Question
Baltimore Manufacturing Company just completed its year ended December 31, 2018.Depreciation for the year amounted to $100,000: 15% relates to sales, 20% relates to administrative
Baltimore Manufacturing Company just completed its year ended December 31, 2018.Depreciation for the year amounted to $100,000: 15% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory.Of the total units produced during FY 2016: 90% were sold in 2018 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold.(Round dollar values & enter as whole dollars only.)
Baltimore Manufacturing had a Work in Process balance of $110,000 on January 1, 2018. The year end balance of Work in Process was $78,000 and the Cost of Goods Manufactured was $890,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round dollar values & enter as whole dollars only.)
Annapolis Clothing Company manufactures quality boating attire.The following selected financial information for the fiscal year 2018 is provided:
Item
Amount
Sales
$200,000
Cost of Goods Manufactured
51,000
Direct Material Purchased
80,000
Factory Overhead
20,000
Work in Process - January 1
60,000
Work in Process - December 31
30,000
Direct Material - December 31
20,000
Finished Goods Inventory - December 31
45,000
Net Income
30,000
Direct Materials used
60,000
Cost of Goods Sold
61,000
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)
During FY 2018 Bay Manufacturing had total manufacturing costs are $400,000. Their cost of goods manufactured for the year was $485,000.The January 1, 2019 balance of Work-in-Process Inventory is $51,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)
Frederick Company's January 1, 2018 finished goods inventory was $43,000. The January 1, 2019 finished goods inventory is $72,000.Cost of goods manufactured for the FY 2018 was $225,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold. (Round dollar values & enter as whole dollars only.)
Annapolis Company manufactures quality boating apparel.The following selected financial information for the fiscal year 2018 is provided:
Item
Amount
Sales
$850,000
Beginning Raw Material Inventory
74,000
Direct Material Purchased
308,000
Factory Overhead
90,000
Finished Goods Inventory - January 1
144,000
Work in Process - January 1
74,000
Work in Process - December 31
98,000
Ending Raw Material Inventory
58,000
Finished Goods Inventory - December 31
168,000
Net Income
65,000
Direct Labor
155,000
Cost of Goods Sold
655,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018: (Round dollar values & enter as whole dollars only.Properly title your statement.)
Alaska Corporation purchased, on account, 6,600 pounds of raw materials at $7.50 per pound on January 2, 2019. The production manager requisitioned and received 2,350 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
Baltimore Company uses a job order cost system and applies overhead based on estimated rates.The overhead application rate is based on total estimated overhead costs of $280,000 and direct labor hours of 25,000. During the month of February 2019, Job 2-1 incurred direct labor of 450 hours. Use this information to prepare the end of the month application General Journal entry (without explanation) of factory overhead for Job 2-1 for the month. If no entry is required then write "No Entry Required."
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