Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3(7 points) Annapolis Clothing Company manufactures quality boating attire.The following selected financial information for the fiscal year 2018 is provided: Item Amount Sales $200,000

Question 3(7 points)

Annapolis Clothing Company manufactures quality boating attire.The following selected financial information for the fiscal year 2018 is provided:

Item

Amount

Sales

$200,000

Cost of Goods Manufactured

54,000

Direct Material Purchased

80,000

Factory Overhead

20,000

Work in Process - January 1

60,000

Work in Process - December 31

30,000

Direct Material - December 31

20,000

Finished Goods Inventory - December 31

60,000

Net Income

30,000

Direct Materials used

60,000

Cost of Goods Sold

53,000

Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)

Your Answer:

Question 3 options:

Answer

Question 4(7 points)

During FY 2018 Bay Manufacturing had total manufacturing costs are $430,000. Their cost of goods manufactured for the year was $421,000.The January 1, 2019 balance of Work-in-Process Inventory is $42,000. Use this information to determine the dollar amount of the FY 2018 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)

Your Answer:

Question 4 options:

Answer

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

Step: 3

blur-text-image

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

Payroll Accounting

Authors: Bernard J. Bieg, Judith Toland

21st Edition

1111531056, 978-1111531058

More Books

Students also viewed these Accounting questions

Question

Describe the contributions of Keller and Marion Breland.

Answered: 1 week ago

Question

mple 10. Determine d dx S 0 t dt.

Answered: 1 week ago

Question

1. To generate a discussion on the concept of roles

Answered: 1 week ago

Question

6. What information processes operate in communication situations?

Answered: 1 week ago