Category: Accounting

“Now we will fill in the missing information on the income statement. Select the​ heading, then complete the statement.”,”Tioga Manufacturing CompanyIncome StatementMonth Ended June 30, 2016Sales Revenue: $463,000Cost of Goods Sold: Beginning Finished Goods Inventory: $111,000 Cost of Goods Manufactured: 168,000 Cost of Goods Available for Sale: 279,000 Ending Finished Goods Inventory: (67,000)Cost of Goods Sold: 212,000Gross Profit: 251,000Selling and Administrative Expenses: Selling Expenses: 96,000 Administrative Expenses: 62,000Total Selling and Administrative Expenses: 158,000Operating Income: $93

Managerial Accounting

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“Happy Feet Shoe Company makes loafers. During the most recent​ year, Happy Feet incurred total manufacturing costs of $ 21 comma 800,000. Of this​ amount, $ 2,100,000 was direct materials used and $ 14,800,000 was direct labor. Beginning balances for the year were Raw Materials​ Inventory, $ 900,000​; ​Work-in-Process Inventory, $ 1,200,000​; and Finished Goods​ Inventory, $ 1,000,000. At the end of the​ year, balances were Raw Materials​ Inventory, $ 800,000​; ​Work-in-Process Inventory, $ 1,800,000​; and Finished Goods​ Inventory, $ 690,000.RequirementsAnalyze the inventory accounts to​ determine:1. Cost of raw materials purchased during the year.2. Cost of goods manufactured for the year.3. Cost of goods sold for the year.”,”1. Cost of raw materials purchased during the year.Direct Materials: Direct Materials Used $2,100,000 Beginning Raw Materials Inventory: (900,000) Ending Raw Materials Inventory: 800,000Purchases: $2,000,0002. Cost of goods manufactured for the year.Work-in-Process Beginning Work-in-Process Inventory: $1,200,000Direct Materials Used: $2,100,000Direct Labor: 14,800,000Manufacturing Overhead: 4,900,000Total Manufacturing Costs Incurred during the Year: 21,800,000Total Manufacturing Costs to Account For: 23,000,000Ending Work-in-Process Inventory: (1,800,000)Cost of Goods Manufactured: $21,200,0003. Cost of goods sold for the year.Finished GoodsBeginning Finished Goods Inventory: $1,000,000Cost of Goods Manufactured: 21,200,000Cost of Goods Available for Sale: 22,200,000Ending Finished Goods Inventory: (690,000)Cost of Goods Sold: $21,510

Managerial Accounting

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“Requirements:1. For a manufacturing​ company, identify the following as either a product cost or a period​ cost:2. Show how to compute cost of goods manufactured. Use the following​ amounts:direct materials​ used, $ 19,000​; direct​ labor, $ 14,000​; manufacturing​ overhead, $ 22,000​; beginning​ Work-in-Process Inventory, $ 33,000​; and ending​ Work-in-Process Inventory, $ 7,000.3. Using the results from Requirement​ 2, calculate the cost per unit for goods manufactured assuming 1,500 units were manufactured.4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $48 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement​ 3, calculate cost of goods sold assuming FIFO inventory costing is used.”,”Requirement 1. For a manufacturing​ company, identify the following as either a product cost or a period​ cost: a. Depreciation on plant equipment / product cost b. Depreciation on salespersons’ automobiles / period cost c. Insurance on plant building / product cost d. Marketing manager’s salary / period cost e. Raw materials / product cost f. Manufacturing overhead / product cost g. Electricity bill for home office / period cost h. Production employee wages / product costRequirement 2.Cost of Goods ManufacturedBeginning Work-in-Process Inventory: $33,000Direct Materials Used: $19,000Direct Labor: 14,000Manufacturing Overhead: 22,000Total Manufacturing Costs Incurred during the Year: 55,000Total Manufacturing Costs to Account For: 88,000Ending Work-in-Process Inventory: (7,000)Cost of Goods Manufactured: $81,000Requirement 3:Cost of goods manufactured / total units produced = unit product cost81,000 / 1,500 = $54Requirement 4:Beginning Finished Goods Inventory: $10,800+ Cost of Goods Manufactured: 81,000= Cost of Goods Available for Sale: 91,800- Ending Finished Goods Inventory: (13,500)= Cost of Goods Sold: $78

Managerial Accounting

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