Question
In: Accounting
Satellite Incorporation begins operations on September 1, 2019. Below is the information from job cost sheets:...
Satellite Incorporation begins operations on September 1, 2019. Below is the information from job cost sheets:
|
Manufacturing Costs Assigned |
|||
|
Job No. |
September |
October |
November |
|
SI 12 |
7,350 |
||
|
SI 13 |
9,150 |
7,050 |
$13,500 |
|
SI 14 |
$19,500 |
$6,150 |
|
|
SI 15 |
3,900 |
4,500 |
|
|
SI 16 |
6,300 |
||
Job SI 12 was completed in September. Job SI 14 was completed in October, and Jobs SI 13 and SI 15 were completed in November. Each job was sold for 35% above its cost in the month following completion.
Instructions
a) Calculate the balance in Work in Process Inventory at the end of each month.
b) Calculate the balance in Finished Goods Inventory at the end of each month.
c) Calculate the gross profit for each month. (Round your answer to the nearest DOLLAR)
Solutions
Expert Solution
| a) Work InProcess | Amount | Working |
| 30-Sep | 28,650 | 9150+19500 (JOB13 &14) |
| 30-Oct | 20,100 | 7050+3900+9150 (JOB13&15) |
| 30-Nov | 6,300 | 6300 (JOB16) |
| b) Finished Goods | Working | |
| 30-Sep | 7,350 | 7350 (JOB12) |
| 30-Oct | 25,650 | 6150+19500 (JOB14) |
| 30-Nov | 38,100 | 9150+7050+13500+3900+4500 (JOB13 &15) |
| c) Gross Profit | Working | |
| 30-Sep | ||
| 30-Oct | 2,573 | 7350*35% |
| 30-Nov | 8,978 | 25650*35% |
| 31-Dec | 13,335 | 38100*35% |
ekkarill92 answered 1 year agoRelated Solutions
Below is information related to Dubai Trading Co. though September 2019 1- On October 1, the...
Below is information related to Dubai Trading Co. though
September 2019
1- On October 1, the company started the Business with Capital of
400,000 Dhs.
deposited in the ADIB Bank
2- On October 3, Dubai Trading Co. Borrowed 50,000 Dhs. from ABC
Bank (Bank
lone) received the amount cash
3- On October 6, Dubai Trading Co. purchased office equipment from
Noor Co.
on Credit costs 60,000 Dhs.
4- On October 10, Dubai Trading Co. transferred 20,000 Dhs. from
the cash...
1. Cost classifications (8pts): Below is the information for the month ended September 30, 2020 for...
1. Cost classifications (8pts): Below is the
information for the month ended September 30, 2020 for Midnight,
Inc., a clock manufacturer. Assume the Raw Materials inventory
account balance includes both direct and indirect raw materials.
Assume there are no taxes.
Advertising Expense
$
9,410
Depreciation Expense - Factory equipment
$
5,430
Depreciation Expense - Main Office equipment
$
3,220
Direct labor used
$
34,810
Factory insurance costs
$
950
Factory maintenance costs
$
2,400
Factory rent
$
14,970
Factory supervisor's...
1. Under the RMBCA, corporate existence begins when the articles of incorporation are filed with the...
1. Under the RMBCA, corporate existence begins when the articles
of incorporation are filed with the secretary of state.
(True or False)
2. Restrictions on sales of stock are always valid.
(True or False)
3. Preferred stock is ordinarily nonvoting stock. (True
or False)
4. If Tom Jones signs an agreement to purchase Jane Brown's
shares in ABC Corp., the stock sales contract is called an
indenture. (True or False)
5. Following GAAP and GAAS is persuasive but nor conclusive...
The Nancy Company's comparative balance sheets for 2018 and 2019, and additional information, are presented below....
The Nancy Company's comparative balance sheets for 2018 and
2019, and additional information, are presented below.
Nancy Company
Comparative Balance Sheets
December 31,
December 31,
ASSETS
2019
2018
Cash
$ 14,000
$ 9,000
Accounts receivable
52,000
24,000
Inventory
87,000
40,000
Equipment
125,000
100,000
Accumulated depreciation
(42,000)
(34,000)
Prepaid expenses
4,000
2,000
Land
-0-
7,000
Building
50,000
-0-
Total Assets
$290,000
$148,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable
$ 25,000...
