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need all parts thank you Exercise 10-6A (Algo) Identifying product versus SG&A costs LO 10-2, 10-3 A review of the accounting records of Finch Manufacturing
need all parts thank you
Exercise 10-6A (Algo) Identifying product versus SG\&A costs LO 10-2, 10-3 A review of the accounting records of Finch Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president- $31,700. 2. Salary of the vice president of manufacturing $16,600. 3. Salary of the chief financial officer- $19,500. 4. Salary of the vice president of marketing $14600. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant- $188,000. 6. Wages of production workers $929,000. 7. Salaries of administrative secretaries $105,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment $184,000. 9. Commissions paid to sales staff- $255,000. Required a. What amount of payroll cost would be classified as SG\&A expense? b. Assuming that Finch made 4,400 units of product and sold 3,520 of them during the month of March, determine the amount of payroll cost that would be included in cost of goods sold. (Do not round intermediate calculations.) Exercise 10-8A (Algo) Allocating product costs between ending inventory and cost of goods sold LO 10 3 Walton Manufacturing Company began operations on January 1. During the year, it started and completed 1,720 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used $3,140. 2. Wages of production workers $3,510. 3. Salaries of administrative and sales personnel $1,895. 4. Depreciation on manufacturing equipment $5,906. 5. Depreciation on administrative equipment-\$1,825. Walton sold 1,110 units of product. Required a. Determine the total product cost for the yeat. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold: (Do not round intermediate calculations.) Baird Manufacturing Company experienced the following accounting events during its first year of operation. With the exception of the adjusting entries for depreciation, assume that all transactions are cash transactions and that financial statement data are prepared in accordance with GAAP. 1. Acquired $57,000 cash by issuing common stock. 2. Paid $7.700 for the materials used to make its products, all of which were started and completed during the year. 3. Paid salaries of $3,900 to selling and administrative employees. 4. Paid wages of $6,200 to production workers. 5. Paid $4,500 for furniture used in-selling and administrative offices. The furniture was acquired on January 1. It had a $1,500 estimated salvage value and a two-year useful life. 6. Paid $8,500 for manufacturing equipment. The equipment was acquired on January 1 i. it had a $1,300 estimated salvage value and a two-year useful life. 7. Sold inventory to customers for $25,900 that had cost \$13,100 to make. Required Indicate how these events would affect the balance sheet and income statement by recording them in a horizontal financial statements model as indicated here. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity. (IA), financing activity (FA).) 7. Sold inventory to customers for $25,900 that had cost $13,100 to make. Required Indicate how these events would affect the balance sheet and income statement by fecording them in a horizontal financial) statements model as indicated here. The first event is recorded as an example. (Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA).) Antioch Company makes eBook readers. The company had the following amounts at the beginning of Year 2: Cash, $669,000; Raw Materials inventory, $68,000; Work in Process inventory, $34,000; Finished Goods Inventory, $47,000; Common Stock, $601,000; and Retained Earnings, $217,000. Antioch experienced the following accounting events during Year 2 . Other than the adjusting entries for depreciation, assume that all transactions are cash transactions. 1. Paid $30,000 of research and development costs. 2. Paid $49,000 for raw materials that will be used to make eBook readers. 3. Placed $94,000 of the raw materials cost into the process of manufacturing eBook readers. 4. Paid $64,000 for solaties of selling and administrative employees. 5. Paid \$11t,000 for wages of production workers. 6. Paid $171,000 to purchase equipment used in selling and administrative offices. 7. Recognized depreciation on the office equipment. The equipment was acquired on January 1, Year 2. It has a $11,000 salvage value and a eight-year life. The amount of depreciation is computed as ((Cost - salvage) + useful life) Specifically, (\$171,000$11,000)+8=$20,000 8. Paid $177,000 to purchase manufacturing equipment. 9. Recognized depreciation on the manufacturing equipment. The equipment was acquired on January 1, Year 2, It has a $25,000 salvage value and a eight-yeat life. The amount of depteciation is computed as [(Cost - salvage) + useful lifel Specifically, (\$177.000 - \$25,000) +8=$19,000. 10. Paid $56,000 for rent and utility costs on the monufacturing facility. 11. Paid \$72,000 for inventory holding expenses for completed eBook readers (rental of warehouse spoce, salaries of watehouse personnel, and other general storoge cost). 12. Completed and transferred eBook readers that had total cost of $254,000 from work in process inventory to finished goods. 13. Sold 830 eBook readers for $439,000 14. it cost Antioch $166,000 to make the eBook reoders sold in Event 13 Required: A. Show how these events affect the balance sheet, income stotement, and statement of cash flows by recording them in a horizontal linancial statements model. c-1. Prepare a schedule of cost of goods manufactured and soid for the yeat. c-2. Prepare a formal income statement for the yeat. c.3. Prepare a balance sheet for the yoar. ANTIOCH COMPANY Financial Statements Model ANTIOCH COMPANY Financial Statements Model Prepare a schedule of cost of goods manufactured and sold for the year. (Amounts to minus sign.) Complete this question by entering your answer in the tabs below. Prepare a formal income statement for the year. c-3. Prepare a balance sheet for the year. Complete this question by entering your answer in the tabs below. Prepare a balance sheet for the year Step by Step Solution
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