I need support with the statement of cost of goods manufactured and he income statement. Please show me the formulas for how you came up with the answer. Thank you. InventoriesJanuary 1December 31Materials$ 77,350$ 95,550Work in process109,20096,200Finished goods113,750100,100Advertising expense$ 68,250Depreciation expense-office equipment22,750Depreciation expense-factory equipment14,560Direct labor186,550Heat, light, and power-factory5,850Indirect labor23,660Materials purchased123,500Office salaries expense77,350Property taxes-factory4,095Property taxes-headquarters building13,650Rent expense-factory6,825Sales864,500Sales salaries expense136,500Supplies-factory3,250Miscellaneous costs-factory4,420

Raw materials: It is the basic input required to manufacture the finished products. The raw…

Answered: I need support with the statement of…

I need support with the statement of cost of goods manufactured and he income statement. Please show me the formulas for how you came up with the answer. Thank you.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following data is provided for Garcon Company and Pepper Company. Garcon Company Pepper Company Beginning finished goods inventory $ 14,200 $ 17,050 Beginning work in process inventory 16,000 20,100 Beginning raw materials inventory (direct materials) 9,500 13,350 Rental cost on factory equipment Direct labor 22,300 23250 32,250 33 300 22, 200 443400 20,900 37,400 Ending finished goods inventory 14,800 Ending work in process inventory 19,800 200 26, 200 5 800 5,800 Ending raw materials inventory Factory utilities 8,400 750 15,000 13,750 Factory supplies used (indirect materials) 10000 10,000 5,300 General and administrative expenses 25,500 46,000 Indirect labor 1,650 8,260 7,820 2,950 Repairs-Factory equipment Raw materials purchases Selling expenses 47,500 54,500 57,600 55,000 Sales 249,030 327,510 Cash 34,000 17,700 Factory equipment, net 277,500 148,825 Accounts receivable, net 16,600 22,450 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon…
ces Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production 320,000 312,000 35,000 $ $ $ 40,000 16,100 Complete this question by entering your answers in the tabs below. 1,660,000 929,300 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming departm c. Using the weighted average method, assign costs to the forming department's output-specifically, its units…
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75,000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252, 000 272,000 $ 126, 990 $ 250, 905, Required: . Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for 4. Compute the first production department's cost of the units transferred to the next production department for materials, conve and in total for May. Complete this question by entering your answers…
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75, 000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252,000 272, 000 $ 126,990 $ 250, 905, Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total f 4. Compute the first production department's cost of the units transferred to the next production department for materials, com and in total for May. Complete this question by entering your answers in…
Question 9 of 17 Cullumber Company reported the following amounts for 2022: Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. Total manufacturing costs $ tA $108,800 +A 6,656 5.760 9,728 10,240 (a) Calculate the cost of materials used in production. 25,600 38,400 7,808 8,064
Analyze T-accounts given below: Raw material inventory Balance $15 Purchased $245 Used Balance $30 Work-in-progress inventory $30 Cost of goods $245 manufactured S310 Balance Direct material $540 Direct labor Manufacturing overhead $130 Balance $40 Amount of indirect material used is: a. $230 b. $110 c. $120 d. $340
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Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account Raw materials (all direct) requisitioned for use in production Direct labor cost Manufacturing overhead: Indirect labor cost Other manufacturing overhead costs incurred Cost of goods manufactured Cost of goods sold (unadjusted) What is the journal entry to record raw materials used in production? $ 475,000 $ 476,000 $ 640,000 $ 174,000 $ 498,000 $1,469,000 $1,430,000
L13 D. 4 Data Section: $45,000 9. 642,000 91,500 93,000 Direct labor 8 Direct materials inventory, 1/1 9 Direct materials inventory, 12/31 10 Factory rent 11 Finished goods, 1/1 12 Finished goods, 12/31 13 Indirect labor 76,410 132,000 172,500 37,500 26,250 14 Indirect materials 15 Purchases of direct materials 16 Work in process, 1/1 17 Work in process, 12/31 645,180 30,300 28,665 Depreciation-equipment 18 19 Answer Section: 20 Jackson Manufacturing 21 22 Schedule of Cost of Goods Manufactured 23 For the Year Ended December 31 24 25 Work in process, 1/1 $30,300 26 Direct materials Direct materials inventory, 1/1 28 Add: 27 $91,500 FORMULA 1 Purchases of Materials 29 30 Cost of direct materials available $0 FORMULA 2 31 Less: Direct Material, 12/31 32 33 Cost of direct materials used FORMULA 3 34 Direct labor 642,000 35 Manufacturing overhead: 36 Factory rent 37 Depreciation - Equipment $76,410 FORMULA 4 MFG Enter Search the web and Windows op THOF
Midterm Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice O $118,300 O $98,300 $68,300 O $158,300 $ 158,000 $ 26,300 $ 50,000 $ 90,000 $ 200,000
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Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 100% 100% 30% 20% $56,700 $ 16,800 260,600 280,600 $125,680 $ 242,012 71,000 51,000 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May 4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May. Complete this question by entering your answers in the tabs below. Required…