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Solomon Corporation began fiscal Year 2 with the following balances in its Inventory accounts. $ 55,690 Raw Materials Kork in Process Finished Goods 82,290 26,500 During the accounting period, Solomon purchased $239,500 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,200, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $602,000 were sold for $800,400 during the period. Selling and administrative expenses amounted to $70,400. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req B1 Prepare a schedule of cost of goods manufactured and sold. SOLOMON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Req A Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Req B2 < Req A 0 0 0 0 0 0 Req B2 >

Solomon Corporation began fiscal Year 2 with the following balances in its Inventory accounts. $ 55,690 Raw Materials Kork in Process Finished Goods 82,290 26,500 During the accounting period, Solomon purchased $239,500 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,200, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $602,000 were sold for $800,400 during the period. Selling and administrative expenses amounted to $70,400. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req B1 Prepare a schedule of cost of goods manufactured and sold. SOLOMON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Req A Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Req B2 < Req A 0 0 0 0 0 0 Req B2 >

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...
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Solomon Corporation began fiscal Year 2 with the following balances in its Inventory accounts. $ 55,690 Raw Materials Kork in Process Finished Goods 82,290 26,500 During the accounting period, Solomon purchased $239,500 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,200, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $602,000 were sold for $800,400 during the period. Selling and administrative expenses amounted to $70,400. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req B1 Prepare a schedule of cost of goods manufactured and sold. SOLOMON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Req A Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Req B2 < Req A 0 0 0 0 0 0 Req B2 >
Transcribed Image Text:Solomon Corporation began fiscal Year 2 with the following balances in its Inventory accounts. $ 55,690 Raw Materials Kork in Process Finished Goods 82,290 26,500 During the accounting period, Solomon purchased $239,500 of raw materials and issued $249,100 of materials to the production department. Direct labor costs for the period amounted to $323,200, and manufacturing overhead of $47,300 was applied to Work in Process Inventory. Assume that there was no over- or underapplied overhead. Goods costing $610,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $602,000 were sold for $800,400 during the period. Selling and administrative expenses amounted to $70,400. Required a. Determine the ending balance of each of the three inventory accounts that would appear on the year-end balance sheet. b1. Prepare a schedule of cost of goods manufactured and sold. b2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Req B1 Prepare a schedule of cost of goods manufactured and sold. SOLOMON CORPORATION Schedule of cost of goods manufactured and sold For the year ended Year 2 Req A Raw materials available Raw materials used Total manufacturing costs Total work in process inventory Cost of goods manufactured Goods available for sale Cost of goods sold Req B2 < Req A 0 0 0 0 0 0 Req B2 >
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