pertain to Babor Company
for the fiscal year ended December 31:
Prior December 31 Current December 31
Purchases of direct materials $165,000
Direct labor                             114,000
Indirect labor                                45,000
Factory insurance                                  8,000
Depreciation-factory                                33,000
Repairs and maintenance-factory                                11,000
Marketing expenses                             144,000
General and administrative expenses                                86,000
Direct materials inventory $23,000                                55,000
Work-in-process inventory                          13,000                                16,000
Finished goods inventory                          17,000                                24,000
Sales in the current year were $625,000
Required Prepare a schedule of cost of goods manufactured and an income statement for the current year
for Babor Company smilar to those in Exhibit 3.15A

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Sales .......................................... $524,000 Direct labor cost.................................. $70,000 Raw material purchases............................ $118,000 Selling expenses ................................. $140,000 Administrative expenses ........................... $63,000 Manufacturing overhead applied to work in process ...... $90,000 Actual manufacturing overhead costs ................. $80,000 Inventories Beginning of End of Year Year Raw materials.............. $7,000 $15,000 Work in process............ $10,000 $5,000...
The following data is taken from a firm’s income statement: Sales 6,000 Cost of goods sold...
The following data is taken from a firm’s income statement: Sales 6,000 Cost of goods sold 4,500 Interest 600 Tax 150 And from its balance sheet: Cash 800 Inventory 650 Accounts receivable 180 Accounts payable 460 (a) Calculate the firm’s cash conversion cycle. Use 365 days per year. (b) Is reducing the cash conversion cycle a good objective or not? Explain. (c) Can a cash conversion cycle be negative? Explain, and if so, give an example of a type of...
Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...
Exercise 3-6 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 524,000 Direct labor cost $ 70,000 Raw material purchases $ 118,000 Selling expenses $ 140,000 Administrative expenses $ 63,000 Manufacturing overhead applied to work in process $ 90,000 Actual manufacturing overhead costs $ 80,000 Inventories Beginning Ending Raw materials $ 7,000 $ 15,000...
The adjusted cost of goods sold that would appear on the income statement for July is?
Nizar Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was Rs. 50,000 and at the end of the month was Rs. 40,000. The cost of goods manufactured for the month was Rs. 220,000. The actual manufacturing overhead cost incurred was 75,000 and the manufacturing overhead cost applied to Work in Process was Rs. 70,000. The adjusted cost of goods sold that would appear...
Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances...
Cost of Goods Sold and Income Statement Schuch Company presents you with the following account balances taken from its December 31, 2016, adjusted trial balance: Inventory, January 1, 2016 $45,000 Purchases returns $3,500 Selling expenses 35,000 Interest expense 4,000 Purchases 110,000 Sales discounts taken 2,000 Sales 280,000 Gain on sale of property (pretax) 7,000 General and administrative expenses 22,000 Freight-in 5,000 Additional data: A physical count reveals an ending inventory of $22,500 on December 31, 2016. Twenty-five thousand shares of...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 216,000 Purchases of raw materials $ 269,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 356,000 Inventory balances at the beginning and end of the year...
Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6]...
Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 219,000 Purchases of raw materials $ 266,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 332,000 Total actual manufacturing overhead costs $ 354,000 Inventory balances at the beginning and end of...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 215,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 151,000 Manufacturing overhead applied to work in process $ 366,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]...
Exercise 3-6 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] The following data from the just completed year are taken from the accounting records of Mason Company:    Sales $ 657,000 Direct labor cost $ 85,000 Raw material purchases $ 131,000 Selling expenses $ 100,000 Administrative expenses $ 48,000 Manufacturing overhead applied to work in process $ 204,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning Ending Raw materials $ 8,400 $ 10,500 Work...
Income Statement data: Advertising expense $ 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation...
Income Statement data: Advertising expense $ 150,000 Cost of goods sold 3,700,000 Delivery expense 30,000 Depreciation expense-office buildings and equipment 30,000 Depreciation expense-store buildings and equipment 100,000 Income tax expense 140,500 Interest expense 21,000 Interest revenue 30,000 Miscellaneous administrative expense 7,500 Miscellaneous selling expense 14,000 Office rent expense 50,000 Office salaries expense 170,000 Office supplies expense 10,000 Sales 5,313,000 Sales commissions 185,000 Sales salaries expense 385,000 Store supplies expense 21,000 Retained earnings and balance sheet data: Accounts payable $ 194,300...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT