Question
In: Accounting
X Company had the following inventory account balances in 2017: Account January 1 December 31 Materials...
X Company had the following inventory account balances in
2017:
| Account | January 1 | December 31 |
| Materials | $14,182 | $14,146 |
| Work in Process | 16,816 | 15,510 |
| Finished Goods | 15,900 | 15,900 |
The following additional information for the year is
available:
| Direct materials purchased | $68,355 | |
| Direct labor | 20,882 | |
| Overhead | 49,128 | |
What was Cost of Goods Sold in 2017?
Solutions
Expert Solution
| Particulars | Amount | Amount | |
| Raw Material | |||
| Opening stock of raw material | 14,182 | ||
| Purchases of raw materials | 68,355 | ||
| Cost of raw materials available for use | 82,537 | ||
| Less: closing stock of raw materials | 14,146 | ||
| Raw materials consumed | 68,391 | ||
| Direct labour | 20,882 | ||
| Prime cost | 89,273 | ||
| Factory Overhead | |||
| Overhead | 49,128 | 49,128 | |
| 138,401 | |||
| Add: opening Work In Progress | 16,816 | ||
| Less: closing Work In Progress | 15,900 | ||
| Works cost/cost of production | 139,317 | ||
| Add: Opening Finish Goods | 15,900 | ||
| Less: Closing Finish Goods | 15,900 | ||
| Cost of Goods Sold | 139,317 | ||
ekkarill92 answered 2 years agoRelated Solutions
Tabor Company had the following account balances on January 1, 2020: Raw Materials Inventory $ 42,000...
Tabor Company had the following account balances on January 1,
2020: Raw Materials Inventory $ 42,000 Work in Process Inventory $
87,000 Finished Goods Inventory $ 93,000 During 2020, the following
transactions took place: 1. Raw materials costing $75,000 were
purchased on account. 2. Raw materials costing $96,000 were issued
to the factory, of which $70,000 is considered to be direct
material cost. 3. Total factor labor costs for the period were
$150,000 of which $120,000 is considered to be...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(10,000
)
(21,500
)
Accounts receivable
33,000
83,000
Accumulated depreciation—buildings
(24,000
)
(29,000
)
Accumulated depreciation—equipment
0
(5,400
)
Bonds payable—due 2020
(54,000
)
(54,000
)
Buildings
113,000
94,500
Cash
39,000
8,400
Common stock
(63,000
)
(76,000
)
Depreciation expense
0
19,000
Dividends (10/1/17)
0
36,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017 December 31, 2017
Accounts payable (18,000) (32,500)
Accounts receivable 51,000 101,000
Accumulated depreciation—buildings (42,000) (47,000)
Accumulated depreciation—equipment 0 (7,200)
Bonds payable—due 2020 (61,000) (61,000)
Buildings 131,000 103,500
Cash 57,000 10,200
Common stock (66,000) (76,000)
Depreciation expense 0 37,000
Dividends (10/1/17) 0 54,000
Equipment 0 61,000
Gain on sale of building 0 (8,200)...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(24,000
)
(31,500
)
Accounts receivable
45,000
95,000
Accumulated depreciation—buildings
(36,000
)
(41,000
)
Accumulated depreciation—equipment
0
(6,600
)
Bonds payable—due 2020
(55,000
)
(55,000
)
Buildings
125,000
100,500
Cash
51,000
9,600
Common stock
(60,000
)
(71,000
)
Depreciation expense
0
31,000
Dividends (10/1/17)
0
48,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(16,000
)
(27,500
)
Accounts receivable
53,000
103,000
Accumulated depreciation—buildings
(44,000
)
(49,000
)
Accumulated depreciation—equipment
0
(7,400
)
Bonds payable—due 2020
(63,000
)
(63,000
)
Buildings
133,000
104,500
Cash
59,000
10,400
Common stock
(68,000
)
(80,000
)
Depreciation expense
0
39,000
Dividends (10/1/17)
0
56,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(13,000
)
(19,500
)
Accounts receivable
41,000
91,000
Accumulated depreciation—buildings
(32,000
)
(37,000
)
Accumulated depreciation—equipment
0
(6,200
)
Bonds payable—due 2020
(51,000
)
(51,000
)
Buildings
121,000
98,500
Cash
47,000
9,200
Common stock
(71,000
)
(85,000
)
Depreciation expense
0
27,000
Dividends (10/1/17)
0
44,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(13,000
)
(19,500
)
Accounts receivable
41,000
91,000
Accumulated
depreciation—buildings
(32,000
)
(37,000
)
Accumulated
depreciation—equipment
0
(6,200
)
Bonds payable—due 2020
(51,000
)
(51,000
)
Buildings
121,000
98,500
Cash
47,000
9,200
Common stock
(71,000
)
(85,000
)
Depreciation expense
0
27,000
Dividends (10/1/17)
0
44,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(20,000
)
(25,500
)
Accounts receivable
49,000
99,000
Accumulated depreciation—buildings
(40,000
)
(45,000
)
Accumulated depreciation—equipment
0
(7,000
)
Bonds payable—due 2020
(59,000
)
(59,000
)
Buildings
129,000
102,500
Cash
55,000
10,000
Common stock
(64,000
)
(75,000
)
Depreciation expense
0
35,000
Dividends (10/1/17)
0
52,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts payable
(10,000
)
(21,500
)
Accounts receivable
33,000
83,000
Accumulated
depreciation—buildings
(24,000
)
(29,000
)
Accumulated
depreciation—equipment
0
(5,400
)
Bonds payable—due 2020
(54,000
)
(54,000
)
Buildings
113,000
94,500
Cash
39,000
8,400
Common stock
(63,000
)
(76,000
)
Depreciation expense
0
19,000
Dividends (10/1/17)
0
36,000
Equipment...
The following account balances are for the Agee Company as of January 1, 2017, and December...
The following account balances are for the Agee Company as of
January 1, 2017, and December 31, 2017. All amounts are denominated
in kroner (Kr).
January 1, 2017
December 31, 2017
Accounts
payable
(18,000
)
(24,000
)
Accounts
receivable
35,000
79,000
Accumulated
depreciation—buildings
(20,000
)
(25,000
)
Accumulated
depreciation—equipment
0
(5,000
)
Bonds
payable—due 2020
(50,000
)
(50,000
)
Buildings
118,000
97,000
Cash
35,000
8,000
Common
stock
(70,000
)
(80,000
)
Depreciation
expense
0
15,000
Dividends
(10/1/17)
0
32,000
Equipment...
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