The cost of goods sold for the Immaculate Corporation for the month of April 2018 was...

The cost of goods sold for the Immaculate Corporation for the month of April 2018 was $450,000. Work-in-process inventory at the end of April was 95 percent of the work-in-process inventory at the beginning of the month.

Overhead is 80 percent of the direct labor cost. During the month, $110,000 of direct materials were purchased. Revenues for Immaculate were $600,000, and the selling and administrative costs were $70,000.

Other information about Immaculate's inventories and production for April was as follows:

Ending inventories-April 30
Direct materials	$ 19,000
Work in process	?
Finished goods	105,000

Beginning inventories-April 1
Direct materials	$ 22,200
Work in process	40,000
Finished goods	208,500

Required:

a.	Prepare a cost of goods manufactured and cost of goods sold statements.
b.	What are the prime costs, conversion costs, and period costs?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:...

Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materials used in production $54,000 Direct labor 66,000 Factory overhead 20,000 Work in process inventory, April 1 45,000 Work in process inventory, April 30 50,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 17,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company Statement...

Cost of goods sold:

ABC Corporation reported the following data for the month of January: Inventories: Beginning Ending Raw materials 46,000 34,000 Work in process 31,000 29,000 Finished goods 27,000 55,000 Additional information: Raw materials purchases 79,000 Direct labor cost 93,000 Manufacturing overhead cost incurred 54,000 Indirect materials included in manufacturing overhead cost incurred 8,000 Manufacturing overhead cost applied to Work in Process 57,000 Calculate cost of goods sold during the month of January?

Liu Electronics budgeted sales of $400,000 for the month of November and cost of goods sold...

Liu Electronics budgeted sales of $400,000 for the month of November and cost of goods sold equal to 65% of sales. Beginning inventory was $80,000 and ending inventory is estimated at $72,000. The budgeted purchases for November are _______

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of...

In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? Multiple Choice Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory – Ending finished goods inventory Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory Cost of goods manufactured = Total manufacturing costs + Ending work in process...

. installment sales for 2018 is $600,000 and cost of goods sold $300,000 while the installment...

. installment sales for 2018 is $600,000 and cost of goods sold $300,000 while the installment sales in 2019 is $1,000,000 and cost of goods sold $800,000, cash collection from 2018 sales was $400,000 in 2018 and $200,000 in 2019, cash collection from 2019 sales was $500,000 in 2019 and $500,000 in 2020, using cost recovery method compute gross profit realized in 2018? a. $100,000. b. $200,000. c. $300,000. d. $150,000.

Kelley, Inc. provided the following account balances for 2018: Cost of Goods Sold (Cost of sales)...

Kelley, Inc. provided the following account balances for 2018: Cost of Goods Sold (Cost of sales) $ 1 comma 400 comma 000$1,400,000 Beginning Merchandise Inventory 300,000 Ending Merchandise Inventory 350,000 Calculate the average number of days that inventory was held by Kelley, Inc. during 2018. (Assume 365 days in a year. Round your intermediate calculations and final answer to two decimal places.)

1. To adjust a company’s LIFO cost of goods sold to FIFO cost of goods sold...

1. To adjust a company’s LIFO cost of goods sold to FIFO cost of goods sold the ending LIFO reserve is added to LIFO cost of goods sold. the ending LIFO reserve is subtracted from LIFO cost of goods sold. an increase in the LIFO reserve is subtracted from LIFO cost of goods sold. a decrease in the LIFO reserve is subtracted from LIFO cost of goods sold. 2. All of the following statements are true regarding the LIFO reserve...

On average, a firm sells $2,500,000 in merchandise a month. Its cost of goods sold equals...

On average, a firm sells $2,500,000 in merchandise a month. Its cost of goods sold equals 60 percent of sales, and it keeps inventory equal to one-half of its monthly cost of goods on hand at all times. If the firm analyzes its accounts using a 360-day year, what is the firm's inventory conversion period? a. 30 days b. 15 days c. 20 days d. 360 days e. 10 days

Cost of Goods Sold is calculated on the:

Question 11 2.5 pts Cost of Goods Sold is calculated on the: Income Statement. Statement of Owner's Equity. Post-Closing Trial Balance. Trial Balance. Question 12 2.5 pts The current balance of Allowance for Doubtful Accounts is considered when calculating the current period's Bad Debts Expense under the following approach: Direct write-off method Income statement approach All of these answers are correct. Balance sheet approach Question 13 2.5 pts Joe's Auto Repair estimates that approximately 3% of net credit...

The 2018 income statement of Adrian Express reports sales of $15,015,000, cost of goods sold of...

The 2018 income statement of Adrian Express reports sales of $15,015,000, cost of goods sold of $8,863,500, and net income of $1,570,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash $ 570,000 $ 730,000 Accounts receivable 1,340,000 970,000 Inventory 1,740,000 1,370,000 Long-term assets 4,770,000 4,210,000 Total assets $ 8,420,000 $ 7,280,000 Liabilities and Stockholders' Equity Current liabilities $ 1,990,000 $ 1,630,000...

Subjects