{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-27T10:38:13-04:00", "answer_date": "2024-05-27 10:38:13", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1785565", "url": "\/study-help\/questions\/skyinnovations-ltd-provided-the-following-data-item-amount-direct-materials-1785565", "question_creation_date_js": "2024-05-27T10:38:13-04:00", "question_creation_date": "May 27, 2024 10:38 AM", "meta_title": "[Solved] SkyInnovations Ltd. provided the followin | SolutionInn", "meta_description": "Answer of - SkyInnovations Ltd. provided the following data: Item Amount Direct Materials $50,000 Direct Labor $40,000 Factory Ove | SolutionInn", "meta_keywords": "skyinnovations,ltd,provided,data,item,amount,direct,materials,$50,000,labor,$40,000,factory", "question_title_h1": "SkyInnovations Ltd. provided the following data: Item Amount Direct Materials $50,000 Direct Labor $40,000 Factory Overhead $30,000 Work in Progress (Beginning) $10,000 Work in Progress", "question_title": "SkyInnovations Ltd. provided the following data: Item Amount Direct Materials $50,000 Direct", "question_title_for_js_snippet": "SkyInnovations Ltd provided the following data Item Amount Direct Materials $50,000 Direct Labor $40,000 Factory Overhead $30,000 Work in Progress (Beginning) $10,000 Work in Progress (Ending) $15,000 Finished Goods (Beginning) $15,000 Finished Goods (Ending) $20,000 Requirement Calculate the total manufacturing cost and the cost of goods manufactured for SkyInnovations Ltd Prepare the cost of goods sold statement and calculate the gross margin if sales were $400,000 ", "question_description": "

