Chapter M:1 HW
1.
\fMatch the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. .Click the icon to view the terms.) a. Accounting systems that must follow GAAP. b. External parties for whom financial accounting reports are prepared. c. The role managers play when they are monitoring day-to-day operations and keeping the company on track. d. Internal decision makers. Glue for frames Depreciation on company cars used by sales force Plant depreciation Interest Expense Lenses Company president's salary Plant foreman's salary Plant janitor's wages Oil for manufacturing equipment Tinted View Company manufactures sunglasses. Following is a list of costs the company incurred during August. .Click the icon to view the items.) Use the list to calculate the total manufacturing overhead costs for the month. llll MU Total Manufacturing Overhead Data Table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable Cost of Goods Manufactured Administrative Expenses Raw Materials Inventory Company B Wages Expense Equipment Accounts Receivable Service Revenue Cash Rent Expense Company C Administrative Expenses Cash Net Sales Revenue Selling Expenses Merchandise Inventory Equipment Accounts Receivable Cost of Goods Sold Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. .Click the icon to view the data.) Using the above data. calculate operating income for each company. (Enter amounts in millions as provided to you in the problem statement, $X.) Begin by calculating the operating income for Company A. Gross Prot Selling and Administrative Expenses: ||_ | _ Total Selling and Administrative Expenses EU HM Operating Income Data Table White Corp. Lee Supply Jones Inc. Beginning Work-in-Process Inventory $ (3) $ 40,800 $ 2,700 Direct Materials Used 14,600 35,500 (9) Direct Labor 10,800 20,500 1,600 Manufacturing Overhead (b) 10,300 200 Total Manufacturing Costs Incurred during the Year 45.400 W) (h) Total Manufacturing Costs to Account For 55,800 (9) 7,800 Ending Work-in-Process Inventory (0) (25,300) (2,300) 51 , 100 3 (f) $ (0 Cost of Goods Manufactured Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts. .Click the icon to view the schedules.) White Corp. Beginning Work-in-Process Inventory :| Direct Materials Used 14,600 Direct Labor 10,800 Manufacturing Overhead :| Total Manufacturing Costs Incurred during the Year 45,400 Total Manufacturing Costs to Account For 55,800 Ending Work-in-Process Inventory :| Cost of Goods Manufactured w
