On Company Statement of Cost of Goods Manufactured For the Month Ended December 31, 2014 Work...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On Company Statement of Cost of Goods Manufactured For the Month Ended December 31, 2014 Work in Process inventory, December 1, 2014 Direct Materials: Materials inventory, December 1, 2014 Purchases Cost of Materials Available for Use Less Materials inventory, December 31, 2014 Cost of Direct Materials Used in Production Direct Labor Factory Overhead Total Manufacturing Costs incurred during December Total Manufacturing Costs Less Work in Process inventory, December 31, 2014 Cost of Goods Manufactured 65,800.00 282,800.00 317,800.00 387,800.00 148,400.00 119,000.00 973,000.00 172,200.00 (b) (c) Sales Cost of Goods Sold: On Company Income Statement For the Month Ended December 31, 2014 Finished Goods inventory, December 1, 2014 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Less Finished Goods inventory, December 31, 2014 Cost of Goods Sold Gross Profit Operating Expenses Net Income 224,000.00 197,400.00 (c) 1,127,000.00 117,600.00 (d) (e) (f) Rainer Company Statement of Cost of Goods Manufactured For the Month Ended May 31 Work in Process inventory, May 1 Direct Materials: Materials inventory, May 1 Purchases Cost of Materials Available for Use Materials inventory, May 31 Cost of Direct Materials Used in Production Direct Labor Factory Overhead Total Manufacturing Costs incurred during May Total Manufacturing Costs Work in Process inventory, May 31 Cost of Goods Manufactured Gross Profit Operating Expenses Net Income Sales Cost of Goods Sold: Finished Goods inventory, May 1 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Finished Goods inventory, May 31 Cost of Goods Sold 100,000 950,000 Rainer Company Income Statement For the Month Ended May 31 (a) 938,500 2,860,000 1,800,000 615,000 (596,500) (c) 400,000 5,998,500 (382,000) 9,220,000 (1,000,000) (c) (e) (f) On Company Statement of Cost of Goods Manufactured For the Month Ended December 31, 2014 Work in Process inventory, December 1, 2014 Direct Materials: Materials inventory, December 1, 2014 Purchases Cost of Materials Available for Use Less Materials inventory, December 31, 2014 Cost of Direct Materials Used in Production Direct Labor Factory Overhead Total Manufacturing Costs incurred during December Total Manufacturing Costs Less Work in Process inventory, December 31, 2014 Cost of Goods Manufactured 65,800.00 282,800.00 317,800.00 387,800.00 148,400.00 119,000.00 973,000.00 172,200.00 (b) (c) Sales Cost of Goods Sold: On Company Income Statement For the Month Ended December 31, 2014 Finished Goods inventory, December 1, 2014 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Less Finished Goods inventory, December 31, 2014 Cost of Goods Sold Gross Profit Operating Expenses Net Income 224,000.00 197,400.00 (c) 1,127,000.00 117,600.00 (d) (e) (f) Rainer Company Statement of Cost of Goods Manufactured For the Month Ended May 31 Work in Process inventory, May 1 Direct Materials: Materials inventory, May 1 Purchases Cost of Materials Available for Use Materials inventory, May 31 Cost of Direct Materials Used in Production Direct Labor Factory Overhead Total Manufacturing Costs incurred during May Total Manufacturing Costs Work in Process inventory, May 31 Cost of Goods Manufactured Gross Profit Operating Expenses Net Income Sales Cost of Goods Sold: Finished Goods inventory, May 1 Cost of Goods Manufactured Cost of Finshed Goods Available for Sale Finished Goods inventory, May 31 Cost of Goods Sold 100,000 950,000 Rainer Company Income Statement For the Month Ended May 31 (a) 938,500 2,860,000 1,800,000 615,000 (596,500) (c) 400,000 5,998,500 (382,000) 9,220,000 (1,000,000) (c) (e) (f)
Expert Answer:
Answer rating: 100% (QA)
The Cost of Goods Manufactured It is the calculation of a comp... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0618777181
8th Edition
Authors: Susan V. Crosson, Belverd E. Needles
Posted Date:
Students also viewed these accounting questions
-
Computing COGM and COGS Acronyms: The following cost information are gathered from Drusilla Inc. for the month ended June 30: BWIP Beginning Work-in-process inventory Costs of direct materials used...
