Question
In: Accounting
Following is information from Kaitlyn Company for the year ended December 31, 2018. Direct labor $...
Following is information from Kaitlyn Company for the year ended December 31, 2018.
Direct labor $ 90,000
Operating and administrative expenses (costs) of sales ????
Net sales $ 520,000
Initial Inventories (None)
Direct Material Inventory-December 31, 2018 $ 55,000
Inventory of Work in process-December 31, 2018 $ 30,000
Inventory of finished goods- December 31, 2018 $ 4,000
Purchase of direct material ???
Direct material used $ 53,000
Indirect manufacturing costs ???
Total manufacturing costs incurred (in this period) ???
Cost of manufactured goods $ 245,000
Cost of sales ???
Gross margin (gain) ???
Net income (ignore taxes) $ 60,000
Calculate: operating and administrative expenses, purchase of direct materials, indirect manufacturing costs, total manufacturing costs, cost of sales and gross margin
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The following information is from Amos Company for the year ended December 31, 2019.
The following information is from Amos Company for the year ended December 31, 2019.
Retained earnings at December 31, 2018 (before discovery of error), $865,000.
Cash dividends declared and paid during the year, $22,000.
Two years ago, it forgot to record depreciation expense of $36,600 (net of tax benefit).
The company earned $221,000 in net income this year.
Prepare a statement of retained earnings for Amos Company.
For the year ended December 31, 2018, Martin Marietta Manufacturing Company has the following information: ...
For the year ended December 31, 2018, Martin Marietta
Manufacturing Company
has the following
information:
Work In Process Inventory, December
31
$ 30,000
Finished Goods Inventory, December
31
55,000
Raw Materials Inventory, December
31
28,000
Raw Materials
purchases
36,000
Factory supervisory
salaries
6,000
Operating
expenses
47,000
Factory depreciation
expense
2,000
Factory utilities
expense
4,000
Direct
labor
30,000
Indirect
labor
10,000
Sales
revenue
230,000
Sales
discounts
5,000
...
Chang Company reported the following for the year ended December 31, 2018:
Chang Company reported the following for the year ended December 31, 2018:
Gross sales revenue $750,000
Sales returns $ 30,000
Cost of goods sold $250,000
Selling and administrative expenses $100,000
Gain on disposal of the battery division; considered a discontinued operation $ 20,000
Loss from operations of the battery division $ 60,000
Interest expense $ 40,000
Gain on the sale of a fixed asset $ 10,000
Assume...
The following information relates to Husk Corn Co. for the year ended December 31, 2018: The...
The following information relates to Husk Corn Co. for the year
ended December 31, 2018:
The company tells you that Income from Continuing Operations PRE
Taxes is $ 300,000. However, this amount was computed
before the company considered these items: (i.e.
none of the items listed below are factored into the $300,000)
Restructuring Costs incurred in 2018 were $25,000
When recording depreciation expense for the previous year
(2017), they mistakenly recorded depreciation twice for the same
asset. The amount of...
The following information relates to Husk Corn Co. for the year ended December 31, 2018: The...
The following information relates to Husk Corn Co. for the year
ended December 31, 2018:
The company tells you that Income from Continuing Operations PRE
Taxes is $ 300,000. However, this amount was computed before the
company considered these items: (i.e. none of the items listed
below are factored into the $300,000)
Restructuring Costs incurred in 2018 were $25,000
When recording depreciation expense for the previous year
(2017), they mistakenly recorded depreciation twice for the same
asset. The amount of...
The following information is available for the year-ended December 31, 2018 for Sport Court Resurfacing (SCR)...
The following information is available for the year-ended
December 31, 2018 for Sport Court Resurfacing (SCR)
Corporation:
1.
On April 1, 2018 signed a bank loan
for $ 10,600 with interest and principal repayable in one-year. The
interest rate on the loan is 4%.
2.
SCR pays its employees $ 30,300
every other Friday which reflects a 2-week pay period or 10 working
days. December 31, 2018 falls on a Monday so employees will not get
paid for the work...
The records of Alaska Company provide the following information for the year ended December 31. At...
The records of Alaska Company provide the following information
for the year ended December 31. At Cost At Retail January 1
beginning inventory $ 473,150 $ 928,950 Cost of goods purchased
2,699,294 6,281,150 Sales 5,513,700 Sales returns 46,400 Required:
1. Use the retail inventory method to estimate the company’s
year-end inventory at cost. 2. A year-end physical inventory at
retail prices yields a total inventory of $1,693,800. Prepare a
calculation showing the company’s loss from shrinkage at cost and
at...
The records of Alaska Company provide the following information for the year ended December 31. At...
The records of Alaska Company provide the following information
for the year ended December 31. At Cost At Retail January 1
beginning inventory $ 469,010 $ 928,950 Cost of goods purchased
3,376,050 6,381,050 Sales 5,595,800 Sales returns 42,800 Required
1.Use the retail inventory method to estimate the company’s
year-end inventory at cost. Check (1) Inventory, $924,182 cost 2.A
year-end physical inventory at retail prices yields a total
inventory of $1,686,900. Prepare a calculation showing the
company’s loss from shrinkage at...
The records of Alaska Company provide the following information for the year ended December 31 at...
The records of Alaska Company provide the following information
for the year ended December 31
at coast at Retail
January 1 beginning inventory $ 472,950 $ 928,750
Cost of goods purchased 2,843,512 6,280,950
Sales 5,511,700
Sales returns 46,200
Required:
1. Use the retail inventory method to estimate the company’s
year-end inventory at cost.
2. A year-end physical inventory at retail prices yields a total
inventory of $1,691,800. Prepare a calculation showing the
company’s loss from shrinkage at cost and at...
The FOllowing information from the accounts of kesha Ltd for the year ended December 31, 2009...
The
FOllowing information from the accounts of kesha Ltd for the year
ended December 31, 2009 has been provided to you:
Net icome................................2,090,000
Amortization of intangible assert.............120,000
Proceeds from issue of ord. share...........1,030,000
Increase in
inventory...............................180,000
Sale of building at shs 100,000 gain........850,000
Increase in accounts payable...........150,000
Purchase of computer equipment........1,250,000
Payments of cash dividends..............240,000
Depreciation expense...................350,000
Increase in accounts receivable...........230,000
Payment of mortagage.................520,000
Decrease in short-term notes payable.......80,000
Sale of land at shs 50,000 loss............260,000
Purchase of delivery truck.................330,000...
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