The following data refer to one year. Fill in the blanks. Direct material inventory, January 1 Direct
Question:
The following data refer to one year. Fill in the blanks.
Transcribed Image Text:
Direct material inventory, January 1 Direct material inventory, December 31 Work-in-process inventory, January 1 Work-in-process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 a $ 2,600 2,700 3,800 1,900 300 Purchases of direct materials .. 16,100 Cost of goods manufactured during the year b Total manufacturing costs.... 55,550 Cost of goods sold 56,050 Gross margin C Direct labor. Direct materials used Manufacturing overhead Sales revenue 26,450 14,600 13,800 103,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Fundamentals Of Cost Accounting
ISBN: 0071332618
2nd Edition
Authors: William Lanen, Shannon Anderson
Question Posted:
Students also viewed these Business questions
-
The following data refer to one year. Fill in the blanks with required calculations. t material inventory, January 1 Direc Direct material inventory, December 31. $ 8,200 5,400 7,600 3,800...
-
A company is reviewing a project with projected sales of 1,235 units a year, a cash flow of $33 a unit, and a three-year project life. The initial cost of the project is $77,650. The relevant...
-
The following data refer to one year for Monroe Fabricators. Fill in the blanks.
-
Which of these situations would require auditors to append an emphasis- of- matter paragraph about consistency to an otherwise unmodified opinion? a. Entity changed its estimated allowance for...
-
How can poorly-designed performance measures contribute to poor employee performance? Can well-designed measures contribute to improving performance? Explain.
-
Bond Yields Linebacker Co. has 7 percent coupon bonds on the market with nine years left to maturity. The bonds make annual payments. If the bond currently sells for $1,080, what is its YTM?
-
What is a resource bill? At what level in the planning hierarchy is it used? LO.1
-
Early in 2010, Inez Marcus, the chief financial officer for Suarez Manufacturing, was given the task of assessing the impact of a proposed risky investment on the firm's stock value. To perform the...
-
Assume Sybase Software is thinking about three different size offerings for issuance of additional shares. Size of Offer a. 2.7 million b 11.0 million C. 29.0 million Public Price Net to Corporation...
-
The cost accountant for Sun & Surf Apparel Shop has compiled the following information for last TV years operations: Required Prepare an income statement with a supporting cost of goods sold...
-
The following balances are from the accounts of Secol Machining Company: Direct materials purchased during the year amount to \($310,000,\) and the cost of goods sold for the year was \($1,075,000\)....
-
In 2016 the Better Business Bureau settled 80% of complaints they received in the United States. Suppose you have been hired by the Better Business Bureau to investigate the complaints they received...
-
FA II: Assignment 1 - COGS & Bank Reconciliation 1. The following data pertains to Home Office Company for the year ended December 31, 2020: Sales (25% were cash sales) during the year Cost of goods...
-
Bramble Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Jan. 15 20 Feb. 10 15 Made Bramble credit card sales totaling...
-
11. Korina Company manufactures products S and T from a joint process. The sales value at split-off was P50000 for 6,000 units of Product S and P25,000 for 2,000 units of Product T. Assuming that the...
-
Karak Company produces Product (A) for only domestic distribution since year 2017. In 2019, a similar product to Karak Company has come onto the market by another competitor. Karak Company is keen to...
-
1. Purchase equipment in exchange for cash of $20,400. 2. Provide services to customers and receive cash of $4,900. 3. Pay the current month's rent of $1,000. 4. Purchase office supplies on account...
-
The unemployment rate is an important measure of a countrys economic health. The unemployment rate measures the percentage of people who are looking for work and who are without jobs. Another way of...
-
Give the structural formulas of the alkenes that, on ozonolysis, give: a. (CH3)2C=O and CH2=O b. Only (CH3CH2)2C=O c. CH3CH=O and CH3CH2CH=O d. O=CHCH2CH2CH2CH=O
-
As a long-term investment at the beginning of the 2018 fiscal year, Florists International purchased 25% of Nursery Supplies Inc.'s 18 million shares for $66 million. The fair value and book value of...
-
Javier is currently paying $1,200 in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account...
-
Your company is considering the purchase of a fleet of cars for $195,000. It can borrow at 6%. The cars will be used for four years. At the end of four years they will be worthless. You call a...
Study smarter with the SolutionInn App