Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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."

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Governmental And Nonprofit Entities

Authors: Jacqueline Reck, Suzanne Lowensohn, Daniel Neely

19th Edition

1260118851, 9781260118858

More Books

Students also viewed these Accounting questions

Question

a. What is the title of the position?

Answered: 1 week ago

Question

Please make it fast 4 6 1 . .

Answered: 1 week ago

Question

1. I try to create an image of the message

Answered: 1 week ago

Question

4. What is the goal of the others in the network?

Answered: 1 week ago