Question
In: Accounting
Consider the following account balances in thousands for the Yankee Company for the year ended December...
Consider the following account balances in thousands for the Yankee Company for the year ended December 31, 2017:
Direct Materials Inventory, Beginning $ 24,000
Direct Material Invenotry, Ending 26,000
Work in Process, Beginning 32,000
Work in Process, Ending 14,000
Finished Goods Inventory, Beginning 25,000
Finished Goods Inventory, Ending 18,000
Direct Materials, Purchased 99,000
Direct Labor 30,000
Indirect Labor 12,000
Plant insurance 9,000
Other insurance 8,000
Depreciation – plant 11,000
Depreciation – other 10,000
Repairs & Maintenance – plant 5,000
Marketing & Customer support 95,000
Plant rent 15,000
General & Admin 36,000
Required:
Prepare a statement of cost of goods manufactured and an income statement for the year ended December 31, 2017, please note sales were $310,000,000
Solutions
Expert Solution
| Direct Materials Inventory, Beginning | 24000 | |
| Add: Direct Materials, Purchased | 99000 | |
| Less: Direct Material Invenotry, Ending | 26000 | |
| Raw material cosnumption | 97000 | |
| Add: Direct Labor | 30000 | |
| Add: Indirect labor | 12000 | |
| Add: Plant insurance | 9000 | |
| Add: Depreciation plant | 11000 | |
| Add: Repair and Maintenance plant | 5000 | |
| Add: Plant rent | 15000 | |
| Add: Other insurance | 8000 | |
| Add: Other depreciation | 10000 | |
| Add: General & Admin | 36000 | |
| Add: Work in process beginning | 32000 | |
| Less: Work in process ending | 14000 | |
| Cost of Goods Manufactured | 251000 |
| Cost of goods manufactured | 251000 |
| Add: Finished goods Inventory beginning | 25000 |
| Less: Finished goods inventory ending | 18000 |
| Cost of goods sold | 258000 |
| Add: Marketing costs | 95000 |
| Cost of Sales | 353000 |
| Add: Net Profit | -43000 |
| Sales | 310000 |
ekkarill92 answered 2 years agoRelated Solutions
Superior Company provided the following account balances for the year ended December 31 (all raw materials...
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
$
218,000
Purchases of raw
materials
$
264,000
Direct labor
?
Administrative
expenses
$
159,000
Manufacturing
overhead applied to work in process
$
334,000
Total actual
manufacturing overhead costs
$
355,000
Inventory balances at the
beginning and end of the year were as follows:
Beginning of Year
End of Year
Raw materials...
Alexsandar Company provided the following account balances for the year ended December 31 (all raw materials...
Alexsandar Company provided the following account balances for
the year ended December 31 (all raw materials are used in
production as direct materials):
Selling expenses
$
230,000
Purchases of raw materials
$
276,000
Direct labor
?
Administrative expenses
$
164,000
Manufacturing overhead applied to work in
process
$
349,000
Total actual manufacturing overhead costs
$
385,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$...
Superior Company provided the following account balances for the year ended December 31 (all raw materials...
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
$214000
Purchases of Raw Materials
262000
Direct Labor
?
Administrative Expenses
159000
Manufacturing Overhead Applied to Work in Process
333000
Total Actual Manufacturing Overhead Costs
353000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw Materials
$51000
37000
Work in Process
?
24000
Finished...
Superior Company provided the following account balances for the year ended December 31 (all raw materials...
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
$
215,000
Purchases of raw
materials
$
262,000
Direct labor
?
Administrative
expenses
$
157,000
Manufacturing
overhead applied to work in process
$
338,000
Total actual
manufacturing overhead costs
$
354,000
Inventory balances at the
beginning and end of the year were as follows:
Beginning of Year
End of Year
Raw materials...
Superior Company provided the following account balances for the year ended December 31 (all raw materials...
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
$
216,000
Purchases of raw
materials
$
260,000
Direct labor
?
Administrative
expenses
$
150,000
Manufacturing
overhead applied to work in process
$
372,000
Total actual
manufacturing overhead costs
$
359,000
Inventory balances at the
beginning and end of the year were as follows:
Beginning of Year
End of Year
Raw materials...
Selected account balances for the year ended December 31 are provided below for Superior Company: ...
Selected account balances for the year ended December 31 are
provided below for Superior Company:
Selling and administrative salaries
$
103,000
Insurance, factory
7,000
Utilities, factory
63,800
Purchases of raw materials
?
Indirect labour
60,000
Direct labour
97,000
Advertising expense
78,600
Cleaning supplies, factory
7,200
Sales commissions
38,000
Rent, factory building
108,000
Maintenance, factory
30,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of
the Year
End of
the Year
Raw materials
$...
Selected account balances for the year ended December 31 are provided below for Superior Company: ...
Selected account balances for the year ended December 31 are
provided below for Superior Company:
Selling and administrative salaries
$
121,000
Insurance, factory
8,200
Utilities, factory
47,500
Purchases of raw materials
?
Indirect labour
70,000
Direct labour
39,300
Advertising expense
66,000
Cleaning supplies, factory
9,000
Sales commissions
52,500
Rent, factory building
144,000
Maintenance, factory
30,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of
the Year
End of
the Year
Raw materials
$...
Selected account balances for the year ended December 31 are provided below for Superior Company: Selling...
Selected account balances for the year ended December 31 are
provided below for Superior Company: Selling and administrative
salaries $ 108,000 Insurance, factory 6,400 Utilities, factory
40,200 Purchases of raw materials ? Indirect labour 62,000 Direct
labour 103,700 Advertising expense 75,100 Cleaning supplies,
factory 7,700 Sales commissions 47,500 Rent, factory building
128,000 Maintenance, factory 30,000 Inventory balances at the
beginning and end of the year were as follows: Beginning of the
Year End of the Year Raw materials $ 50,800...
please do on word document Q1 The following selected account balances for the year ended December...
please do on word document
Q1
The following selected account balances for the year ended
December 31 are provided for Amita Company:
Purchases of raw
materials $260,000
Direct
labour 65,000
Maintenance,
factory 74,000
Selling and administrative
salaries 179,000
Depreciation, factory
equipment 110,000
Cleaning
supplies 6,000
Sales
commissions 350,000
Utilities, factory
building 52,000
Rent,
factory 90,000
Depreciation, sales
equipment 80,000
Insurance, factory
equipment 8,000
Advertising
expense 300,000
In addition, you have the following information about inventories
during the year:
Increase in raw
materials $10,000
Decrease in work in process $15,000
Beginning finished
goods $30,000 (1,000
units)
Ending...
Question: Cost Terms & Classification The following selected account balances for the year ended December 31...
Question: Cost Terms & Classification
The following selected account balances for the year ended
December 31 are provided for Nemo Company:
Advertising expense
$300,000
Insurance, sales equipment 2,500
Depreciation, sales equipment 350,000
Rent, factory
building
70,000
Utilities,
factory
80,000
Sales
commissions
100,000
Insurance, factory
8,000
Cleaning supplies,
factory 7,000
Deprecation, factory equipment 120,000
Selling and Administrative Salaries 100,000
Maintenance,
factory
80,000
Direct Labor
90,000
Purchase of raw materials
295,000
Inventory balances at the beginning and end of the year were...
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