QS 14-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information Hint Not al information given is needed for the solution, Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment Cost of goods sold $ 17,500 15,500 19,500 20,500 41,500 13,500 56,500 29,500 95,000 2,500 REX MANUFACTURING Income Statement For Year Ended December 31

QS 14-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information Hint Not al information given is needed for the solution, Finished goods inventory, ending General and administrative expenses Accounts receivable Finished goods inventory, beginning Cost of goods manufactured Selling expenses Cash Land Sales Equipment Cost of goods sold $ 17,500 15,500 19,500 20,500 41,500 13,500 56,500 29,500 95,000 2,500 REX MANUFACTURING Income Statement For Year Ended December 31

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 64E: ( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data...

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( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data for inventory during a recent year: Assume that Harrington uses a periodic inventory accounting system. Required: 1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Which method will produce the most realistic amount for income? For inventory? 3. CONCEPTUAL CONNECTION Which method will produce the lowest amount paid for taxes?
ok ences QS 14-12 (Algo) Preparing a balance sheet LO P1 Prepare the current assets section of the balance sheet at December 31 for Bin Manufacturing using the following information. Hint Not all information given is needed for the solution. Cash Accounts payable Raw materials inventory General and administrative expenses Accounts receivable, net Selling expenses Finished goods inventory Work in process inventory Prepaid insurance Cost of goods sold BIN MANUFACTURING Current Assets Section of the Balance Sheet December 31 Total current assets $ 22,100 2,100 8,100 42, 100 12, 100 12, 100 22, 100 18, 100 4,100 33, 100
(1)Garcon Company | Pepper Company (2) Finished goods inventory, beginning $ 13,200 / $ 16, 750 Work in process inventory, beginning 18,000/ 22,650 Raw materials inventory, beginning 9, 800/12, 750 Rental cost on factory equipment 30, 250/26, 350 Direct labor 19, 400 / 39,400 Finished goods inventory, ending 17,300 / 16, 400 Work in process inventory, ending 26, 200/20, 400 Raw materials inventory, ending 8, 000/ 9,200 Factory utilities 14, 100/13, 750 General and administrative expenses 27, 500/53, 500 Indirect labor 12, 150 / 12, 260 Repairs-Factory equipment 4, 820/2, 350 Raw materials purchases 47,000/67,500 Selling expenses 62, 400 / 54,400 Sales 295, 320/394, 170 Cash 29, 000/24, 200 Accounts receivable, net 15,800 / 23,450
QS 18-11 (Algo) Preparing an income statement LO P1 Prepare an income statement for Rex Manufacturing for the year ended December 31 using the following information. Hint. Not all information given is needed for the solution. Finished goods inventory, ending General and administrative expenses Accounts receivable $ 17,400 15,400 19,400 Finished goods inventory, beginning 20,400 Cost of goods manufactured 41,400 Selling expenses 13,400 Cash Land Sales 56,400 29,400 94,800 Equipment 2,400 REX MANUFACTURING Income Statement For Year Ended December 31 Sales Cost of goods sold Cost of goods manufactured Goods available for sale 0
Sales Revenue Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Selling Expenses Administrative Expenses What is the gross profit? O A. $14,300 OB. $32,800 OC. $23,800 OD. $20,200 $53,000 22,000 1,800 3,600 15,000 3,500
Question 16 A merchandising company reported the following results for July, shown here $402.800 $169,100 $17.100 $14.200 $7.600 $30,100 Sales Cost of goods sold (all variable)) Total variable selling expense Total fised selling expense Total variable administrative expense Total fixed administrative expense
Problem 11-6 (IAA) Total cost Unit cost Units 40. 400,000 1 Beginning 31 Sale 1 Purchase 31 Sale 1 Purchase December 31 Sale 10,000 5,000 15,000 18,000 25,000 12,000 January 50 750,000 April July October 60 1,500,00 Required: Compute the cost of the ending inventory and cost of goods sold using: a. FIFO periodic b. Weighted average c. Moving average
Cost of goods manufactured Selling expenses Administrative expenses Sales Finished goods inventory, January 1 Finished goods inventory, January 31 $198,240 66,220 35,010 421,790 47,660 43,440 a. For the month ended January 31, determine Aricanly's cost of goods sold. Aricanly Manufacturing Company Cost of Goods Sold January 311 Finished goods inventory, January 1 - ✓ Cost of goods manufactured ✔ Cost of finished goods available for sale Less finished goods inventory, January 31 Cost of goods sold 000001
Required information Problem 18-3A Schedule of cost of goods manufactured and income statement; inventory analysis LO P2, A1 Skip to question [The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company. Advertising expense $ 34,200 Direct labor $ 671,700 Depreciation expense—Office equipment 9,300 Income taxes expense 278,800 Depreciation expense—Selling equipment 9,900 Indirect labor 57,600 Depreciation expense—Factory equipment 38,200 Miscellaneous production costs 10,700 Factory supervision 121,800 Office salaries expense 73,000 Factory supplies used 7,700 Raw materials purchases 953,000 Factory utilities 36,000 Rent expense—Office space 21,000 Inventories Rent expense—Selling space 25,200 Raw materials, December 31, 2018 159,200…
Required information Problem 6-1A Perpetual: Alternative cost flows LO P1 Skip to question [The following information applies to the questions displayed below.]Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Weighted Average Sheet and Specific ID Sheets
nces c raw Required information Problem 5-1A (Static) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Problem 5-1A (Static) Part 4 Gross Margin Sales Less: Cost of goods sold Gross profit Units Acquired at Cost @ $50 per unit @ $55 per unit FIFO 100 units 400 units 120 units 200 units 820 units LIFO @ $60 per unit @ $62 per unit Prey 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 340 units from the March 5 purchase, 40 units from the March 18 purchase, and 120 units from the March 25 purchase. (Round weighted average cost per unit to 2 decimal…
QUESTION 4 The following information was extracted from the accounting records of ABC Manufacturers for the year ended September 2020: UNITS Inventory at the beginning of the year Production for the year Sales for the year (at R75 per unit) Nil 20 000 18 250 Direct Materials cost per unit Direct Labour cost per unit Variable Manufacturing overheads per unit Variable selling and administrative cost per unit Fixed manufacturing overhead cost Fixed selling and administrative cost The company utilises the first-in-first-out method of inventory valuation. 21 7 8 182 000 77 000 REQUIRED: 4.1 Prepare the Income Statement using the Marginal Costing method. 4.2 Prepare the Income Statement using the Absorption Costing method.