Question

In: Accounting

The following data pertain to the Northwest Co." Material inventory, 1/1/19 $20,000 Material inventory, 12/31/19. 30,000...

The following data pertain to the Northwest Co."

Material inventory, 1/1/19 $20,000

Material inventory, 12/31/19. 30,000

Material purchases. 140,000

work in process inventory, 1/1/19. 40,000

work in process inventory, 12/31/19. 34,500

direct labor. 162,000

manufacturing overhead. 143,000

finished goods inventory, 1/1/19. 90,000

finished goods inventory, 12/31/19. 74,000

Cost of goods sold should be:

A. $456,500

B. $326,500

C. $486,500

D. $530,500

Expert Solution

*Option(A). $456,500 is the correct answer.

Workings:

************************************

Hi, If you have any queries/doubts, Immediately drop your messages in the comment box !!!! I will help you...
Thanks!!!

ekkarill92 answered 2 years ago

The following data pertain to April pertain for Jennings Manufacturing Company: Beginning Inventory……………….3,000 Unit...

The following data pertain to April pertain for Jennings Manufacturing Company: Beginning Inventory……………….3,000 Unit sold……………………………9,000 Unit Produced………………………8,000 Sales price per unit…………………$30 Direct Manufacturing cost per unit…$10 Fixed factory overhead-total……….$40,000 Fixed factory overhead-per unit……$5 Commercial expenses (all fixed)…..$50,000 Required: Prepare an income statement using absorption costing Prepare an income statement using direct costing Provide computation explaining the difference in operating income between the two methods.

2.) Scheeler Company has the following comparative balance sheet data available: 12/31/2018 12/31/2017 Cash $30,000 $80,000...

2.) Scheeler Company has the following comparative balance sheet data available: 12/31/2018 12/31/2017 Cash $30,000 $80,000 Accounts Receivable, net 160,000 100,000 Inventory 100,000 70,000 Prepaid Rent 20,000 10,000 Total Current Assets $310,000 $260,000 Equipment $400,000 $200,000 Accumulated Depreciation (60,000) (50,000) Total Assets $650,000 $410,000 Accounts Payable $50,000 $40,000 Salaries Payable 40,000 40,000 Bonds Payable 0 50,000 Common Stock, $10 par 300,000 100,000 Additional Paid-in Capital 50,000 0 Retained Earnings 210,000 180,000 Total Liabilities & Stockholders' Equity $650,000 $410,000 Additional information:...

Inventory TableClose The following data pertain to Company A’s inventory that was purchased on January 5,...

Inventory TableClose The following data pertain to Company A’s inventory that was purchased on January 5, Year 1, for $40,000: March 31, Year 1 June 30, Year 1 December 31, Year 1 Estimated selling price $42,000 $44,000 $41,000 Cost of disposal 2,000 2,000 2,500 Normal profit margin 1,200 1,400 1,100 Cost of completion 1,000 1,000 1,000 Current replacement cost 38,000 42,000 36,000 Note: Entire inventory was sold on May 1, Year 2. EmailClose To: Bill West From: Rufus Brown Date:...

20. XYZ Merchandising uses a periodic inventory system. The balance in the inventory account on 12/31/19...

20. XYZ Merchandising uses a periodic inventory system. The balance in the inventory account on 12/31/19 is $230,000. They report the following accounts and balances on 12/31/19: Debit Credit Cash $109,000 Account Receivable 92,000 Allowance for Doubtful Accounts 1,000 Inventory balance on 1/1/19 223,000 Purchases 310,000 Equipment 115,000 Accumulated Depreciation 20,000 Account Payable 95,000 Common Stock 90,000 Retained Earnings 1/1/19 290,000 Sale Revenue 390,000 Operating Expenses 37,000 Additional Information: The business has not recorded the annual depreciation for 2019 or...

Alcatraz Corp has the following information: 1-Jan 31-Dec Raw materials 20,000 30,000 Work in process 15,000...

Alcatraz Corp has the following information: 1-Jan 31-Dec Raw materials 20,000 30,000 Work in process 15,000 18,000 Finished goods 30,000 20,000 Additional information Raw material purchases 100,000 Direct labor 25,000 Manufacturing overhead 80,000 Indirect materials 0 Compute the current manufacturing costs. $245,000 $255,000 $68,000 $65,000

The following pertain to the cost of H’s only inventory item: Inventory on hand, January 1 &

The following pertain to the cost of H’s only inventory item: Inventory on hand, January 1 295 units @ $50 per unit Purchases, January 12 590 units @ $88 per unit Purchases, January 20 450 units @ $91 per unit Purchases, January 31 300 units @ $93 per unit 1,635 Sales, January 5 75 units @ $200 per unit Sales, January 15 350 units @ $200 per unit Sales, January 22 550 units @ $200 per unit Sales, January 30 140 units @ $200 per unit 1,115 (1,115 x...

Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1...

Domino Co. has the following data related to an item of inventory: Beginning Inventory, March 1 - 100 units @ $2.10 Purchase, March 7 - 350 @ $2.20 Purchase, March 16 - 70 @ $2.25 Ending Inventory, March 31 - 130 The value assigned to cost of goods sold if Domino uses FIFO is The value assigned to ending inventory if Domino uses LIFO is Can anyone please explain the steps and thinking order to get the answers? I know...

The following data pertain to April operations for Josephson Company: Beginning inventory 3,000 Units...

The following data pertain to April operations for Josephson Company: Beginning inventory 3,000 Units sold 9,000 Units produced 8,000 Sales price per unit $ 30 Direct manufacturing cost per unit $ 10 Fixed factory overhead-total $40,000 Fixed factory overhead-per unit $ 5 Commercial expense (all fixed) $44,000 Required: a. Prepare an income statement using absorption costing. b. Prepare an income statement using marginal costing....

Question# 4 The following data pertain to Duggan Company's operations during December: Dec 1 Dec 31...

Question# 4 The following data pertain to Duggan Company's operations during December: Dec 1 Dec 31 Raw materials inventory $0 $10,000 Work-in-process inventory ? $5,000 Finished goods inventory $10,000 ? Other data: Cost of goods manufactured $95,000 Raw materials used $ 50,000 Manufacturing overhead costs $ 20,000 Direct labour costs $ 30,000 Gross profit $110,000 Sales $200,000 Please copy and paste the format below and include in your assignment, highlighting/bolding your final answer for each part: Required: A. What amount...

The following pertain to the cost of H’s only inventory item: Inventory on hand, January 1 &n

The following pertain to the cost of H’s only inventory item: Inventory on hand, January 1 10 units @ $ 9 per unit Purchases, January 2 150 units @ $14 per unit Purchases, January 12 195 units @ $15 per unit Purchases, January 16 75 units @ $15 per unit Purchases, January 20 50 units @ $16 per unit Purchases, January 26 205 units @ $19 per unit 685 Sales during January totaled 615 units. Each unit sold for $40. Calculate COGS AND GP for January AND...