Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 26,000 100,000 26,000 30,000 Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured.

Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 12,000 26,000 100,000 26,000 30,000 Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

See similar textbooks

Similar questions

1 In. In. Z IMG_20210227_1.. -> Q/2:-The following balance appeared in the trial balance of Santana CO.as following :- Beginning raw materials inventory Ending raw materials inventory Work in process inventory in 1/1 Work in process inventory in 31/12 15 000 22 500 6 000 ৪ 400 Purchases of raw materials 90 000 Purchases commission 750 Import duties Freight- in Purchases return and allowance 450 300 2 100 Purchases discount 1050 Direct labor 25 200 Beginning finished goods inventory Ending finished goods inventory 21 000 29 100 Depreciation equipment 4 500 Depreciation machining Depreciation factory building Sales 750 1 500 135 000 Indirect materials 4 500 Indirect labor 2 100 Sales return and allowance 3 000 Sales discount 750 Oil and gas Water and electricity 3 600 1050 Ins :- 1- prepare manufacturing statement for the year ended in 31/12/2010 . 2-Prepare trading statement for the year ended in ( 2 5M) 31/12/2010. II
X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost of
1/1 me A My Home CengageNOWv2| Online te x (28) Migos- Straightenin (C x+ com/ilrn/takeAssignment/takeAssignmentManrao?inprogress=true eBook Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 21,000 units; 58,000 units were started in production; and 63,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 25% complete with respect to conversion. Equivalent Units of Materials Equivalent Units of Conversion
K Inventory- 10- ACCT1100: Finar x * CengageNOwv2 |Online teachi x 310) Inventory Cost Flow - First x G https://v2.cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker%3&takeAssignmentSessionLo... Akira Company had the following transactions for the month. Number Cost of Units per Unit Beginning Inventory 160 $10 Purchased Mar. 31 180 15 Purchased Oct. 15 130 18 Ending Inventory 60 Calculate the ending inventory dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Round your intermediate calculations to 2 decimal places and final answers to the nearest dollar amount. Ending Inventory A. First-in, First-out (FIFO) 6,640 B. Last-in, First-out (LIFO) C. Weighted Average (AVG) Feedback Check My Work FIFO and LIFO refer to the inventory 'layers that are used to complete the order for a sale. The amount remaining after the order is 'filled' is the ending inventory amounts. Previgs Next 1:5 Check My Work 4 more Check My…
ezto.mheducation.com HW 1 (Chapter 2) Saved Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170,000 December 31, 20x1 $ 70,000 115,000 165,000 Port 3 of 3 10 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: points еВook Indirect material ndirect labor 12,000 26,000 100,000 26,000 30,000 Print Depreciation on plant and equipment Utilities References Other Sales revenúe was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. 3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 Mc Graw Next > < Prev of 9
02/ The following data industrial company for materials (X) 1/2 Balance 1000 unit@10$ 1/5 Issued 500 unit 1/9 purchase S00 unit @12 1/10 purchase 1000 unit @14 25/11 Returen 200unit fram issued quantity 5/1 1/30 purchase 300 unit @15 R)prepare the cost of materials used and the cost assigned to the ending inventory using (LiFo, weighted averge method)
Three Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ E
on A manufacturing company has a beginning finished goods inventory balance of $14,600, cost of goods manufactured of $32,500 and an ending The cost of goods sold is: ous page O a. $29,3000 O b. $27,600 O c. $32,500 O d. $21,200 Type here to search W £ 3 E $ 4 O € R S II % 5 C O 6 finished goods inventory balance of $17,800. # @ 3' B H 6 U 8 1₁ N M
Saved Help Required information E7-8 (Algo) Analyzing and Interpreting the Financial Statement Effects of LIFO and FIFO LO7-2, 7-3 [The following information applies to the questions displayed below.] Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost Inventory, December 31, prior year For the current year: 7,400 $ 12 Purchase, March 5 Purchase, September 19 Sale ($27 each) Sale ($29 each) 19,400 10 10,400 6. 8,400 16,400 Operating expenses (excluding income tax expense) $404,000 E7-8 Part 2 2. Compute the difference between the pretax income and the ending inventory amounts for the two cases. earch 60°F
Edit View History Bookmarks Window Help A education.wiley.com ssan D 74) XAYAAD XIKMO OO. w NWP Assessment Playe. N Solved > 5-1 Accounti.. C Home | Chegg.com A DQ9: Data Mining - S Question 5 of 10 - /3 view Policies Current Attempt in Progress Shellhammer Company's inventory records show the following data for the month of September: Units Unit Cost Inventory, September 1 100 $3,34 Purchases: September 8 450 3.50 September 18 350 3.70 A physical inventory on September 30 shows 200 units on hand. Calculate the value of the ending inventory and cost of goods sold if the company uses weighted average inventory costing and a periodic inventory system. (Round cost per unit to 2 decimal places, e.g. 15.25 and ending inventory and cost of goods sold to the nearest dollar, e.g. 5,275.) Ending inventory Cost of goods sold $ Save for Later Attempts: 0 of 1 used Submit Answer 7,288 MAR 7 tv ... 80
omus A cdn.student.uae.examus.net/?rldbqn3D1&sessi... ACCT101_FEX_2021_2_Male 2 -34 A company reported the following data related to its ending inventory 5ab 95ab Product 95ab Units Per Market Total on Hand Total Market be18 SR1,100 Unit Cost Cost 100 SR10 SR11 SR1,000 В 75 16 1,200 1,050 60 14 95abe18ce 33 13 840 40 780 16 20 640 800 SR3,680 SR3,730 Calculate the lower-of-cost-or-market on the: e33 (a) Inventory as a whole (b) inventory applied separately to each product. MacBook Pro F3 D00 F4 FS 24 F6 F7 50 & 8 A 95abe18ce33
ons | bartleby O How many units must be in... My Home CengageNOWv2| Online te.. 1eBook How many units must be in ending inventory if beginning inventory was 12,000 units, 54,000 units were started, and 54,000 units were completed and transferred out? Units in ending inventory