Prepare an income statement for Bubba Manufacturing for the year ended June 30, 2020, clearly showing cost of goods sold
Q: Golden Ventures has the following inventories for the month of December 2020:…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. To find…
Q: A manufacturing firm provides the following data for the month of January 2020. Find the firm's cost…
A: Cost of Goods manufactured: =Beginning work in process +Total manufacturing cost incurred - Ending…
Q: rom the following particulars prepare a cost sheet showing total cost per tonne for the period ended…
A: Step 1 A cost sheet is a report on which is accumulated all of the costs associated with a product…
Q: . JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials…
A: 1)Calculation of the raw materials inventory as of June 30, 2020 as follows under:- Basic…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: It is the sum of Adjusted raw material, manufacturing cost, and Adjusted Work-in-progress inventory.…
Q: The following data were taken from the records of Best Company: 08/31/2021 09/30/2021 Inventories:…
A: The cost of goods sold is calculated as difference between cost of goods available for sale and…
Q: From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales…
A: Cost of Goods Manufactured: Cost of Goods Manufactured is the cost of the goods produced during a…
Q: The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020…
A: Drea Paper Products Calculation of Cost of Goods manufactured P P Direct…
Q: Based on the partial trial balance below, prepare the Statement of Income (SCI) with supporting…
A:
Q: The following information is available for Lagakos Corporation for 2018: January 1 $50,100 December…
A: Cost of goods manufactured is the statement which is prepared to compute the costs incurred on the…
Q: Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,210…
A: Schedule of cost of goods manufactured represents the cost involved in the production process of the…
Q: Peak Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2021 Dec.…
A: Raw materials used = Beginning raw materials + Raw materials purchased - Ending raw materials
Q: Information about Hannah Industries for the month ending December 31, 2019, is as follows: Sales…
A: The cost of goods sold is given and the entire cost sheet is to be prepared with the help of given…
Q: The following costs and inventory data were taken from the accounts of Kobe Inc. for 2019: January…
A: The question is based on the concept of Cost Accounting.
Q: Comvita management have provided you with the following data for the year ended in 31st December…
A: Cost of Goods manufactured is total cost of goods which are manufactured in the factory. Prime cost…
Q: The following data were taken from the records of Waterway Company for the fiscal year ended June…
A: Current Assets: Current assets comprise cash and cash equivalents, accounts receivable, stock…
Q: Information about Hannah Industries for the month ending December 31, 2019, is as follows: Sales…
A: The cost of goods sold is given and the entire cost sheet is to be prepared with the help of given…
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Production Service…
A: H G U V W Total overhead costs 1275000 1810000 332000 254000 188000 U…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30,…
A: Given: The information about Bubba manufacturing company is given as, Some other information is…
Q: The following information for the year ended December 31, 2020 is obtained from the books and…
A: Factory overhead includes all the costs which are incurred by the business during the production…
Q: The following data were taken from the records of Clarkson Company for the fiscal year ended June…
A: The total cost of goods manufactured is the overall cost of converting work-in-process inventory…
Q: statement of cost of goods manufactured.
A: Cost of goods manufactured is the total cost incurred to manufacture the products.
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory RO…
A: Cost of goods manufactured is the total value of goods manufactured during the period. It contains…
Q: Cepeda Corporation has the following cost records for June 2020. Indirect factory labor $5,210…
A: Income statement in the business shows all incomes and expenses of the business and at the end it…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: Cost of goods manufactured schedule: The cost of goods manufactured schedule is used to calculate…
Q: Kost Items Cost Raw materials, 1/1/2019 OMR 30,000 Insurance, factory OMR 14,000 Raw materials,…
A: Raw material used = Beginning materials + Materials purchased - Closing materials
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Inventory refers to the goods held by the business either for selling or for further production so…
Q: Muscat Corporation has the following cost records for June 2019. Indirect factory labor OMR 4,500…
A: SOLUTION- Manufacturing overhead is all indirect costs incurred during the production process. This…
Q: Following are the cost and inventory data of Fast Company for the year 2019: Cost incurred:…
A: Cost of goods manufactured: It refers to the aggregated expense incurred by the business in the…
Q: nformation about Hannah Industries for the month ending December 31, 2019, is as follows:…
A: An absorption costing income statement uses absorption costing to formulate the income statement.…
Q: Bidiyah Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Cost of goods manufactured = Total Manufacturing Cost (Direct Materials + Direct Labor + Overhead…
Q: Requirements: Answer both questions A. During the year, Bubba Manufacturing Company produced 4,000…
A: Cost of goods manufactured includes direct cost such as direct material, direct labor and factory…
Q: Muscat Corporation has the follawing cost recards for January 2019. Indirect factory labor 14,300…
A: The cost of goods manufactured is the cost incurred in manufacturing the product and completed but…
Q: What was the amount of direct materials used in production? b) What was the amount of…
A:
Q: The following information were related to the full year’s activities of Lexus Industries on its…
A: The question is related to Cost Sheet. First we will calculate Cost of goods manufactured, with the…
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Production Service…
A: Factory Overhead Factory overhead can be defined as the cost which is incurred during the…
Q: Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR…
A: Cost of goods sold means total costs incurred for the products that are to be sold in the market.
