MGAB03H3 Lecture Notes - Lecture 5: Icq, Income Statement

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bronzechinchilla950

8 Oct 2015

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Selected account balances for the year ended december 31, 2012, are presented below: Required: prepare a schedule of cost of goods manufactured, calculate the prime cost and conversion cost, prepare a schedule of cost of goods sold, prepare a single-step income statement for canton ltd. for the year. Shane"s shovels produces small, custom earth-moving equipment for landscaping companies. Manufacturing overhead is allocated to work in process, using an estimated overhead rate. During april, transactions for shane"s shovels included the following: Beginning and ending work in process were both zero. By how much: write out the journal entries for these transactions, including the adjustment. Overhead is allocated at the rate of 80% of direct labour cost. Required: determine the original budget for direct labour cost, what is the total fixed overhead that was allocated for the year, calculate the actual direct labour cost for the year. Last month"s transactions in the work-in-process account are shown here:

Related Questions

Hi, this is a question for my Cost Accounting course and was wondering if I could please get help...

1. Prepare a cost of goods manufacturing statement, a cost of goods sold statement and a manufacturing income statement for August 2017 for ACE Manufacturing, based on the following information:

Raw Materials purchaes $500,000

Sales $4,000,000

Factory depreciation $20,000

Beg. finished goods inventory $200,000

Indirect materials $20,000

Ending work in process inventory $100,000

Direct labor $300,000

Selling, General, Administrative expenses $1,000,000

Indirect materials $20,000

Beginning raw materials inventory $200,000

Factory insurance $10,000

Ending finished goods inventory $300,000

Factory utilities $30,000

Ending Raw materials inventory $100,000

Beginning raw materials inventory $200,000

goldworm605

Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]

The following data is provided for Garcon Company and Pepper Company.

	Garcon Company			Pepper Company
Beginning finished goods inventory		$	12,100	$	17,950
Beginning work in process inventory			19,000		23,100
Beginning raw materials inventory			11,700		10,050
Rental cost on factory equipment			28,750		25,900
Direct labor			20,600		37,400
Ending finished goods inventory			20,600		13,100
Ending work in process inventory			22,900		21,600
Ending raw materials inventory			6,800		9,200
Factory utilities			10,650		14,000
Factory supplies used			11,500		5,100
General and administrative expenses			31,500		56,000
Indirect labor			2,350		8,680
RepairsâFactory equipment			7,340		3,750
Raw materials purchases			37,000		63,500
Selling expenses			57,200		48,100
Sales			204,030		327,510
Cash			22,000		21,700
Factory equipment, net			232,500		148,825
Accounts receivable, net			15,800		24,950
Exercise 14-8 Cost of goods manufactured and cost of goods sold computation LO P1, P2 Required: 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017. 2. Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

Required 1. Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017.

	Garcon Company	Pepper Company
Direct materials


Raw materials available for use	0	0

Direct materials used	0	0

Factory overhead






Total factory overhead	0	0
Total manufacturing costs

Total cost of work in process	0	0

Cost of goods manufactured	$0	$0

Required 2:.

Complete the table to calculate the cost of goods sold for both Garcon Company and Pepper Company for the year ended December 31, 2017.

	Garcon Company	Pepper Company
Cost of goods available for sale
Cost of goods sold	$0	$0

ultramarinetrout400

Terra Cotta Designs manufactures custom tiles. The followinginformation relates to the fiscal year ending December 31,2014:

Beginning balance in Raw Material Inventory	$	448,170
Purchases of raw material		1,498,490
Ending balance in Raw Material Inventory		201,520
Beginning balance in Work in Process Inventory		649,440
Ending balance in Work in Process Inventory		351,200
Direct labor cost		2,501,720
Manufacturing overhead applied		648,160
Beginning balance in Finished Goods Inventory		748,570
Ending balance in Finished Goods Inventory		348,030
Sales		7,049,240
Selling expenses		498,950
General and administrative expenses		851,590

(a)

Prepare a schedule of cost of goods manufactured. Assume thatthere are no indirect material costs.

Terra Cotta Designs Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2014
			$
::
:
	$

		$




:
			$

(b)

Prepare an income statement for fiscal 2014. Ignore incometaxes.

Terra Cotta Designs Income Statement For the Year Ended December 31, 2014
		$
::
	$
:

:

::



		$

byzantiumcattle407

MGAB03H3 Lecture Notes - Lecture 5: Icq, Income Statement

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