Question 1THE LAGAKOS CORPORATIONStatement of Cost of Goods ManufacturedFor the Year Ending December 31, 2021Work in process inventory, January 1, 2021Direct materials:Materials inventory, January 1, 2021PurchasesCost of materials available for useLess materials inventory, December 31, 2021Cost of direct materials used in productionDirect laborFactory overhead:Indirect laborDepreciation expense-factory equipmentHeat, light, and power-factoryProperty taxes-factoryRent expense-factorySupplies-factoryMiscellaneous cost-factoryTotal factory overheadTotal manufacturing costs incurred during the yearTotal manufacturing costsLess work in process inventory, Dec. 31, 2021Cost of goods manufactured PR 18-5AStatement of cost of goods manufactured for a manufacturingcompany.The following information is available for Lagakos Corporation for 2018:January 1$50,100December 31$35,900InventoriesMaterialsWork in Process72,40090,600Finished Goods114,600113,000Advertising Expense$453,000Depreciation Expense-Office Equip.34,000Depreciation Expense-Factory Equip. 90,500Direct Labor1,245,700Heat, Light, and Power-Factory60,400Indirect Labor130,200Materials Purchased630,300Office Salaries Expense360,100Property Taxes-Factory45,300Property Taxes-Office BuildingRent Expense-Factory28,30030,600Sales4,360,000Sales Salaries Expense226,500Supplies-Factory10,800Miscellaneous Costs-Factory12,900Instructions1. Prepare a Statement of the Cost of Goods Manufactured.Warren, C. S., Jonick, C. A., & Schneider, J. S. (2021). Accounting (28 ed.)Boston, MA: Cengage Learning.

Cost of goods manufactured is the statement which is prepared to compute the costs incurred on the…

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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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Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
Inventories: March 1 March 31Raw material P18,000 P15,000Work in process 9,000 6,000Finished goods 27,000 36,000Additional information for March:Raw material purchased P42,000Direct labor payroll 30,000Direct labor rate per hour 7.50Overhead rate per direct labor hour 10.00 Required a. prime cost incurred b.conversion cost incurred c. Cost of Goods Manufactured
Statement of cost of goods manufactured and income statement for a manufacturing companyThe following information is available for Robstown Corporation for 20Y8:Inventories January 1 December 31Materials $ 44,250 $ 31,700Work in process 63,900 80,000Finished goods 101,200 99,800Advertising expense $ 400,000Depreciation expense—office equipment 30,000Depreciation expense—factory equipment 80,000Direct labor 1,100,000Heat, light, and power—factory 53,300Indirect labor 115,000Materials purchased 556,600Office salaries expense 318,000Property taxes—factory 40,000Property taxes—office building 25,000Rent expense—factory 27,000Sales 3,850,000Sales salaries expense 200,000Supplies—factory 9,500Miscellaneous costs—factory 11,400 Instructions1. Prepare the 20Y8 statement of cost of goods manufactured.2. Prepare the 20Y8 income statement.
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
Fill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales
Monaco manufacturing corp has the following account balances per ledger for the period ending December 31, 2019 Representation exp P10,000.00 Plant Supervision P126,750.00 Delivery expense P15,000.00 Purchase return P3,580.00 Depreciation -- Purchases P350,800.00 P62,800.00 Factory Building Raw Materials Depreciation office P25,000.00 Inventory, Dec. 31, P100,400.00 equipt 2019 Raw Materials Depreciation-Factory P9,460.00 Inventory, Jan 1, P101,640.00 / Equipment 2019 Repairs and Direct Labor P42,500.00 Maintenance - P76,480.00 factory equipt Salaries of office P29,220.00 P60,000.00 Factory Insurance and admin staff P46,200.00 Sales P1,100,000.00 Factory Utilities Finished Goods Sales return and P24,910.00 P5,000.00 Inventory, Jan. 1, allowances 2019 Selling and Administrative Indirect Labor P8,100.00 P26,490.00 Expenses
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [L03-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 54,000 Ending $ 35,000 $ 23,000 Raw materials Work in process Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…
View Policies Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending (a) Direct materials used in production eTextbook and Media $600,000 Save for Later 350,000 120,000 60,000 20,000 25,000 47,000 32,000 Compute the cost of direct materials moved into production during the period. 75,000 82,000 Attempts: 0 of 4 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
Question One God-Is-Good Company produces a single product, the following figures were extracted from their records for the year ended December 31, 2020. Units in beginning inventory:direct material (1,000 units) - GH¢30.00: direct labour. - GH¢65.00 variable overhead. - GH¢35.00 Fixed overheard. - GH¢32.00 Units produced. - 12,500 units units sold(10,000 units) - GH¢425.00 per unit. Variable costs per unit: Direct materials - GH¢50.00 Direct Labour. - GH¢100.00 Variable Overheard. - GH¢60.00 Fixed overheard per unit produced. - GH¢25.00 General and administrative cost (60% variable). - 525,350.00 Selling and distribution cost(40% fixed) - 315,500.00 a. Prepare an Income Statement for God-Is-Good Company using the full costing approach. b. Prepare an Income Statement for God-Is-Good Company using variable costing approach. c. Prepare the…
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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $465,100 $581,380 Work in process 837,180 790,680 Finished goods 804,620 808,120 Advertising expense $394,760 Depreciation expense-office equipment 55,810 Depreciation expense-factory equipment 75,000 Direct labor 895,330 Heat, light, and power-factory 29,650 Indirect labor 104,650 Materials purchased 877,880 Office salaries expense 306,390 Property taxes-factory 24,420 Property taxes-headquarters building 50,580 Rent expense-factory 41,280 Sales 4,110,360 Sales salaries expense 504,640 Supplies-factory 20,350 Miscellaneous costs-factory 12,790 Required: 1. Prepare the statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December…
View Policies Current Attempt in Progress The following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $50,400 39,900 99,600 20,600 27,300 20,100 148,350 25,660 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $28,000 5,500 18,100 30,100 8,650 562,100 5,300 64,900 9.610 2,200 98,700 38,200

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