Question
In: Accounting
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 of goods sold.
C. Determine Manning's net income. (prepare an income
statement)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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...
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...
Nichols, Inc. had the following balances and transactions during 2018: Beginning Merchandise Inventory as of January...
Nichols, Inc. had the following balances and transactions
during 2018:
Beginning Merchandise Inventory as of January 1, 2018
300
units at $80
March 10
Sold
60
units
June 10
Purchased
600
units at $85
October 30
Sold
360
units
What would be reported for Ending Merchandise Inventory on the
balance sheet at December 31, 2018 if the perpetual inventory
system and the
first−in, first−out inventory costing method are used?
A. 40,800
B. 51,000
C. 24,000
D. 4,800
At the beginning of Year 2, the Redd Company had the following balances in its accounts:...
At the beginning of Year 2, the Redd Company had the following
balances in its accounts:
Cash
$
16,800
Inventory
9,000
Land
3,900
Common stock
17,000
Retained earnings
12,700
During Year 2, the company experienced the following
events:
Purchased inventory that cost $13,100 on account from Ross
Company under terms 2/10, n/30. The merchandise was delivered FOB
shipping point. Freight costs of $990 were paid in cash.
Returned $900 of the inventory it had purchased from Ross
Company because the...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:
At the beginning of Year 2, the Redd Company had the following
balances in its accounts:Cash$15,300Inventory5,500Land2,300Common stock12,000Retained earnings11,100During Year 2, the company experienced the following events:Purchased inventory that cost $11,500 on account from Ross
Company under terms 2/10, n/30. The merchandise was delivered FOB
shipping point. Freight costs of $830 were paid in cash.Returned $600 of the inventory it had purchased from Ross
Company because the inventory was damaged in transit. The seller
agreed to pay the return freight cost.Paid...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:
At the beginning of Year 2, the Redd Company had the following
balances in its accounts:Cash$16,800Inventory4,000Land2,000Common stock12,000Retained earnings10,800During Year 2, the company experienced the following
events:Purchased inventory that cost $11,200 on account from Ross
Company under terms 2/10, n/30. The merchandise was delivered FOB
shipping point. Freight costs of $800 were paid in cash.Returned $600 of the inventory it had purchased from Ross
Company because the inventory was damaged in transit. The seller
agreed to pay the return freight cost.Paid...
At the beginning of Year 2, the Redd Company had the following balances in its accounts:...
At the beginning of Year 2, the Redd Company had the following
balances in its accounts:
Cash
$
7,900
Inventory
1,900
Common stock
7,400
Retained earnings
2,400
During Year 2, the company experienced the following events:
Purchased inventory that cost $5,400 on account from Ross
Company under terms 2/10, n/30. The merchandise was delivered FOB
shipping point. Freight costs of $490 were paid in cash.
Returned $450 of the inventory it had purchased because the
inventory was damaged in transit....
At the beginning of Year 2, the Redd Company had the following balances in its accounts:...
At the beginning of Year 2, the Redd Company had the following
balances in its accounts:
Cash
$
8,000
Inventory
2,000
Common stock
7,500
Retained earnings
2,500
During Year 2, the company experienced the following events:
Purchased inventory that cost $5,500 on account from Ross
Company under terms 2/10, n/30. The merchandise was delivered FOB
shipping point. Freight costs of $500 were paid in cash.
Returned $350 of the inventory it had purchased because the
inventory was damaged in transit....
This company uses a perpetual inventory system. It had the following beginning inventory and current year...
This company uses a perpetual inventory system. It had the
following beginning inventory and current year purchases of its
product.
Jan 1. Beginning Inventory ..... 50 units @ $100 = $5,000
Jan 14. Purchase .......................150 units @ $120 =
18,000
Apr 30. Purchase........................ 200 units @ $150=
30,000
Sept 26th. Purchase................... 300 units @ $200=
60,000
The company transacted sales on the following dates at $350 per
unit sales price.
Jan 10. 30 units (specific cost: 30 @ $100)
Feb...
Ace Corp. had the following information for the year. Beginning Inventory at January 1 200 units...
Ace Corp. had the following information for the year.
Beginning Inventory at January
1 200 units @ $160 per unit
Inventory Purchase,
March
400 units @ $180 per unit
Inventory Purchase,
August
300 units @ $200 per unit
Inventory Purchase,
October
25 units @ $21 per unit
Ending Inventory at December 31
350 units
What is Ace Corp’s:
Cost of goods sold for the year, using FIFO?
Ending inventory at December 31, using FIFO?
Cost of goods sold for the...
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