Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PART 4 (INDEPENDENT OF PARTS 1 - 3 ) Brown-Accountants Company creates, produces, and sells an online based CPA review courses for individual use. Zoe

image text in transcribed

image text in transcribed

PART 4 (INDEPENDENT OF PARTS 1 - 3 ) Brown-Accountants Company creates, produces, and sells an online 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 Willams, controller for Brown-Accountants Company, to help develop problems for use in screening applicants before they are interviewed. One of the 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. The ending direct materials is 2 times the 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 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

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

IT Auditing Defined

Authors: Ibrahim Yussuf, Matthew Robinett

1st Edition

1645435148, 978-1645435143

More Books

Students also viewed these Accounting questions