Question
In: Accounting
XYZ Company recorded the following information related to their inventory accounts for 2018: January 1, 2018...
XYZ Company recorded the following information related to their inventory
accounts for 2018:
January 1, 2018 December 31, 2018
Direct materials 10,000 17,000
Work in process 11,000 ?
Finished goods 16,000 9,000
Additional information is as follows:
Direct materials purchased .......... $19,000
Direct labor ........................ 15,000
Actual manufacturing overhead ....... 16,000
Applied manufacturing overhead ...... 14,000
Net income .......................... 20,000
S&A expenses ........................ 30,000
Sales revenue ....................... 90,000
Calculate the work in process inventory balance on December 31.Solutions
Expert Solution
Note: For calculatio of Work
in process ending inventory, Applied manufacturing overhead is used
and over or under applied manufacturing overhead is adjusted while
calculating finished goods inventory.
ekkarill92 answered 2 years agoRelated Solutions
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020...
XYZ Company recorded the following information related to their inventory
accounts for 2020:
January 1, 2020 December 31, 2020
Direct materials 31,000 50,000
Work in process 38,000 41,000
Finished goods 22,000 34,000
The following information was taken from XYZ Company's accounting records
for 2020:
Sales revenue ........................................... $630,000
Direct materials purchased .............................. ?
Depreciation, factory equipment ......................... 34,000
Prime costs ............................................. 250,000
Utilities (60% for factory; 40% for office building) .... 20,000
Sales commissions ....................................... 71,000
Indirect materials ...................................... ?...
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020...
XYZ Company recorded the following information related to their inventory
accounts for 2020:
January 1, 2020 December 31, 2020
Direct materials 31,000 50,000
Work in process 38,000 41,000
Finished goods 22,000 34,000
The following information was taken from XYZ Company's accounting records
for 2020:
Sales revenue ........................................... $630,000
Direct materials purchased .............................. ?
Depreciation, factory equipment ......................... 34,000
Prime costs ............................................. 250,000
Utilities (60% for factory; 40% for office building) .... 20,000
Sales commissions ....................................... 71,000
Indirect materials ...................................... ?...
XYZ Company recorded the following information related to their inventory accounts for 2020: January 1, 2020...
XYZ Company recorded the following information related to their inventory
accounts for 2020:
January 1, 2020 December 31, 2020
Direct materials 31,000 50,000
Work in process 38,000 41,000
Finished goods 22,000 34,000
The following information was taken from XYZ Company's accounting records
for 2020:
Sales revenue ........................................... $630,000
Direct materials purchased .............................. ?
Depreciation, factory equipment ......................... 34,000
Prime costs ............................................. 250,000
Utilities (60% for factory; 40% for office building) .... 20,000
Sales commissions ....................................... 71,000
Indirect materials ...................................... ?...
The following information relates to the inventory transactions of Thames Company for 2018. January 1 Beginning...
The following information relates to the inventory
transactions of Thames Company for 2018.
January 1 Beginning inventory, 90 units @ $75/unit
March 8 Purchased 160 units @ $80/unit
October 24 Purchased 100 units @ $90/unit
On August 19, the Company sold 225 units at a selling price of
$115/unit
A. Number of units remaining in ending inventory.
B. Compute the cost of goods sold and ending inventory under
each of the following methods:
LIFO
FIFO
Weighted average cost
C. Determine...
XYZ Company provided the following inventory information for 2021: January 1 December 31 Direct materials 14,000...
XYZ Company provided the following inventory information for
2021: January 1 December 31 Direct materials 14,000 19,000 Work in
process 38,000 26,000 Finished goods 51,000 74,000 The following
additional information was available for 2021: Advertising
........................................ $ 61,000 Cost of goods
sold (unadjusted) .................... 294,000 Depreciation on
copier in the sales office ......... 19,000 Direct materials
purchased ......................... 123,000 Prime costs
........................................ 228,000 Sales commissions
.................................. 47,000 Calculate XYZ Company's
conversion costs for 2021.
PART 1 The following information is available for a company as of January 1, 2019: Accounts...
PART 1
The following information is available for a company as of
January 1, 2019:
Accounts Receivable
$300,000
Allowance for Doubtful Accounts
(14,000)
Accounts Receivable (net)
286,000
The following events took place during 2019:
During the year, the company sold services for $500,000 cash
and $3,000,000 on credit.
On December 31, a decision was made to estimate bad debts as
0.5% of credit sales.
Accounts Receivable of $1,000 from prior years was determined
to be uncollectible and was written...
On January 1, 2018, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2018, the general ledger of a company includes the
following account balances:
Accounts
Debit
Credit
Cash
$
71,000
Accounts Receivable
41,000
Allowance for Uncollectible
Accounts
$
5,000
Inventory
31,000
Building
71,000
Accumulated Depreciation
11,000
Land
201,000
Accounts Payable
21,000
Notes Payable (9%, due in 3
years)
34,000
Common Stock
101,000
Retained Earnings
243,000
Totals
$
415,000
$
415,000
The company accounts for all inventory transactions using the
perpetual FIFO method. Purchases and sales of inventory are
recorded...
On January 1, 2018, the general ledger of a company includes the following account balances: Accounts...
On January 1, 2018, the general ledger of a company includes the
following account balances:
Accounts
Debit
Credit
Cash
$
90,000
Accounts
Receivable
60,000
Allowance for
Uncollectible Accounts
$
5,000
Inventory
50,000
Building
90,000
Accumulated
Depreciation
30,000
Land
220,000
Accounts
Payable
40,000
Notes Payable
(8%, due in 3 years)
57,000
Common
Stock
120,000
Retained
Earnings
258,000
Totals
$
510,000
$
510,000
The company accounts for all inventory transactions using the
perpetual FIFO method. Purchases and sales of inventory are
recorded...
In 2018, Rogan LLC had the following information related to sales and inventory. Rogan uses a...
In 2018, Rogan LLC had the following information related to
sales and inventory. Rogan uses a perpetual inventory system and
the FIFO cost method. All sales and inventory purchases are on
account.
On January 1, 2018, Rogan reported:
Inventory
$30,000 (3,000 units at a cost of $10/unit)
In 2018, Rogan had the following inventory transactions (in
chronological order):
Purchased, on account, 5,000 units at a cost of $12/unit.
Sold, on account, 6,000 units at a selling price of $25/unit;
terms...
Following is the information for the PHL Company for 2019: Inventory on January 1, 2019 8,000...
Following is the information for the PHL Company for 2019:
Inventory on January 1, 2019 8,000 units x $6 $48,000
The company sold 10,000 units for $240,000 during the year 2019.
The total purchases were
12,000 units @ $8 each and the total operating expenses were
$25,000 during this period. A
periodic method is used.
Required:
a) Determine the cost of goods sold and the ending inventory on
December 31 using
the FIFO method.
b) Determine the COGS and inventory...
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