Category: Accounting

“same question as above, different numbers”,”Beginning Work-in-Process Inventory: $105,000Direct Materials Used: Beginning Raw Materials Inventory: $59,000 Purchases of Raw Materials: $155,000 Raw Materials Available for Use: $214,000 Ending Raw Materials Inventory: $(24,000)Direct Materials Used: $190,000Direct Labor: 122,000Manufacturing Overhead: Indirect Labor: 40,000 Depreciation, Plant Building and Equipment: 15,000 Repairs and Maintenance – Plant: 12,000 Insurance on Plant: 22,000Total Manufacturing Overhead: 89,000Total Manufacturing Costs Incurred during the Year: 401,000Total Manufacturing Costs to Account For: 506,000Ending Work-in-Process Inventory: (62,000)Cost of Goods Manufactured: $444

Managerial Accounting

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.“same question as above, different[…]

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“Schneider owns Chris’ Pets, a small retail shop selling pet supplies. On December 31, 2016 the accounting records of Chris’ Pets showed the​ following:Inventory on December 31, 2016 $10,700Inventory on January 1, 2016 15,800Sales Revenue 54,000Utilities Expense for the shop 3,100Rent for the shop 4,600Sales Commissions 3,050Purchases of Merchandise Inventory 30,000Requirements1. Prepare an income statement for Chris’ Pets for the year ended December​ 31, 2016.2. Chris’ Pets sold 3,850 units. Determine the unit cost of the merchandise​ sold, rounded to the nearest cent.”,”Chris’ Pets Income StatementYear Ended December 31, 2016Revenue: Sales Revenue $54,000Cost of Goods Sold:Beginning Merchandise Inventory $15,800Purchases of Merchandise Inventory 30,000Cost of Goods Available for Sale 45,800Ending Merchandise Inventory (10,700)Cost of Goods Sold 35,100Gross Profit 18,900Selling and Administrative Expenses:Utilities Expense 3,100Rent Expense 4,600Sales Commissions Expense 3,050Total Selling and Administrative Expenses 10,750Operating Income (Loss) $8

Managerial Accounting

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.“Schneider owns Chris’ Pets, a[…]

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“Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods​ sold:Inventories: Beginning EndingRaw Materials $23,000 $26,000Work-in-Process 38,000 31,000Finished Goods 22,000 29,000Other information:Purchases of materials $76,000Direct labor 86,000Manufacturing overhead 43,000”,”Beginning Work-in-Process Inventory: $38,000Direct Materials Used: Beginning Raw Materials Inventory: $23,000 Purchases of Raw Materials: 76,000 Raw Materials Available for Use: 99,000 Ending Raw Materials Inventory: (26,000)Direct Materials Used: $73,000Direct Labor: 86,000Manufacturing Overhead: 43,000Total Manufacturing Costs Incurred during the Year: 202,000Total Manufacturing Costs to Account For: 240,000Ending Work-in-Process Inventory: (31,000)Cost of Goods Manufactured: 209,000Beginning Finished Goods Inventory: 22,000Cost of Goods Available for Sale: 231,000Ending Finished Goods Inventory: (29,000)Cost of Goods Sold: $202

Managerial Accounting

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.“Use the following information for[…]

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“Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2016, the accounting records showed the​ following:Inventories: Beginning EndingRaw Materials $13,000 $7,000Work-in-Process 0 1,250Finished goods 0 5,200Other information:Raw materials purchases: $38,000Plant janitorial services: 600Sales salaries: 5,400Delivery costs: 1,400Sales revenue: 111,000Utilities for plant: 1,200Rent on plant: 18,000Customer service hotline costs: 2,000Direct labor: 20,000”,”Chewy Bones Schedule of Cost of Goods ManufacturedBeginning Work-in-Process Inventory: $0Direct Materials Used: Beginning Raw Materials Inventory: $13,000 Purchases of Raw Materials: $38,000 Raw Materials Available for Use: 51,000 Ending Raw Materials Inventory: (7,000)Direct Materials Used: $44,000Direct Labor: 20,000Manufacturing Overhead: Rent on Plant: 18,000 Utilities for Plant: 1,200 Plant Janitorial Services: 600Total Manufacturing Overhead: 19,800Total Manufacturing Costs Incurred during the Year: 83,800Total Manufacturing Costs to Account For: 83,800Ending Work-in-Process Inventory: (1,250)Cost of Goods Manufactured: $82

Managerial Accounting

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.“Chewy Bones manufactures its own[…]

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“A manufacturing company lists three different types of inventory accounts on its balance sheet. The names of these accounts areA. Merchandise​ Inventory, Work-in-Process​ Inventory, Manufacturing InventoryB. Finished Goods​ Inventory, Supplies​ Inventory, Merchandise InventoryC. Manufacturing​ Inventory, Supplies​ Inventory, and Equipment InventoryD. Raw Materials​ Inventory, Work-in-Process​ Inventory, and Finished Goods Inventory”,”D. Raw Materials​ Inventory, Work-in-Process​ Inventory

Managerial Accounting

Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.“A manufacturing company lists three[…]

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