C. Jay Sports Equipment Company, Inc., incurred the following costs during 2011. Direct materials used P...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
C. Jay Sports Equipment Company, Inc., incurred the following costs during 2011. Direct materials used P 452,400 842,400 Direct labor Manufacturing overhead applied 468,000 During 2011, products costing 312,000 were finished, and products costing P343,200 were sold on account for P507,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods P590,200 46,800 78,000 Required: 1. Total inventories that will appear in 2011 balance sheet 2. Gross margin that will appear in 2011 income statement C. Jay Sports Equipment Company, Inc., incurred the following costs during 2011. Direct materials used P 452,400 842,400 Direct labor Manufacturing overhead applied 468,000 During 2011, products costing 312,000 were finished, and products costing P343,200 were sold on account for P507,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material Work in process Finished goods P590,200 46,800 78,000 Required: 1. Total inventories that will appear in 2011 balance sheet 2. Gross margin that will appear in 2011 income statement
Expert Answer:
Answer rating: 100% (QA)
To calculate the total inventories that will appear in the 2011 balance sheet we need to consider th... View the full answer
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
Posted Date:
Students also viewed these accounting questions
-
ACME Trailers, Inc. builds tow-behind trailers for business and recreational use. The dimensions of the trailers are 6ft wide by 12ft long by 5ft tall. The trailers are primarily constructed using...
-
Reimel Furniture Company, Inc incurred the following costs during 20x 2. Direct material used .....................................$174000 Direct labor...
-
reason than to conjuse you ), is from Mueller Inc.'s trial balance as on December 31, 2019 and December 31, 2020 Accounts Payable Accounts Receivable Cash Cost of Goods Sold Depreciation Dividends...
-
Problem 4: The two compensator circuits (Fig. P4a) are used to improve the closed-loop system performance: 1) Derive the transfer functions to characterize the two circuits, and show that they can be...
-
Why, after 40 years of being self-sufficient and development oriented, did AMP begin aggressively purchasing companies? Was this a good strategic move? What should AMP have done differently?
-
Grande Company has the following balances in its general ledger as of March 1 of this year: a. FICA Taxes Payable (liability for February), $ 9,180.00 (total for employee and employer). b. Employees...
-
Debit and Credit Procedures A list of accounts for Bennett Inc. appears below. \section*{Required:} Complete the table below for these accounts. The information for the first account has been entered...
-
Curtis Rich, the cost accountant for Hi-Power Mower Company, recently installed activity-based costing at Hi-Powers St. Louis lawn tractor (riding mower) plant where three modelsthe 8-horsepower...
-
A graph of a function fis given below. 15 10 st Graph F(x - 2) and f(x) + 2. 15 y 15 10 f(x -2) 10 f (x) + 2 ( x) f ( x ) + 2 f ( x - ? ) X 15 15
-
To answer this question, you must obtain data from the Bureau of Economic Analysis (BEA), http://www.bea.gov, on the U.S. balance of payment (BOP) tables. Go to interactive tables to obtain annual...
-
4. Feng Group reported in a recent annual report "Restricted cash for debt redemption." What section of the statement of financial position would report this item? 5. What are the reasons that a...
-
How do field salespeople differ from inside salespeople (including the sales structure of your firm in the answer)? Discuss Briefly?
-
Tony Morocco is interested in purchasing a bond with a face value of $1,000 currently trading at $1,262.96 maturing in 11 years. The annual coupon rate of the bond is 10% with semi-annual payments....
-
Pocalla Inc.'s April 30 inventory of raw materials is $103,000. Raw materials purchases in May are $550,000 and factory payroll cost in May is $392,000. Overhead costs incurred in May are indirect...
-
A Treasury bond futures contract (assume a 6% coupon, semiannual payment with 20 years to maturity) has a settlement price of 94'22. What is the implied annual yield? Do not round intermediate...
-
jeremy is walking through the woods marking diseased trees diseased trees for removal. he walks for 2.44km at a heading of 13.9 degrees west of north. based in this, how far north and how far west...
-
Find the length of the curve where r(t) = 4ti cos(t)j + sin(t)k, and 0
-
The Pletcher Transportation Company uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using...
-
Kent Company and Trent Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Required...
-
What are the three levels of planning? Explain each briefly.
-
Which is the best capital investment evaluation technique for ranking investment opportunities?
-
Labor schedule with iearning curve costs Botega Company has just completed the first 30 units of a small single-engine airplane of a new design. The average labor cost for the 30 airplanes was...
-
Use of iearning curve tabies The S & J Engineering Company utilized 1,200 hours of labor to design and write production specification for the production line of a new manufacturing plant the firm has...
-
Learning curve schedule and formulas The time required to complete the first unit of a labor-intensive product was 100 hours. Production is subject to a learning curve with an 80 percent learning...
Study smarter with the SolutionInn App