Question 1 Trial balance extracts at 30 September 2019 $’000 Land at cost on 30 September...
Question 1
Trial balance extracts at 30 September 2019
$’000
Land at cost on 30 September 2018 50,000
Plant and equipment at cost 76,600
Accumulated depreciation at 30 September 2018
Plant 24,600
Capitalised development expenditure at 30 September 2018
20,000
Non-current assets – tangible:
The land was acquired on the 30 September 2018.
The company’s policy is to revalue its land at each
year
end and at 30 September 2019 it was valued at $53 million.
On 1 October 2018...
1. A job cost sheet of Vaughn Company is given below. Job Cost Sheet JOB NO....
1. A job cost sheet of Vaughn Company is given below.
Job Cost Sheet
JOB NO.
469
Quantity
2,500
ITEM
White Lion Cages
Date Requested
7/2
FOR
Todd Company
Date Completed
7/31
Date
Direct
Materials
Direct
Labor
Manufacturing
Overhead
7/10
$700
12
940
15
$500
$625
22
300
375
24
1,650
27
1,510
31
500
625
Cost of completed job:
Direct materials
Direct labor
Manufacturing overhead
Total cost
Unit cost
Answer the following questions.
(a)...
A began operations on January 1, 2016. Below are selected data from XYZ Corp.'s balance sheets...
A began operations on January 1, 2016. Below are selected data
from XYZ Corp.'s balance sheets as of December 31, 2016 and
December 31, 2017.
Account December 31, 2016 December 31, 2017
Cash 20,000 35,000
Accounts Receivable 10,000 33,000
Equipment 100,000 109,000
Less: Accumulated Depreciation(10,000) (20,000)
Current Liabilities 3,000 4,000
During 2017, XYZ bought $20,000 of equipment.
During 2017, XYZ sold equipment with a cost of $12,000 and
accumulated depreciation of $5,000 for a $2,000 gain.
Net income for 2017...
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on...
Exceptional Electronics began operations September 1, 2019. The
firm sells its merchandise for cash and on open account. Sales are
subject to a 7 percent sales tax. During September, Exceptional
Electronics engaged in the following transactions.
1
Sold a high-definition television set on credit to Candy Cho;
issued Sales Slip 101 for $3,000 plus sales tax of $210.
3
Sold stereo equipment on credit to Jim Peterson; issued Sales
Slip 102 for $900 plus sales tax of $63.
7
Sold...
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on...
Exceptional Electronics began operations September 1, 2019. The
firm sells its merchandise for cash and on open account. Sales are
subject to a 7 percent sales tax. During September, Exceptional
Electronics engaged in the following transactions:
DATE
TRANSACTIONS
2019
Sept.
1
Sold a high-definition
television set on credit to Candy Cho; issued Sales Slip 101 for
$2,100 plus sales tax of $147.
3
Sold stereo equipment on credit
to Jim Peterson; issued Sales Slip 102 for $900 plus sales tax...
Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on...
Exceptional Electronics began operations September 1, 2019. The
firm sells its merchandise for cash and on open account. Sales are
subject to a 7 percent sales tax. During September, Exceptional
Electronics engaged in the following transactions:
DATE
TRANSACTIONS
2019
Sept.
1
Sold a high-definition
television set on credit to Candy Cho; issued Sales Slip 101 for
$2,700 plus sales tax of $189.
3
Sold stereo equipment on credit
to Jim Peterson; issued Sales Slip 102 for $900 plus sales tax...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Describe a time when someone did not really listen to or understand a point you were...
- Enumerations Create an advanced enumeration to represent months (JANUARY – DECEMBER) called enuMonths Add internal properties...
- What is the minimum size of the automorphism group of a simple directed graph having more...
- The birthday paradox says that the probability (chance) that two people in a room will have...
- #include <iostream> #include "lib.hpp" using namespace std; int main() { // declare the bool bool...
- Why do we compare means instead of individual scores? for comparing average SAT test scores across...
- NPV Your division is considering two projects with the following cash flows (in millions): 0...
ADVERTISEMENT