how is these problems solved and did i do the 1st part right?

Page 6 of 11 Individual Homework Assignment #1 Summer 2019 On March 7, 2019, Daniel Casual Shoes began a production run of its most popular shoe, the "Damn Daniel That's Fleek" model. The Company completed the production run on March 25, 2019. The following information was obtained from the accounting records of Daniel Casual Shoes relative to the production run: 224,000 pairs Total Units Produced 168,000 square yards Canvass Material Used $598,348 Cost of Pre-Constructed Shoe Soles Used $574,200 Wages of Assembly Line Workers $423,700 Overhead Applied to the Production Run Your Answer Compute the Historic Cost per Pair of the "Damn Daniel That's Fleek" model produced. (4 points) b. Supporting Calculations Required: Individual Homework Assignment #1 Summer 2019 Page 7 of 11 On March 28, 2019, Daniel Casual Shoes sold 98,000 pairs of the "Damn Daniel That's Fleek" model to a distributer for $27.95 per pair. Compute the amounts of the following items that Daniel Casual Shoes reported in its GAAP financial statements for March 2019 relative to the above transactions: (2 points each 10 points) C. Daniel Casual Shoes Monthly GAAP Comprehensive March Supporting Calculations Required Income Statements 2019 Sales Revenue Cost of Goods Sold Gross Profit Daniel Casual Shoes March 31, Supporting Calculations Required Balance Sheet 2019 Raw Materials Inventory Finished Goods Inventory Page 8 of 11 Individual Homework Assignment #1 Summer 2019 Problem #2: External Reporting by Manufacturers (22 points) The following problem is in two independent parts. Part 1: Devo Dessert Topping Co. manufactures and sells a full-range of high-end dessert toppings and related-foodstuffs. The Company is the leader in its industry because it really knows how to whip it, whip it good! I said "Whip it!" Presented below is information extracted from the accounting records of Devo Dessert Topping Co. for the year ended December 31, 2019: $9,340 Advertising Expenses $18,680 Interest Expense Amortization Expense: General 410 3,650 Interest Revenue Bad Debts Expense 4,360 2,500 Manufacturing Machine Repairs Delivery Expenses 3,580 12,750 Marketing Expenses Depreciation Expense: Selling Miscellaneous Selling Expenses 1,570 3,860 6,140 Depreciation Expense: General 7,100 Office Expense Depreciation: Factory 70,430 Office Salaries Expense 11,350 Direct Labor 3,920 39,780 Other Production Costs 5,700 Factory Insurance Production Office Salaries 4,100 4,290 Factory Real Estate Taxes Production Supplies Used 4,760 Purchases Discounts 4,480 Factory Supervisors' Salaries 21,310 Purchases of Raw Materials 254,300 Factory Utilities 14,700 Purchases Returns 8,990 8,810 Freight-In Sales Commission Expense 22,400 1,220 General Insurance Expense Sales Discounts 5,470 1,240 General Maintenance Expense Sales Returns 9,260 1,150 General Real Estate Tax Expense 815,640 Sales Revenue 63,800 Income Tax Expense Sales Salaries Expense 37,920 19,550 Indirect Factory Labor 2,170 Utilities Expense: Office 4,670 Indirect Factory Materials 12/31/2018 $13,740 12/31/2019 $12,990 Inventories: Raw Materials Inventory 3,120 3,780 Work In-Process Inventory 10,530 Finished Goods Inventory 11,270 Required: Compute the following amounts that Devo Dessert Topping Co. reported in its 2019 GAAP financial statements. You are not required to prepare formal edules. Simply present supporting calculations for the items. YOU WILL NOT USE ALL OF THE ITEMS PROVIDED IN THIS PART OF THE PROBLEM. Individual Homework Assignment # 1 Summer 2019 Page 9 of 11 Your Answer a) Devo Dessert Topping Co. reported net purchases of raw materials including freight for 2019 in the amount of: (3 points) Supporting Calculation Required: Your Answer b) Devo Dessert Topping Co. reported direct materials used in production for 2019 in the amount of: (3 points) Supporting Calculation Required: Your Answer c) Devo Dessert Topping Co. reported total manufacturing overhead for 2019 in the amount of: (4 points) Supporting Calculation Required: Individual Homework Assignment #1 Page 10 of 11 Summer 2019 Part 2: NeNe Whip Co. manufactures and sells a full-range of high-end whips and assorted amenities. The Company is the leader in its industry because it really knows how to do the skanky leg! Presented below is information extracted from the accounting records of NeNe Whip Co. for the year ended December 31, 2019: Direct Labor $51,130 $1,240 Interest Revenue Direct Materials Used in Production 67,950 Manufacturing Overhead 43,790 General and Administrative Expenses 45,760 Miscellaneous Revenue 890 Income Tax Expense Net Sales 21,600 312,460 Interest Expense 9,270 Selling Expenses 37,190 Inventories: 12/31/2019 $8,840 12/31/2018 $9,250 Raw Materials Inventory Work In-Process Inventory 2,640 3,450 Finished Goods Inventory 8,360 9,710 Required: Compute the following amounts that NeNe Whip Co. reported in its 2019 GAAP financial statements. You are not required to prepare formal schedules. Simply present supporting calculations for the items. YOU WILL NOT USE ALL OF THE ITEMS PROVIDED IN THIS PART OF THE PROBLEM. Your Answer a) NeNe Whip Co. reported cost of goods manufactured for 2019 in the amount of: (4 points) Supporting Calculation Required: Individual Homework Assignment #1 Summer 2019 Page 11 of 11 Your Answer b) NeNe Whip Co. reported cost of goods sold for 2019 in the amount of: (4 points) Supporting Calculation Required: All manufacturing companies report product costs in their income statements in the balance sheet and in the income statement. Balance Sheet Income Statement NeNe Whip Co. reported product costs in its 2019 c) financial statements in its income statement and its balance sheet in the amounts of: (4 points) Supporting Calculation Required for the Balance Sheet Amount: Page 6 of 11 Individual Homework Assignment #1 Summer 2019 On March 7, 2019, Daniel Casual Shoes began a production run of its most popular shoe, the "Damn Daniel That's Fleek" model. The Company completed the production run on March 25, 2019. The following information was obtained from the accounting records of Daniel Casual Shoes relative to the production run: 224,000 pairs Total Units Produced 168,000 square yards Canvass Material Used $598,348 Cost of Pre-Constructed Shoe Soles Used $574,200 Wages of Assembly Line Workers $423,700 Overhead Applied to the Production Run Your Answer Compute the Historic Cost per Pair of the "Damn Daniel That's Fleek" model produced. (4 points) b. Supporting Calculations Required: Individual Homework Assignment #1 Summer 2019 Page 7 of 11 On March 28, 2019, Daniel Casual Shoes sold 98,000 pairs of the "Damn Daniel That's Fleek" model to a distributer for $27.95 per pair. Compute the amounts of the following items that Daniel Casual Shoes reported in its GAAP financial statements for March 2019 relative to the above transactions: (2 points each 10 points) C. Daniel Casual Shoes Monthly GAAP Comprehensive March Supporting Calculations Required Income Statements 2019 Sales Revenue Cost of Goods Sold Gross Profit Daniel Casual Shoes March 31, Supporting Calculations Required Balance Sheet 2019 Raw Materials Inventory Finished Goods Inventory Page 8 of 11 Individual Homework Assignment #1 Summer 2019 Problem #2: External Reporting by Manufacturers (22 points) The following problem is in two independent parts. Part 1: Devo Dessert Topping Co. manufactures and sells a full-range of high-end dessert toppings and related-foodstuffs. The Company is the leader in its industry because it really knows how to whip it, whip it good! I said "Whip it!" Presented below is information extracted from the accounting records of Devo Dessert Topping Co. for the