SkyInnovations Ltd. provided the following data:<\/p>

Item<\/strong><\/p><\/td>

Amount<\/strong><\/p><\/td><\/tr><\/thead>

Direct Materials<\/p><\/td>

$50,000<\/p><\/td><\/tr>

Direct Labor<\/p><\/td>

$40,000<\/p><\/td><\/tr>

Factory Overhead<\/p><\/td>

$30,000<\/p><\/td><\/tr>

Work in Progress (Beginning)<\/p><\/td>

$10,000<\/p><\/td><\/tr>

Work in Progress (Ending)<\/p><\/td>

$15,000<\/p><\/td><\/tr>

Finished Goods (Beginning)<\/p><\/td>

$15,000<\/p><\/td><\/tr>

Finished Goods (Ending)<\/p><\/td>

$20,000<\/p><\/td><\/tr><\/tbody><\/table>

Requirement:<\/strong> Calculate the total manufacturing cost and the cost of goods manufactured for SkyInnovations Ltd. Prepare the cost of goods sold statement and calculate the gross margin if sales were $400,000.<\/p>", "transcribed_text": "", "related_book": { "title": "Managerial Accounting", "isbn": "978-0073526706, 9780073526706", "edition": "12th Edition", "authors": "Ray H. Garrison, Eric W. Noreen, Peter C. Brewer", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/104.jpg", "uri": "\/textbooks\/managerial-accounting-12th-edition-9780073526706", "see_more_uri": "\/textbooks\/business-corporate-finance-17" }, "free_related_book": { "isbn": "979-8870794488", "uri": "\/textbooks\/a-brief-encounter-979-8870794488-157597", "name": "A Brief Encounter", "edition": "" }, "question_posted": "2024-05-27 10:38:13", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/calculate-the-weighted-average-cost-of-capital-for-genedakhogan-for", "description": "Calculate the weighted average cost of capital for Genedak-Hogan for before and after international diversification. Did the reduction in debt costs reduce the firm's weighted average cost of...", "stars": 3 }, { "url": "\/why-would-an-organization-choose-to-sell-an-asset-and", "description": "Why would an organization choose to sell an asset and then lease it back?", "stars": 3 }, { "url": "\/study-help\/elementary-statistics\/1138-referring-to-applied-example-117-p-642-a-express-1916148", "description": "11.38 Referring to Applied Example 11.7 (p. 642): a. Express the percentage of Americans who prefer baked to other by region as a 2 4 contingency table. b. Explain why the following question could be...", "stars": 3 }, { "url": "\/study-help\/coaching-supervision-a-practical-guide-for-supervisees\/discuss-the-job-demandsresources-model-its-key-processes-its-strengths-1980353", "description": "discuss the Job DemandsResources Model, its key processes, its strengths and limitations, and the evidence supporting it;", "stars": 3 }, { "url": "\/study-help\/questions\/cage-4divorced-her-husband-in-2017-chies-year-133731", "description": "Chloe, age 48, divorced her husband in 2017. Chloe's 8 year old grandson, Marcus, has been living with her since his parents were incarcerated in August 2019. Chloe provided all the support for...", "stars": 3 }, { "url": "\/study-help\/questions\/what-is-the-amount-of-net-assets-of-banan-plc-9911538", "description": "What is the amount of net assets of Banan plc derecognized on the sale of above investment in the consolidated financial statements of Pare group ? A company's total external revenue for an...", "stars": 3 }, { "url": "\/study-help\/questions\/name-marks-sections-journal-type-of-questions-57-gl-808941", "description": "Name: Marks Sections Journal Type # of Questions 57 G\/L Accounts 68 Trial Balance Income Statement Statement of Owners Equity 20 13 6 Balance Sheet 12 TOTAL 176 Once complete, submit as instructed....", "stars": 3 }, { "url": "\/study-help\/questions\/p5-the-following-information-pertains-to-stock-transactions-of-hawk-9893018", "description": "P5. The following information pertains to stock transactions of Hawk, Inc. during 2019. On 1\/11\/2019, Hawk issued 1,000,000 shares of common stock for $115\/share. Its par is $100\/share. On 7\/1\/2019,...", "stars": 3 }, { "url": "\/study-help\/questions\/creating-graphical-display-the-newly-created-data-set-will-be-1344730", "description": "Creating graphical display The newly created data set will be used to compare the BMI of smokers to non-smokers. Create the following graphs in Excel: Using the column labeled Smoker (not sorted by...", "stars": 3 }, { "url": "\/study-help\/questions\/case-study-given-the-recent-covid19-pandemic-the-academic-staff-1008232", "description": "Case Study Given the recent Covid-19 pandemic, the academic staff of York Town Primary School (YTPS) has been mandated to work from home. This would mean that both teachers and students remain home...", "stars": 3 }, { "url": "\/study-help\/questions\/midterm-exam-101822-19-in-a-reciprocating-engine-powered-aircraft-1007298", "description": "Mid-Term Exam 10\/18\/22 19. In a reciprocating engine powered aircraft, would you fly faster, slower, or the same speed for maximum endurance versus maximum range? Why? UPPER SURFACE 20. (a) What is...", "stars": 3 }, { "url": "\/study-help\/questions\/2-in-many-ransomware-attacks-the-perpetrators-ask-for-far-1008226", "description": "2. In many ransomware attacks, the perpetrators ask for far less money than the victims end up paying to recover from the attack. Would it not save money and time for victims to pay the ransom? Why...", "stars": 3 }, { "url": "\/study-help\/questions\/consider-the-network-topology-shown-below-the-topology-consists-of-548297", "description": "Consider the network topology shown below. The topology consists of multiple routers interconnected by full-duplex links. Each link has a static cost associated with it, which represents the cost of...", "stars": 3 }, { "url": "\/study-help\/questions\/crispy-chicken-inc-have-bonds-outstanding-with-a-coupon-rate-8367178", "description": "Crispy Chicken, Inc. have bonds outstanding with a coupon rate of 5.89%. Coupon payments are made annually. If the yield to maturity is 4.82% and the bonds have 11 years to maturity, how much should...", "stars": 3 }, { "url": "\/tarick-toys-company-manufactures-video-game-consoles-and-accounts-for", "description": "Tarick Toys Company manufactures video game consoles and accounts for product costs using process costing. The following information is available regarding its June inventories. The following...", "stars": 3 }, { "url": "\/study-help\/strategic-management-\/what-resources-and-capabilities-might-be-needed-for-a-transition-1664771", "description": "What resources and capabilities might be needed for a transition from a paper-based information company to an Internet-based information company? Describe and. explain.", "stars": 3 }, { "url": "\/study-help\/strategic-management-\/discuss-why-an-internal-analysis-is-important-1664770", "description": "Discuss why an internal analysis is important.", "stars": 3 }, { "url": "\/study-help\/strategic-management-\/explain-how-to-do-an-internal-analysis-1664769", "description": "Explain how to do an internal analysis.", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/exxonmobil-reported-the-following-for-the-fiscal-year-2023-pretax-1785564", "next": "\/study-help\/questions\/at-the-end-of-2024-crystaltech-inc-with-one-subsidiary-1785566" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "SkyInnovations Ltd. provided the following data: Item Amount Direct Materials $50,000 Direct", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/skyinnovations-ltd-provided-the-following-data-item-amount-direct-materials-1785565" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }"1" } }