Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can I please get some help with this? Brown-Accountants Company creates, produces, and sells CD-ROM based CPA review courses for individual use. Zoe Banks, head

image text in transcribed

can I please get some help with this?

Brown-Accountants Company creates, produces, and sells CD-ROM based CPA review courses for individual use. Zoe Banks, head of human resources, is convinced that question development employees must have strong analytical and problem-solving skills. She asked Christopher Williams, controller for Brown-Accountants Company, to help develop problems for use in screening applicants before they are interviewed. problems Christopher developed is based on the following data for a mythical company for the previous year A. Conversion cost was $240,000 and was three times the prime costs. B. Direct materials used in production equaled $45,000 C. Cost of goods manufactured was $295,000. D. Ending work in process is 20 percent of the cost of beginning work in process. E. There are ending is 2 times beginning for direct materials. F. Cost of goods sold was 80 percent of cost of goods manufactured. G. Beginning finished goods inventory was $14,400. H. Supervision and indirect labor is 4 times material handling costs. I. Supplies are $37,000, which is 40 percent of the costs of utilities. J. Freight-in on materials is $1000. Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Direct materials beginning inventory Add: Purchases Freight-in on materials Materials available Less: Direct materials ending inventory Direct materials used Direct labor cost Overhead: Material handling Supplies Utilities Supervision and indirect labor Total overhead cost Total current manufacturing costs added Add: Beginning work in process Total manufacturing costs to account for Less: Ending work in process Cost of goods manufactured Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods inventory Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold Page 9 of 9

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

Step: 3

blur-text-image

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

Core Concepts Of Accounting

Authors: Robert N. Anthony, Leslie Pearlman Breitner

8th Edition

0130406716, 9780130406712

More Books

Students also viewed these Accounting questions

Question

Why does amazon use FIFO?

Answered: 1 week ago