7 8 0 The following data is provided for the Piedmont Corporation. All costs are actual...

 

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7 8 0 The following data is provided for the Piedmont Corporation. All costs are actual costs. Complete the cost flows diagram attached to this problem and calculate CGM and CGS. Prepare journal entries and post them to the ledger. as of RM inventory WIP inventory FG inventory year ending RM purchases RM used DL incurred Plant insurance expense incurred Depreciation Other manufacturing OH CGM Revenues Gross margin + 1-Jan-20 $65,000 $83,000 31-Dec-19 $7,200 $22,400 $109,300 $119,300 $118,400 $107,500 $104,300 $298,600 $605,000 31-Dec-20 44.5% $72,000 $102,000 31-Dec-20 $132,600 $133,200 $7,400 $23,100 $111,800 $295,500 $603,000 46.8% 11 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 (1) Calculate gross profit for the year ending Dec 31, 2020 (2 points) (2) Calculate CGS for the year ending Dec 31, 2020 (2 points) (3) Calculate FG inventory as of Dec 31, 2019 (2 points) (4) Calculate DL incurred for year ending Dec 31, 2020 (2 points) FG F (5) Calculate RM Inventory as of Dec 31, 2020 (2 points) (6) Provide the two journal entries for DL expense. (4 points) WIP Expense DL Expensele DL Expense Wages Payable (7) Provide the two journal entries for depreciation expense. (4 points) Depreciation Expense Accumulated Depreciation. WIP Inventory Depreciation Expense RM Invas of Dec 31, 2020 7 8 0 The following data is provided for the Piedmont Corporation. All costs are actual costs. Complete the cost flows diagram attached to this problem and calculate CGM and CGS. Prepare journal entries and post them to the ledger. as of RM inventory WIP inventory FG inventory year ending RM purchases RM used DL incurred Plant insurance expense incurred Depreciation Other manufacturing OH CGM Revenues Gross margin + 1-Jan-20 $65,000 $83,000 31-Dec-19 $7,200 $22,400 $109,300 $119,300 $118,400 $107,500 $104,300 $298,600 $605,000 31-Dec-20 44.5% $72,000 $102,000 31-Dec-20 $132,600 $133,200 $7,400 $23,100 $111,800 $295,500 $603,000 46.8% 11 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 (1) Calculate gross profit for the year ending Dec 31, 2020 (2 points) (2) Calculate CGS for the year ending Dec 31, 2020 (2 points) (3) Calculate FG inventory as of Dec 31, 2019 (2 points) (4) Calculate DL incurred for year ending Dec 31, 2020 (2 points) FG F (5) Calculate RM Inventory as of Dec 31, 2020 (2 points) (6) Provide the two journal entries for DL expense. (4 points) WIP Expense DL Expensele DL Expense Wages Payable (7) Provide the two journal entries for depreciation expense. (4 points) Depreciation Expense Accumulated Depreciation. WIP Inventory Depreciation Expense RM Invas of Dec 31, 2020

Answer rating: 100% (QA)

1 Gross margin for 31 Dec 2020 Revenue gross profit m... View the full answer