Question
please answer correctly End-of-year current assets for two different companies follow. One is a manufacturer, Rayzer Skis Manufacturing, and the other, Sunrise Foods, is a
please answer correctly
End-of-year current assets for two different companies follow. One is a manufacturer, Rayzer Skis Manufacturing, and the other, Sunrise Foods, is a merchandiser.
Account | Company 1 | Company 2 |
---|---|---|
Cash | $ 13,000 | $ 11,000 |
Merchandise inventory | 51,125 | |
Raw materials inventory | 48,125 | |
Work in process inventory | 35,000 | |
Finished goods inventory | 55,000 | |
Accounts receivable, net | 65,000 | 83,000 |
Prepaid expenses | 3,000 | 600 |
1. Identify which set of numbers relates to the manufacturer and which to the merchandiser. 2a. & 2b. Prepare the current asset section of the balance sheet at December 31 for each company.
2 )
Beck Manufacturing reports the following information in T-accounts for the current year.
Raw Materials Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 12,000 | ||
Purchases | 48,000 | ||
Available for use | 60,000 | ||
Direct materials used | 47,000 | ||
Ending | 13,000 |
Work in Process Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 14,600 | ||
Direct materials used | 47,000 | ||
Direct labor | 33,700 | ||
Overhead | 68,000 | ||
163,300 | |||
Cost of goods manufactured | 151,300 | ||
Ending | 12,000 |
Finished Goods Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning | 18,700 | ||
Cost of goods manufactured | 151,300 | ||
Available for sale | 170,000 | ||
Cost of goods sold | 151,300 | ||
Ending | 18,700 |
1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year.
1. Identify which set of numbers relates to the manufacturer and which to the merchandiser. 2a. \& 2b. Prepare the current asset section of the balance sheet at December 31 for each company Complete this question by entering your answers in the tabs below. Prepare the current asset section of the balance sheet at December 31 for Company 1. Foods, is a merchandiser. 1. Identify which set of numbers relates to the manufacturer and which to the merchandiser. 2a. \& 2b. Prepare the current asset section of the balance sheet at December 31 for each company. Complete this question by entering your answers in the tabs below. Prepare the current asset section of the balance sheet at December 31 for Company 2 . Complete this question by entering your answers in the tabs below. Prepare the schedule of cost of goods manufactured for the year. 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Complete this question by entering your answers in the tabs below. Compute cost of goods sold for the year
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