29 Jun Rental cost on factory equipment
uestion
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
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
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
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
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
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.)
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