year ended December 31, 2019: $9,340 Advertising Expenses $18,680 Interest Expense Amortization Expense: General 410 3,650 Interest Revenue Bad Debts Expense 4,360 2,500 Manufacturing Machine Repairs Delivery Expenses 3,580 12,750 Marketing Expenses Depreciation Expense: Selling Miscellaneous Selling Expenses 1,570 3,860 6,140 Depreciation Expense: General 7,100 Office Expense Depreciation: Factory 70,430 Office Salaries Expense 11,350 Direct Labor 3,920 39,780 Other Production Costs 5,700 Factory Insurance Production Office Salaries 4,100 4,290 Factory Real Estate Taxes Production Supplies Used 4,760 Purchases Discounts 4,480 Factory Supervisors' Salaries 21,310 Purchases of Raw Materials 254,300 Factory Utilities 14,700 Purchases Returns 8,990 8,810 Freight-In Sales Commission Expense 22,400 1,220 General Insurance Expense Sales Discounts 5,470 1,240 General Maintenance Expense Sales Returns 9,260 1,150 General Real Estate Tax Expense 815,640 Sales Revenue 63,800 Income Tax Expense Sales Salaries Expense 37,920 19,550 Indirect Factory Labor 2,170 Utilities Expense: Office 4,670 Indirect Factory Materials 12/31/2018 $13,740 12/31/2019 $12,990 Inventories: Raw Materials Inventory 3,120 3,780 Work In-Process Inventory 10,530 Finished Goods Inventory 11,270 Required: Compute the following amounts that Devo Dessert Topping Co. reported in its 2019 GAAP financial statements. You are not required to prepare formal edules. Simply present supporting calculations for the items. YOU WILL NOT USE ALL OF THE ITEMS PROVIDED IN THIS PART OF THE PROBLEM. Individual Homework Assignment # 1 Summer 2019 Page 9 of 11 Your Answer a) Devo Dessert Topping Co. reported net purchases of raw materials including freight for 2019 in the amount of: (3 points) Supporting Calculation Required: Your Answer b) Devo Dessert Topping Co. reported direct materials used in production for 2019 in the amount of: (3 points) Supporting Calculation Required: Your Answer c) Devo Dessert Topping Co. reported total manufacturing overhead for 2019 in the amount of: (4 points) Supporting Calculation Required: Individual Homework Assignment #1 Page 10 of 11 Summer 2019 Part 2: NeNe Whip Co. manufactures and sells a full-range of high-end whips and assorted amenities. The Company is the leader in its industry because it really knows how to do the skanky leg! Presented below is information extracted from the accounting records of NeNe Whip Co. for the year ended December 31, 2019: Direct Labor $51,130 $1,240 Interest Revenue Direct Materials Used in Production 67,950 Manufacturing Overhead 43,790 General and Administrative Expenses 45,760 Miscellaneous Revenue 890 Income Tax Expense Net Sales 21,600 312,460 Interest Expense 9,270 Selling Expenses 37,190 Inventories: 12/31/2019 $8,840 12/31/2018 $9,250 Raw Materials Inventory Work In-Process Inventory 2,640 3,450 Finished Goods Inventory 8,360 9,710 Required: Compute the following amounts that NeNe Whip Co. reported in its 2019 GAAP financial statements. You are not required to prepare formal schedules. Simply present supporting calculations for the items. YOU WILL NOT USE ALL OF THE ITEMS PROVIDED IN THIS PART OF THE PROBLEM. Your Answer a) NeNe Whip Co. reported cost of goods manufactured for 2019 in the amount of: (4 points) Supporting Calculation Required: Individual Homework Assignment #1 Summer 2019 Page 11 of 11 Your Answer b) NeNe Whip Co. reported cost of goods sold for 2019 in the amount of: (4 points) Supporting Calculation Required: All manufacturing companies report product costs in their income statements in the balance sheet and in the income statement. Balance Sheet Income Statement NeNe Whip Co. reported product costs in its 2019 c) financial statements in its income statement and its balance sheet in the amounts of: (4 points) Supporting Calculation Required for the Balance Sheet Amount