Sheffield Corp. has $13000 of ending finished goods inventory as of December 31, 2013. If beginning...

Sheffield Corp. has $13000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $8000 and cost of goods sold was $43000, how much would Sheffield report for cost of goods manufactured?

Solutions

Expert Solution

Dear Student
Thank you for using Chegg
Please find below the answer
Statementshowing Computations
Paticulars	Amount
ending finished goods inventory	13,000.00
cost of goods sold	43,000.00
Cost of goods available for sale	56,000.00
Less beginning finished goods inventory	(8,000.00)
cost of goods manufactured	48,000.00

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Waterway Industries has $30000 of ending finished goods inventory as of December 31, 2013. If beginning...

Waterway Industries has $30000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $25000 and cost of goods sold was $60000, how much would Waterway report for cost of goods manufactured?

Bonita Industries has $26000 of ending finished goods inventory as of December 31, 2019. If beginning...

Bonita Industries has $26000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was $20000 and cost of goods sold was $55000, how much would Bonita report for cost of goods manufactured? $81000 $61000 $20000 $49000

Swifty Corporation has $29000 of ending finished goods inventory as of December 31, 2017. If beginning...

Swifty Corporation has $29000 of ending finished goods inventory as of December 31, 2017. If beginning finished goods inventory was $24000 and cost of goods sold was $58000, how much would Swifty report for cost of goods manufactured?

Given Information: As of December 31, 20## Beginning Ending Finished Goods Inventory 99,500 122,500 Sales &nbsp

Given Information: As of December 31, 20## Beginning Ending Finished Goods Inventory 99,500 122,500 Sales 1,750,000 Work In Process Inventory 22,000 23,500 Property Taxes (Factory) 24,000 Factory Utilities 32,000 Direct Material Used 155,000 Amortization (80 % Factory) 45,000 Direct Manufacturing Labour 400,500 Selling and Admin Expense 120,250 InDirect Manufacturing Labour 75,000 Admin Salaries 182,750 Prepare a Cost of Goods Manufactured Statement Along with an income Statement.

1.The finished goods beginning inventory = $100,000; The finished goods ending inventory = $50,000; The work...

1.The finished goods beginning inventory = $100,000; The finished goods ending inventory = $50,000; The work in process inventory at the beginning of the year was $150,000 and at the end of the year $50,000; The raw materials inventory at the beginning of the year $80,000 and at the end of the year was $40,000. Manufacturing costs and selling and administrative expenses were as follows: indirect materials = $10,000; factory utilities = $20,000; raw material purchases = $30,000 in June...

Presented below are selected accounts of Sheffield Company at December 31, 2017. Inventory (finished goods) $...

Presented below are selected accounts of Sheffield Company at December 31, 2017. Inventory (finished goods) $ 59,800 Cost of Goods Sold $2,113,900 Unearned Service Revenue 94,800 Notes Receivable 40,400 Equipment 261,700 Accounts Receivable 170,720 Inventory (work in process) 43,100 Inventory (raw materials) 183,830 Cash (not including restricted cash) 40,000 Supplies Expense 55,820 Debt Investments (trading) 39,500 Allowance for Doubtful Accounts 12,420 Customer Advances 54,800 Licenses 16,580 Restricted Cash for Plant Expansion 59,500 Additional Paid-in Capital 80,630 Treasury Stock 22,540 The...

The following information is available for Sheffield Company at December 31, 2018: beginning inventory $139000; ending...

The following information is available for Sheffield Company at December 31, 2018: beginning inventory $139000; ending inventory $121000; cost of goods sold $845000; and sales $1880000. Sheffield’s inventory turnover in 2018 is 14.5 times. 6.2 times. 6.5 times. 6.9 times.

Under applied over head 14,000 Finished goods inventory, beginning 310,000 Finished goods inventory, ending 380,000 Raw...

Under applied over head 14,000 Finished goods inventory, beginning 310,000 Finished goods inventory, ending 380,000 Raw materials inventory, beginning 110,000 Raw materials inventory, ending 95,000 Work in process inventory, beginning 105,000 Work in process inventory, ending 85,000 Selling expenses 180,000 Manufacturing overhead Applied 490,000 Direct labor 390,000 Administrative expenses 385,000 Purchases of raw materials 295,000 Sales 2,885,000 Required: 1) Prepare a schedule of Cost of Goods Sold for the year in good form? (Use the table given in the answer...

During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $18,000 & ending finished...

During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $18,000 & ending finished goods inventory of $17,500. Beginning work-in-process was $14,000 and ending work-in-process was 10,500. Factory overhead was $22,500. The total manufacturing costs amounted to $270,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)

Sheffield Corp.’s balance sheet at December 31, 2021, is presented below. SHEFFIELD CORP. Balance Sheet December...

Sheffield Corp.’s balance sheet at December 31, 2021, is presented below. SHEFFIELD CORP. Balance Sheet December 31, 2021 Cash $51,660 Accounts payable $53,760 Accounts receivable 95,550 Common stock ($10 par) 168,000 Allowance for doubtful accounts (3,150 ) Retained earnings 267,540 Supplies 9,240 Land 84,000 Buildings 298,200 Accumulated depreciation—buildings (46,200 ) $489,300 $489,300 During 2022, the following transactions occurred. 1. On January 1, Sheffield issued 2,520 shares of $40 par, 7% preferred stock for $103,320. 2. On January 1, Sheffield also...

Subjects