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v2.cengagenow.com CengageNOWv2 | Online teaching and learni.. Statement of Cost of Goods Manufactured f.. Homework Help - Q&A from Online Tutors.. Statement Of Cost Of Goods Manufactured Calculator Print Item Product Period Direct Direct Factory Selling Administrative Cost Cost Cost Materials Labor Overhead Expense Expense Eggs used to make cheesecakes Yes Baker's wages NO Delivery driver wages Depreciation of office computers Power to run the cheesecake ovens President's 1. 1 salary Sales commissions Factory supervisor salary Financial Statements Charles found some sample income statements and balance sheets on the Internet, and asked which of them might be most appropriate for a manufacturing business like his. Review income statements A and B, and balance sheets C and D. Determine which income statement and balance sheet would be most appropriate for a theformation buninner liter Able Dalene Choulig Co Check My Work Email Instructor Save and Exit Submit Assignment for GradingCalculator Print Item Mastery Problem: Introduction to Managerial Accounting Able Baker Charlie Company Charles Maxwell is starting a cheesecake bakery, Able Baker Charlie Company, to produce and sell different flavored cheesecakes to restaurants and the general public. He has just begun his study of accounting, and is a bit confused about the many types of reports he has read about and how they will help him run his business. He asks you to help him clarify what the differences between managerial accounting and financial accounting are. He's also wondering how to set up his inventory, how to classify the costs of his business, and how to fill in some missing information. Managerial vs. Financial Select whether the following characteristics are most often associated with managerial accounting or financial accounting. Primarily used for internal decision making Generally Accepted Accounting Principles (GAAP) must be used Managerial Accounting Prepared statements usually pertain to the company as a whole rather than individual departments or product Financial Accounting Information provided will often be subjective, such as estimated future results Often prepared on an as-needed basis rather than at fixed intervals Cost Classification Charles has provided some of the costs he expects to incur as follows. Decide on the classifications that could be applied to each of these costs using the table provided. The cost object in each case is the cheesecake. (Select "Yes" or "No" from the below dropdowns.) Period Direct Direct Factory Selling Administrative Cost Product Cost Cost Materials Labor Overhead Expense Expense Eggs used to make cheesecakes Check My Work Email Instructor Save and Exit Submit Assignment for GradingCalculator Print Item Financial Statements Charles found some sample income statements and balance sheets on the Internet, and asked which of them might be most appropriate for a manufacturing business like his. Review income statements A and B, and balance sheets C and D. Determine which income statement and balance sheet would be most appropriate for a manufacturing business like Able Baker Charlie Company. Income Statement A Sample Company A Income Statement For the Year Ended December 31, 20Y8 Sales $42,000 Finished goods inventory, January 1, 20Y8 $5,250 Cost of goods manufactured 6,400 Cost of finished goods available for sale $11,650 Finished goods inventory, December 31, 20Y8 (400) Cost of goods sold (11,250) Gross profit $30,750 Operating expenses: Selling expenses $6,400 Administrative expenses 5,250 Total operating expenses (11,650) Net income $19,100 Income Statement B Sample Company B Income Statement For the Year Ended December 31, 20Y8 Sales $42,000 Check My Work Email Instructor Save and Exit Submit Assignment for GradingHomework Flele 03A from Online Tutors. Statement Of Cost Of Goods Manufactured. Calculator Print Item Sample Company C Balance Sheet December 31, 20Y8 Assets Cash $20,800 Accounts receivable (net) 10,000 Inventory 6,000 Supplies 2,100 Land 17,000 Total assets $55,900 Liabilities Accounts payable $17,800 Stockholders' Equity Common stock $19,000 Retained earnings 19,100 Total stockholders' equity 38,100 Total liabilities and stockholders' equity $55,900 Balance Sheet D Sample Company D Balance Sheet December 31, 20Y8 Assets Cash $20,800 Accounts receivable (net) 10,000 Check My Work Email Instructor Save and Exit Submit Assignment for Gradingreaching and learni... rom Online Tutors. Statement Of Cost Of Goods Calculator Print Item Which balance sheet is most appropriate for a manufacturing business? Balance sheet C Balance sheet D corodry, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accou to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determinin the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,600 laterials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,300 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $28,000 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period $7,000 less than Cost of Goods Sold Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Process Inventory 21,000 Direct Labor Incurred Finished Goods Inventory 16,000 Factory Overhead Incurred Cost of Goods Sold Check My WorkBalance Sheet D Sample Company D Balance Sheet December 31, 20Y8 Assets Cash $20,800 Accounts receivable (net) 10,000 Inventory: Direct materials $2,500 Work in process 1,500 Finished goods 2,000 Total inventory 6,000 Supplies 2,100 Land 17,000 Total assets $55,900 Liabilities Accounts payable $17,800 Stockholders' Equity Common stock $19,000 Retained earnings 19,100 Total stockholders' equity 38,100 Total liabilities and stockholders' equity $55,900 Which income statement is most appropriate for a manufacturing business? Check My Work Email Instructor Save and Exit Submit Assignment for GraIncome Statement B Sample Company B Income Statement For the Year Ended December 31, 20Y8 Sales $42,000 Beginning inventory $5,250 Net purchases 6,400 Inventory available for sale $11,650 Ending inventory (400) Cost of goods sold (11,250) Gross profit $30,750 Operating expenses: Selling expenses $6,400 Administrative expenses 5,250 Total operating expenses (11,650) Net income $19,100 Balance Sheet C Sample Company C Balance Sheet December 31, 20Y8 Assets Cash $20,800 Accounts receivable (net) 10,000 Inventory 6,000 Check My Work Email Instructor Save and Exit Submit Assignment for Grading