15 May QuestionManagerial Accounting 1BFinancial and Managerial Accounting
Question
Managerial Accounting 1B
Financial and Managerial Accounting
Chapter 14
1.
Exercise 14-8 Cost of goods sold computation L.O. P1
| Century Merchandising |
New Homes Manufacturing |
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| Beginning inventory | |||||||||
| Merchandise | $ | 250,000 | |||||||
| Finished goods | $ | 500,000 | |||||||
| Cost of purchases | 460,000 | ||||||||
| Cost of goods manufactured | 886,000 | ||||||||
| Ending inventory | |||||||||
| Merchandise | 150,000 | ||||||||
| Finished goods | 144,000 | ||||||||
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| 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 14-9 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 |
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| Beginning finished goods inventory | $ | 14,000 | $ | 18,450 | |||||
| Beginning goods in process inventory | 16,500 | 21,950 | |||||||
| Beginning raw materials inventory | 9,250 | 11,000 | |||||||
| Rental cost on factory equipment | 29,000 | 24,750 | |||||||
| Direct labor | 21,000 | 37,000 | |||||||
| Ending finished goods inventory | 19,650 | 15,300 | |||||||
| Ending goods in process inventory | 24,000 | 18,000 | |||||||
| Ending raw materials inventory | 7,300 | 9,200 | |||||||
| Factory utilities | 11,000 | 14,000 | |||||||
| Factory supplies used | 10,200 | 5,200 | |||||||
| General and administrative expenses | 23,000 | 45,000 | |||||||
| Indirect labor | 3,250 | 9,660 | |||||||
| Repairs—Factory equipment | 6,780 | 3,500 | |||||||
| Raw materials purchases | 35,000 | 54,000 | |||||||
| Sales salaries | 52,000 | 48,000 | |||||||
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| Section Break | Difficulty: Hard | |
| Exercise 14-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2 | Learning Objective: 14-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements. |
2.
Exercise 14-9 Part 1
| 1. | Compute the cost of goods manufactured for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.) |
| Canyon Company | Rossings Company | |
| Cost of goods manufactured | ||
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rev: 03-04-11
3.Exercise 14-9 Part 2
| 2. | Compute cost of goods sold for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.) |
| Canyon Company | Rossings Company | |
| Cost of goods sold | ||
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4.
Exercise 14-11 Manufacturing statement preparation L.O. P2
| Given the following selected account balances of Randa Company. |
| Prepare its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the “$” sign in your response.) |
5.
Exercise 14-12 Income statement preparation L.O. P2
| Following are the selected account balances of Randa Company: |
| Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $546,390. (Input all amounts as positive values. Omit the “$” sign in your response.) |
Problem 14-8A Manufacturing and income statements; inventory analysis L.O. P2
[The following information applies to the questions displayed below.]
| The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance and other records of Plaza Company. |
| Section Break | Problem 14-8A Manufacturing and income statements; inventory analysis L.O. P2 |
6.Problem 14-8A Part-1
| Required: |
| 1. | Prepare the company’s 2011 manufacturing statement.(Input all amounts as positive values. Omit the “$” sign in your response.) |
7.Problem 14-8A Part-2
| 2. | Prepare the company’s 2011 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.(Input all amounts as positive values. Omit the “$” sign in your response.) |
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