Question
In: Accounting
Forever Manufacturing manufacture picture frames. At the end of December 2015, the accounting records of the...
Forever Manufacturing manufacture picture frames. At the end of December 2015, the accounting records of the business show the following:
Inventories 31/12/2014 31/12/2015
Materials $13,000 $7,750
Work in process 0 1,750
Finished goods 0 2,000
Other information:
Depreciation expense on plant equipment $15,000
Depreciation expense on delivery truck 2,500
R & D for graphic designs 3,700
Sales commission 4,000
Utilities for plant 2,000
Plant janitorial services 750
Direct labour 20,000
Direct material purchases 32,000
Sales Revenue 126,450
Customer warranty refunds 1,500
Rent on plant 11,000
Requirements:
i) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2015
ii) Prepare an income statement for Forever Manufacturing for the year ended December 31, 2015
iii) What is the unit product cost if Forever Manufacturing manufactured 1,000 picture frames for the year?
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Waddell Company had the following balances in its accounting records as of December 31, 2015: ...
Waddell Company had the
following balances in its accounting records as of December 31,
2015:
Assets
Liabilities and Equity
Cash
$
55,000
Accounts Payable
$
27,000
Accounts Receivable
53,000
Common Stock
89,000
Land
28,000
Retained Earnings
20,000
Total
$
136,000
Total
$
136,000
The following accounting events
apply to Waddell Company's 2016 fiscal year:
Jan.
1
Acquired $56,000
cash from the issue of common stock.
Feb.
1
Paid $5,700 cash in
advance for a one-year lease for...
The following accounts are taken from the accounting records of Dory Company at December 31, 2015...
The following accounts are taken from the accounting records of
Dory Company at December 31, 2015 after adjustments:
Sales revenue
$250,000
Sales salaries expense
14,000
Administrative salaries expense
15,000
Depreciation expense: equipment
8,000
Purchases
160,000
Sales returns
1,000
Purchases returns
2,000
Freight-in
10,000
Inventory, 1/1/15
80,000
Retained earnings, 1/1/15
60,000
In addition, the following information is available:
·
The inventory on December 31, 2015, was $75,000.
·
Ten thousand shares of common stock were outstanding during the
entire year. Dory...
Lala Corporation manufactures frames. It costs $200 to manufacture each picture frame, $50 to market each...
Lala Corporation manufactures frames. It costs $200 to
manufacture each picture frame, $50 to market each picture frame,
and $30 to ship each picture frame to customers. Research and
developments costs are allocated at $40 per unit. Lala Corporation
plans to use cost-plus pricing. Calculate the prospective selling
price:
if Lala Corporation marks up the manufacturing cost of the
picture frames by 60% and
if Lala Corporation marks up the full cost of the picture
frames by 10%. Show your...
Camera Crawlers manufactures picture frames. Sales for December are expected to be 10,000 units of various...
Camera Crawlers manufactures picture
frames. Sales for December are expected to be 10,000 units of
various sizes. Historically, the average frame requires twometres
of framing, one square metre of glass, and one square metre of
backing. Beginning inventory includes 1400 metre of framing, 1000
square metres of glass, and 800 square metres of backing. Current
prices are $1.00 per metre of framing, $5.00 per square metre of
glass, and $3.00 per square metre of backing. Ending inventory
should be 150%...
Camera Crawlers manufactures picture frames. Sales for December are expected to be 10,000 units of various...
Camera Crawlers manufactures picture
frames. Sales for December are expected to be 10,000 units of
various sizes. Historically, the average frame requires three
metres of framing, two square metre of glass, and two square metres
of backing. Beginning inventory includes 800 metre of framing, 200
square metres of glass, and 300 square metres of backing. Current
prices are $1.00 per metre of framing, $5.00 per square metre of
glass, and $3.00 per square metre of backing. Ending inventory
should be...
Camera Crawlers manufactures picture frames. Sales for December are expected to be 10,000 units of various...
Camera Crawlers manufactures picture
frames. Sales for December are expected to be 10,000 units of
various sizes. Historically, the average frame requires four metres
of framing, two square metre of glass, and four square metres of
backing. Beginning inventory includes 1200 metre of framing, 800
square metres of glass, and 600 square metres of backing. Current
prices are $1.00 per metre of framing, $5.00 per square metre of
glass, and $3.00 per square metre of backing. Ending inventory
should be...
Splish Inc. was organized in late 2015 to manufacture and sell hosiery. At the end of...
Splish Inc. was organized in late 2015 to manufacture and sell
hosiery. At the end of its fourth year of operation, the company
has been fairly successful, as indicated by the following reported
net incomes.
2015
$139,000a
2017
$206,000
2016
162,000b
2018
279,000
a Includes a $10,000 increase because
of change in bad debt experience rate.
b Includes a gain of $30,000.
The company has decided to expand operations and has applied for a
sizable bank loan. The bank officer...
Myles Manufacturing Company's accounting records reflect the following inventories: &
Myles Manufacturing Company's accounting records reflect the
following inventories:
Dec. 31, 2014
Dec. 31, 2013
Raw materials
inventory
$620,000
$820,000
Work in process inventory
300,000
220,000
Finished goods inventory
380,000
100,000
During 2014, $900,000 of raw materials were purchased, direct
labor costs amounted to $1,000,000, indirect labor costs amounted
to $300,000, and manufacturing overhead was $960,000.
Based upon the above information, cost of goods sold for the
year is:
You are given the cost records of XY manufacturing company which manufacture a specialised equipment against...
You are given the cost records of XY manufacturing company
which manufacture a specialised equipment against customer’s
order.
OMR
Raw material cost in the beginning - 18,800
Purchase of material 15,000 kgs@ 2 per kg - 30,000
Carriage on purchase - 900
Raw material cost at end - 11,000
Work in progress in the beginning - 3,500
Work in progress in the end - 2,500
Direct labour cost - 28,000
Depreciation on factory building - 660
Depreciation on office building...
A review of the accounting records of Finch Manufacturing indicated that the company incurred the following...
A review of the accounting records of Finch Manufacturing
indicated that the company incurred the following payroll costs
during the month of March. Assume the company's financial
statements are prepared in accordance with GAAP. Salary of the
company president—$31,900. Salary of the vice president of
manufacturing—$15,900. Salary of the chief financial
officer—$17,900. Salary of the vice president of marketing—$15,000.
Salaries of middle managers (department heads, production
supervisors) in manufacturing plant—$192,000. Wages of production
workers—$930,000. Salaries of administrative secretaries—$107,000.
Salaries of...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Read at least 2 academically reviewed articles and Write an annotated bibliography paper on Master Budgeting
- Why normalization and referential integrity are important principles when designing relational databases?
- Respond to the following in a minimum of 175 words: Discuss what elements should be present...
- 1) The 3rd bright fringe of a double slit interference pattern is 30.0 cm above the...
- A solar cell generates a potential difference of 0.320 V when a 445.0 ? resistor is...
- A ceiling fan consists of a small cylindrical disk with 5 thin rods coming from the...
- You measure the following quantities as A = 1.0 m ± 0.2 m, B = 2.0...
ADVERTISEMENT