Question
In: Accounting
The following information was taken from Macondo Company records for the year 2019. Raw Materials inventory,...
The following information was taken from Macondo Company records for the year 2019.
Raw Materials inventory, 1/12/2019 $ 48,000
Raw Materials inventory, 12/31/209 39,600
Direct labor 139,250
Indirect labor 24,460
Depreciation, factory Machinery 16,000
Raw materials Purchases 96,400
Factory utilities Expense 27,600
Work in process inventory 1/12/2019 19,800
Work in process inventory 12/31/2019 18,600
Finished Goods inventory 1/12/2019 96,000
Finished Goods inventory 12/31/2019 75,900
Factory Property taxes Expense 9,600
Factory Repairs Expense 1,400
Factory Insurance Expense 4,600
Office Utilities Expense 8,650
Plant Manager’s Salary Expnse 58,000
Instructions:
1. Prepare a Cost of Goods Manufactured report for December 31,
2019.
2. Prepare a Cost of Goods Sold report for December 31, 2019
Solutions
Expert Solution
Statement of cost of goods manufactured
| Direct materials | ||
| Raw materials beginning | $48,000 | |
| Add: Purchase of raw materials | $96,400 | |
| Raw materials available for use | $144,400 | |
| Less: Raw materials, Ending | ($39,600) | |
| Direct materials used | $104,800 | |
| Direct labor | $139,250 | |
| Manufacturing overhead: | ||
| Indirect labor | $24,460 | |
| Depreciation, Factory machinery | $16,000 | |
| Factory utilities | $27,600 | |
| Factory property taxes expenses | $9,600 | |
| Factory repairs expenses | $1,400 | |
| Factory insurance expense | $4,600 | |
| Plant managers salary expense | $58,000 | |
| Total manufacturing overhead | $141,600 | |
| Total manufacturing costs | $385,710 | |
| Add: Work in process, Beginning | $19,800 | |
| Total cost of work in process | $405,510 | |
| Less: Work in process, Ending | ($18,600) | |
| Cost of goods manufactured | $386,910 |
Statement of Cost of goods sold
| Beginning finished goods | $96,000 |
| Add: cost of goods manufactured | $386,910 |
| Cost of goods available for sale | $482,910 |
| Less : Ending finished goods | ($75,900) |
| Cost of goods sold | $407,010 |
ekkarill92 answered 1 year agoRelated Solutions
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The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
6,300
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Purchases:
9/7
4,200
units @ $11.60
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10,500
units @ $12.20
Sales:
9/10
5,000
units
9/29
6,000
units
10,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following information is taken from the inventory records of the CNB Company for the month...
The following information is taken from the inventory records of
the CNB Company for the month of September:
Beginning inventory, 9/1/2021
7,000
units @ $10.00
Purchases:
9/7
3,000
units @ $11.00
9/25
10,000
units @ $11.50
Sales:
9/10
4,000
units
9/29
5,000
units
11,000 units were on hand at the end of
September.
Required:
1. Assuming that CNB uses a periodic inventory
system and employs the average cost method, determine cost of goods
sold for September and September's ending inventory....
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
The following cost and inventory data are taken from the accounting records of a Company for...
The following cost and inventory data are taken from the
accounting records of a Company for the year just completed:
Costs incurred:
Direct labor cost
................................................... $140,000
Purchases of raw materials ..................................
$236,000
Manufacturing overhead ......................................
$160,000
Advertising expense .............................................
$180,000
Sales salaries
.......................................................
$100,000
Depreciation, office equipment ............................
$6,000
Inventories: Beginning the Year End the Year
Raw materials ............................ $14,000 $30,000
Work in process .......................... $20,000 $10,000
Finished goods ............................ $40,000 $70,000
Required:
1. Prepare the cost of goods...
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The following data is taken from the records of Haze, Inc. for
the year 2019:
Required:
Sales $3,000,000
Operating expenses $2,000,000
Average operating assets $8,000,000
Minimum required rate of return 15%
a.DetermineHaze’sreturnoninvestment(ROI)andresidualincome(RI)fortheyear2019
and comment on the company’s performance.
b. Which measure (ROI or RI) would you choose for the company
to use? Justify your answer.
c. The management of Haze has heard of another performance
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The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
Advertising expense
$
30,000
Direct labor
$
673,600
Depreciation expense—Office equipment
10,300
Income taxes expense
293,900
Depreciation expense—Selling equipment
10,300
Indirect labor
58,000
Depreciation expense—Factory equipment
31,700
Miscellaneous production costs
9,200
Factory supervision
126,300
...
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company.
Advertising expense
$
30,000
Direct labor
$
673,600
Depreciation expense—Office equipment
10,300
Income taxes expense
293,900
Depreciation expense—Selling equipment
10,300
Indirect labor
58,000
Depreciation expense—Factory equipment
31,700
Miscellaneous production costs
9,200
Factory supervision
126,300...
Errors in Inventory Counts The following information was taken from the records of Taylor Enterprises: 2013...
Errors in Inventory Counts The following
information was taken from the records of Taylor Enterprises:
2013
2012
Beginning inventory
$70,000
$60,000
Cost of goods purchased
430,000
410,000
Cost of goods available for sale
500,000
470,000
Ending inventory
65,000
70,000
Cost of goods sold
$435,000
$400,000
The following two errors were made in the physical inventory
counts:
1. 2012 ending inventory was understated by $10,000.
2. 2013 ending inventory was overstated by $5,000.
Compute the correct cost of goods sold for...
Beck Manufacturing reports the following information in T-account form for 2019. Raw Materials Inventory Begin. Inv....
Beck Manufacturing reports the following information in
T-account form for 2019.
Raw Materials Inventory
Begin. Inv.
10,900
Purchases
48,000
Avail. for use
58,900
DM used
47,000
End. Inv.
11,900
Work in Process Inventory
Begin. Inv.
17,400
DM used
47,000
Direct labor
33,300
Overhead
64,000
Manuf. costs
161,700
Cost of goods manuf.
147,800
End. Inv.
13,900
Finished Goods Inventory
Begin. Inv.
18,100
Cost of goods manuf.
147,800
Avail. for sale
165,900
Cost of Goods Sold
147,200
End. Inv.
18,700
Required:
1....
The following cost and inventory data are taken from the accounting records of Mason Company for...
The following cost and inventory data are taken from the
accounting records of Mason Company for the
year just completed:
Costs incurred:
Direct labor cost
................................................... $70,000
Purchases of raw materials ..................................
$118,000
Manufacturing overhead ......................................
$80,000
Advertising expense .............................................
$90,000
Sales salaries
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$50,000
Depreciation, office equipment ............................
$3,000
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Inventories:
Raw materials ............................ $7,000 $15,000
Work in process .......................... $10,000 $5,000
Finished goods ............................ $20,000 $35,000
1. Prepare a schedule...
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