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- The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
- LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.Cost of goods manufactured for a manufacturing company The following information is available for Fuller Manufacturing Company for the month ending October 31: Determine Fuller Manufacturings cost of goods manufactured for the month ended October 31.Q.1 Late Corporation is in the business of producing furniture, previously the company has had a policy of preparing costing statements annually. The following data was taken from the general ledger and other records of Jaric0 Manufacturing Co. at December 31 2023, the end of the second year of operations in the fiscal year: Revenue Inventories at January 1: Materials inventory Work in process inventory Finished goods inventory Inventories at January 31: Materials inventory Work in process inventory Finished goods inventory Materials purchased Labor Costs: Finishing workers' wages Supervisors' salaries Depreciation: Admin personnel salaries Factory Equipment Admin office Indirect materials used Factory utilities Employee Fringe Benefits Insurance (30% Admin & 70% Factory) Workers Compensation Insurance Overtime Premium Defective Work Lubricants Rent (40% Factory & 60 % Admin) Property Tax Spoilage Heating & Lighting (40% Admin and 60% Factory) Carriage Inwards Carriage Outwards Trade…
- 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 38,200View 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.SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ $ $
- The following balances are from the accounts of Crabtree Machining Company: Direct materials inventory Work-in-proceRs inventory Finished gooda inventory January 1 December 31 (Beginning) (Ending) $ 97,900 $ 111,600 109,900 43,100 104, 200 46,600 Direct materials purchased during the year amount to $517,200, and the cost of goods sold for the year was $1,890,000. Required: Prepare a cost of goods sold statement.The following information is available for ABC Company for the year ended December 31: Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense What is the amount of direct materials used in production for the year? Multiple Choice $5,200. $7,500. $4,700. $8,900. $ 3,700 5,200 4,200 2,200Kappa Manufacturing Company had the following account balances for the year ending December 31, 2022: Direct materials inventory (Jan. 1) Direct materials inventory (Dec. 31) Work-in-process inventory (Jan. 1) Work-in-process inventory (Dec. 31) Finished goods inventory (Jan. 1) Finished goods inventory (Dec. 31) Direct materials purchased Indirect materials used Direct manufacturing labor Indirect manufacturing labor Property taxes on plant Plant supervisory salaries Depreciation of office equipment Miscellaneous plant overhead Plant supplies used Revenues General office expenses $30,000 50,000 40,400 72,000 60,000 55,000 120,000 4,000 70,000 66,000 5,800 12,000 33,600 35,000 3,400 1,200,000 15,400 Required: a. Prepare a cost of goods manufactured schedule for the year. b. Prepare the income statement for the year. C. Give two examples of cost drivers for each of the following costs: 1) Indirect manufacturing labor 2) Plant supervisory salaries