Q: The Madalilangto Ink Company prepared the following table for the year 2019: Service Departments…
A: “Since you have posted a many questions, we will solve first question for you. To get the remaining…
Q: The following were taken from accounting records of Bella Company in December 2020. Prime cost,…
A: Management accounting: The act of distinguishing, investigating, , measuring, interpreting, and…
Q: The following was taken from Stickers Corp.’s accounting records for the year ended December 31,…
A: Raw material used = Raw material purchased - Increase in raw material inventory
Q: The Wooden Chair Group has the following sales and cost data for the year ending 2019: Raw Materials…
A: 1. Prepare a cost of goods manufactured statement.
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: The following calculations are done in the accounts of Bubba Manufacturing Company as per the…
Q: Sohar Company's accounting records reflect the following inventories: Items Jan. 1, 2019 Dec. 31,…
A: Direct material used = Beginning raw material inventory + Purchase of raw material - Ending raw…
Q: Practice: The following data are taken from the accounting records of Gregory Mfg. Co.:…
A: Cost of Goods Manufactured is a costing statement that represents the cost incurred to manufacture a…
Q: Prepare a cost of goods manufactured schedule for ABC Company for 2020. Prepare cost of goods sold…
A: Cost of goods manufactured is the production cost incurred for manufacturing a product.
Q: The following data were taken from the records of Waterway Company for the fiscal year ended June…
A: Schedule of Cost of Goods Manufactured Amount Direct Materials: Beginning Raw Materials…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30,…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The Roger Corporation has requested you to prepare the Statement of Financial Operation (Income…
A: Schedule of cost of goods manufactured and sold is the statement prepared to determine the total…
Q: Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:…
A: The following calculations are done in the accounts of Bubba Manufacturing Company as per the…
Q: The following data pertains to the Minnie Mouse Chocolate Factory for the year ended March 31, 2020.…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020:
Inventories 01/07/2019 30/06/2020
Direct Materials $72,000 $65,000
Work-in-Process 107,000 128,000
Finished Goods 149,500 141,700
Other information:
Office cleaner’s wages 4,500
Sales Revenue 1,031,000
Raw materials purchased 235,000
Factory wages 239,700
Indirect materials 23,500
Delivery truck driver’s wages 15,400
Indirect labor 9,500
Insurance1 60,000
Depreciation on delivery truck 7,250
Utilities2 118,750
Administrative salaries 41,250
Special Design Costs 5,000
Selling expenses 9,000
Sales Commission 2% of gross profit
1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs.
2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to the office area.
Requirements:
Prepare an income statement for Bubba Manufacturing for the year ended June 30, 2020, clearly showing cost of goods sold.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct Materials $72,000 $65,000Work-in-Process $107,000 $128,000Finished Goods $149,500 $141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area. Requirements:…Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process $107,000 $128,000 Finished Goods $149,500 $141,700 Other Information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance 1 60,000 Depreciation on delivery truck 7,250 Utilities 2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of…
- Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance 1 60,000 Depreciation on delivery truck 7,250 Utilities 2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance 1 60,000 Depreciation on delivery truck 7,250 Utilities 2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
- Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Comm ission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…
- Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance 1 60,000 Depreciation on delivery truck 7,250 Utilities 2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…Bubba Manufacturing Company provided the following information for the fiscal year to June 30, 2020: Inventories 01/07/2019 30/06/2020 Direct Materials $72,000 $65,000 Work-in-Process 107,000 128,000 Finished Goods 149,500 141,700 Other information: Office cleaner’s wages 4,500 Sales Revenue 1,031,000 Raw materials purchased 235,000 Factory wages 239,700 Indirect materials 23,500 Delivery truck driver’s wages 15,400 Indirect labor 9,500 Depreciation on factory plant & equipment 32,000 Insurance1 60,000 Depreciation on delivery truck 7,250 Utilities2 118,750 Administrative salaries 41,250 Special Design Costs 5,000 Selling expenses 9,000 Sales Commission 2% of gross profit 1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general & administrative costs. 2 Of the total utilities, 80% relates to the…Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.