Several items are omitted from the income statement and cost of goods manufactured statement data for two
Question:
Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare On Companys statement of cost of goods manufactured for December.
3. Prepare On Companys income statement forDecember.
Transcribed Image Text:
Company 65,800 off Company S 195,300 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of goods manufactured Finished goods inventory, December 1 Finished goods inventory, December 31 Sales Cost of goods sold Gross proft Operating expenses Net income 91,140 282,800 317,800 387,800 148,400 577,220 256,060 1,519,000 1,727,320 208,320 973,000 119,000 172,200 1,532,020 269,080 224,000 197,400 1,127,000 1,944,320 1,545,040 117,600 164,920
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
tr msoheightsourceauto col msowidthsourceauto br msodataplacementsamecell style0 msonumberformatGeneral textaligngeneral verticalalignbottom whitespacenowrap msorotate0 msobackgroundsourceauto msopatt...View the full answer
Answered By
Ashington Waweru
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Managerial Accounting questions
-
The following data are taken from the income statement and balance sheet of Keaner Machinery, Inc.: Using this information, prepare a partial statement of cash flows for the year ended December 31,...
-
Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers. Letter Prius Company Volt Company . b. . d. . f. %24 %24 %24 %24 %24 %24 %24 %24 %24
-
Prepare a statement of cost of goods manufactured for Tinas Tiny Toys Manufacturing Company using any of the following balances that you need. Raw Materials Purchases (net) .......... $ 632,000 Raw...
-
Some people believe that the Internet is rewriting the rules of how to attract, motivate, and retain talent internationally. Consider Planet-Intra.com Ltd., a year-old software company that is...
-
Nitrogen gas enters a turbine at 7 MPa, 500 K, 100 m/s and leaves at 1 MPa, 300 K, 150 m/s at a flow rate (m) of 2 kg/s. Heat is being lost to the surroundings at 25oC at a rate of 100 kW. Determine...
-
How would a channel manager know which power bases are available?
-
A data set of 50 comprehension scores (Comp Score). Complete the tasks and answer the questions below. a. Create a frequency distribution and a histogram for the set. b. Why did you select the class...
-
On January 1, Vanessa Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions occurred....
-
Select a controversial topic related to diverse cultures and communities currently affecting K-12 education. Potential topics could include body image, citizenship status, plastic/cosmetic surgery...
-
1. Ms. Jones now asks Rosa to look at the ratio analysis of Readers' Publishing's balance sheet for the last quarter and interpret the result. "Our balance sheet showed cash of $20,000, cash...
-
A partial list of Swain Hotels costs is provided below. a. Pay-per-view movie rental costs (in rooms) b. Training for hotel restaurant servers c. Champagne for guests d. Cost of laundering towels and...
-
The following information is available for Shanika Company for 2014: Instructions 1. Prepare the 2014 statement of cost of goods manufactured. 2. Prepare the 2014 incomestatement. Inventories...
-
What is JARS, and why is it useful to researchers writing up the results of a study?
-
Telefonicax has two work centres: Work Centre A and Work Centre B The table below illustrates a number of orders to be filled this week, each order has a setup time and a run time. Each order needs...
-
Prepare a cashflow statement or a annual budegt of sales for wood import export business in china from canada Prepare a cashflow or a annual budget chart or report for an import export business....
-
Referring to the table, complete the required information in the table below with accurate information. 3b. The team took a vote and established the MARR at 12%. Based solely on this fact, which...
-
Mountain Exchange Co-op (MEC ) with over 4 million members and headquartered in Vancouver BC has been operating since 1971 and has 14 locations across Canada as well as a strong online shopping...
-
International Tennis (IT) is a vertically integrated full-service tennis corporation. It produces tennis equipment, including nets, lights, balls, and racquets under the IT brand, selling them in the...
-
What is the equilibrium constant expression for the oxygen/ozone reaction? 3 O 2 (g) 2 O 3 (g)
-
The age-old saying for investing is "buy low and sell high," but this is easier said than done. Investors who panic about falling prices sell their investments, which in turn lowers the price and...
-
What are the two primary sources of equity capital?
-
The Theater Arts Guild of Dallas (TAG-D) employs five people in its Publication Department. These people lay out pages for pamphlets, brochures, magazines, and other publications for the TAG-D...
-
The Theater Arts Guild of Dallas (TAG-D) employs five people in its Publication Department. These people lay out pages for pamphlets, brochures, magazines, and other publications for the TAG-D...
-
Kim Kwon Digital Components Company assembles circuit boards by using a manually operated machine to insert electronic components. The original cost of the machine is $ 60,000, the accumulated...
-
Mauro Products distributes a single product, a woven basket whose selling price is $24 per unit and whose variable expense is $18 per unit. The company's monthly fixed expense is $6,600. Required...
-
How much was the total deposit if sales were $2,000, returns were $400, and sales tax was $250.
-
If total income tax expense is $42,400 and deferred tax expense is $59,100, then the current portion of the total income tax expense is referred to as a current tax If a corporation's tax return...
Study smarter with the SolutionInn App