-
Star Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1 are given below. Because the videos differ in length and in...
-
Workers in Questionville speak one of two languages: A and B. Employers in Questionville are native speakers of language A, and they have a rudimentary understanding of language B. Each worker has a...
-
The management accountant is preparing the master budget for her retail firm. The following information has been supplied Sales $300,000 Opening inventory $40,000 Closing inventory $60,000 Required...
-
Why are ratios useful? What are the five major categories of ratios?
-
Consider the discrete-time system shown in figure (a) Compute the first six values of the impulse response of the system. (b) Compute the first six values of the zero-state step response of the...
-
A researcher wants to test the hypothesis that births are more likely to occur on weekdays. The null hypothesis is that 17% of births occur on each of the days Monday through Friday, 10% occur on...
-
Deedle Company purchased four convenience store buildings on January 1, 2005, for a total of $26,000,000. The buildings have been depreciated using the straight-line method with a 20-year useful life...
-
A car is driving along the highway when its driver sees a traffic jam ahead. The driver hits the brakes, causing a uniform acceleration of magnitude 2.0 m/s^2, and reduces the speed of the car to...
-
Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a wholesale business. The following information is provided for its year ended May 31, 2020: 1....
-
The SLM Co. is planning on investing in a new project. This will involve the purchase of some new machinery costing $350,000. The project is expected to generate cash inflows of $125,450 each year...
-
Bingo Oil Corporation recently acquired a truck costing $60,000 with an estimated life of five years (ignore salvage value). The foreman drives the truck to oversee operations on seven leases, all in...
-
The cost structure (%) of an article with a selling price of 45,000 is as follows: An increase of 15 per cent in the cost of material and of 25 per cent in the cost of labour is anticipated. These...
-
The Libby Oil Corporation incurs unproved property (Lease A) costs of $60,000 on April 1, 2018. An 8% loan is obtained on April 1, 2018 for $500,000 to finance a drilling program. Libby started a...
-
Allen Petroleum drilled an exploratory well in 2018 that was still in progress at year-end. Total costs incurred by 12/31/18 were $500,000. During January 2019, drilling was continued, and additional...
-
Craig Petroleum has been operating in the United States for 15 years. The company purchased new tubing and casing to replace damaged tubular goods in a well that has been producing for four years....
-
A leasing contract calls for an immediate payment of $107,000 and nine subsequent $107,000 semiannual payments at six-month intervals. What is the PV of these payments if the annual discount rate is...
-
Cable Corporation is 60% owned by Anna and 40% owned by Jim, who are unrelated. It has noncash assets, which it sells to an unrelated purchaser for $100,000 in cash and $900,000 in installment...
-
Gator Car Repair specializes in repairing rental cars. The company uses a 50 percent markup rate on parts to cover parts-related overhead costs and profit margin. It uses a 100 percent markup rate on...
-
Climax Mines uses the direct method for assigning service center costs to Revenue Centers M and N. The costs, cost drivers, and statistics are as follows: Using the direct method, assign service...
-
E*TRADE and Ameritrade offer Internet stock-trading services at a very low price compared to traditional brokers. Both companies have been growing very rapidly in recent years. What internal and...
-
Why is communications management so important during project execution? What is the difference between formal and informal communications? Why are nonverbal communications so important?
-
What is involved in managing quality, and how does it affect project execution? What are tools and techniques used in performing quality assurance? How did Kristins team use one of these tools to...
-
Find an example of a large project that took more than a year to complete. Describe some of the planning work completed for the project as part of project integration and scope management. Summarize...
Study smarter with the SolutionInn App