The JW Bike Corp had the Following Costs and Balances during the Month as Follows; 1....
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The JW Bike Corp had the Following Costs and Balances during the Month as Follows; 1. Beg Work in Process = $1,000, End Work-in- Process=$12,000 2. Beg Finished Goods=$40,000, End Finished Goods=$1,000 3. Beg Raw Materials=$12,000, Raw Materials Purchased = %3D $88,000, 4. Raw Materials Used Directly into Products = $67,000 5. Raw Materials Used IN-Directly =$32,000 %3D 6. Production Manager Salary =$23,000, Direct Labor Costs = $115,000 7. Accounting Salaries =$33,000, Finance Dept. Equipment =$8,000 8. VP of Operations =$20,000, Factory Tools $44,000 9. Marketing Costs $6,000, Factory Rent = $55,000, CPA Costs=$21.000 10. Factory Security Costs =$15,000, Advertising Costs = $7,000 11. Factory Utilities = $5,000, Human Resource Salaries =$31,000 argod to Customers for the Bilkes included- 12. The Amount Charged to Customers for the Bikes included a 60% Markup over Cost. ANSWER the FOLLOWING QUESTIONS 1.Compute the Ending Balance of RAW Materials = 2.Compute the Total Manufacturing Overhead Costs Applied for the Month = 3. Compute the Total Manufacturing Costs added During the Month = %3D 4. Compute the Total Cost of Work-in-Process = 6. Compute The Cost of Sold for the Month = %3D 7. Compute the Total Sales Revenue for the Month = 8. Compute the Gross Profit for the Month = 9. Compute the Net Income for the Month = The JW Bike Corp had the Following Costs and Balances during the Month as Follows; 1. Beg Work in Process = $1,000, End Work-in- Process=$12,000 2. Beg Finished Goods=$40,000, End Finished Goods=$1,000 3. Beg Raw Materials=$12,000, Raw Materials Purchased = %3D $88,000, 4. Raw Materials Used Directly into Products = $67,000 5. Raw Materials Used IN-Directly =$32,000 %3D 6. Production Manager Salary =$23,000, Direct Labor Costs = $115,000 7. Accounting Salaries =$33,000, Finance Dept. Equipment =$8,000 8. VP of Operations =$20,000, Factory Tools $44,000 9. Marketing Costs $6,000, Factory Rent = $55,000, CPA Costs=$21.000 10. Factory Security Costs =$15,000, Advertising Costs = $7,000 11. Factory Utilities = $5,000, Human Resource Salaries =$31,000 argod to Customers for the Bilkes included- 12. The Amount Charged to Customers for the Bikes included a 60% Markup over Cost. ANSWER the FOLLOWING QUESTIONS 1.Compute the Ending Balance of RAW Materials = 2.Compute the Total Manufacturing Overhead Costs Applied for the Month = 3. Compute the Total Manufacturing Costs added During the Month = %3D 4. Compute the Total Cost of Work-in-Process = 6. Compute The Cost of Sold for the Month = %3D 7. Compute the Total Sales Revenue for the Month = 8. Compute the Gross Profit for the Month = 9. Compute the Net Income for the Month =
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Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
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