29 Jun Question Exercise 18-7 Balance sheet identification and preparation L.O. C4
Question
Exercise 18-7 Balance sheet identification and preparation L.O. C4
[The following information applies to the questions displayed below.]
Current assets for two different companies at calendar year-end 2011 are listed here. One is a manufacturer, Roller Blades Mfg., and the other, Sunny Foods, is a grocery distribution company.
Account
Company 1
Company 2
Cash
$
11,000
$
9,000
Raw materials inventory
—
35,750
Merchandise inventory
38,750
—
Goods in process inventory
—
26,000
Finished goods inventory
—
46,000
Accounts receivable, net
55,000
66,000
Prepaid expenses
4,500
900
references
1.
value:
1.00 points
Exercise 18-7 Part 1.1
(1.1)
Identify which set of numbers relates to the manufacturer.
Company 1
Company 2
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2.
value:
1.00 points
Exercise 18-7 Part 1.2
(1.2)
Identify which set of numbers relates to the merchandiser.
Company 1
Company 2
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3.
value:
2.00 points
Exercise 18-7 Part 2
(2)
Prepare the current asset section for each company from this information.(Be sure to list the current assets in order of liquidity. Omit the “$” sign in your response.)
Company 1
Sunny Foods
Current Asset Section
December 31, 2011
$
Total current assets
$
Company 2
Roller Blades Mfg.
Current Asset Section
December 31, 2011
$
Total current assets
4.
value:
2.00 points
Exercise 18-8 Cost of goods sold computation L.O. P1
Century
Merchandising
New Homes
Manufacturing
Beginning inventory
Merchandise
$
331,000
Finished goods
$
662,000
Cost of purchases
450,000
Cost of goods manufactured
830,000
Ending inventory
Merchandise
231,000
Finished goods
225,000
Compute cost of goods sold for each of these two companies for the year ended December 31, 2011.(Omit the “$” sign in your response.)
Cost of goods sold
Century Merchandising
$
New Homes Manufacturing
$
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Exercise 18-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2
[The following information applies to the questions displayed below.]
Using the following data,
Canyon
Company
Rossings
Company
Beginning finished goods inventory
$
18,000
$
17,500
Beginning goods in process inventory
15,000
20,000
Beginning raw materials inventory
12,000
13,000
Rental cost on factory equipment
26,000
30,000
Direct labor
22,000
43,000
Ending finished goods inventory
19,500
11,500
Ending goods in process inventory
21,000
22,000
Ending raw materials inventory
11,800
17,900
Factory utilities
15,000
18,000
Factory supplies used
9,800
9,500
General and administrative expenses
19,000
43,000
Indirect labor
3,250
9,660
Repairs—Factory equipment
6,780
3,500
Raw materials purchases
27,000
41,000
Sales salaries
49,000
42,000
references
5.
value:
2.00 points
Exercise 18-9 Part 1
1.
Compute the cost of goods manufactured for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.)
Canyon Company
Rossings Company
Cost of goods manufactured
$
$
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6.
value:
2.00 points
Exercise 18-9 Part 2
2.
Compute cost of goods sold for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.)
Canyon Company
Rossings Company
Cost of goods sold
$
$
7.
value:
3.00 points
Exercise 18-11 Manufacturing statement preparation L.O. P2
Given the following selected account balances of Randa Company.
Sales
$
1,416,000
Raw materials inventory, Dec. 31, 2010
39,000
Goods in process inventory, Dec. 31, 2010
58,400
Finished goods inventory, Dec. 31, 2010
65,300
Raw materials purchases
185,400
Direct labor
248,000
Factory computer supplies used
19,400
Indirect labor
56,000
Repairs—Factory equipment
7,250
Rent cost of factory building
60,000
Advertising expense
87,000
General and administrative expenses
125,000
Raw materials inventory, Dec. 31, 2011
43,500
Goods in process inventory, Dec. 31, 2011
46,300
Finished goods inventory, Dec. 31, 2011
72,700
Prepare its manufacturing statement for the year ended on December 31, 2011.(Input all amounts as positive values. Omit the “$” sign in your response.)
RANDA COMPANY
Manufacturing Statement
For Year Ended December 31, 2011
Direct materials
$
Raw materials available for use
Direct materials used
$
Factory overhead
Total factory overhead costs
Total manufacturing costs
Total cost of goods in process
Cost of goods manufactured
$
8.
value:
2.00 points
Exercise 18-12 Income statement preparation L.O. P2
Following are the selected account balances of Randa Company:
Sales
$
1,080,000
Raw materials inventory, Dec. 31, 2010
40,000
Goods in process inventory, Dec. 31, 2010
58,300
Finished goods inventory, Dec. 31, 2010
64,500
Raw materials purchases
175,100
Direct labor
223,000
Factory computer supplies used
24,500
Indirect labor
57,000
Repairs—Factory equipment
7,250
Rent cost of factory building
56,000
Advertising expense
90,000
General and administrative expenses
145,000
Raw materials inventory, Dec. 31, 2011
41,300
Goods in process inventory, Dec. 31, 2011
40,000
Finished goods inventory, Dec. 31, 2011
72,700
Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $559,850.(Input all amounts as positive values. Omit the “$” sign in your response.)
RANDA COMPANY
Income Statement
For Year Ended December 31, 2011
$
Cost of goods sold
$
Cost of goods available for sale
Cost of goods sold
Operating expenses
Total operating expenses
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