The following details are from the accounting records of Gulf Shore Limited for the year ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following details are from the accounting records of Gulf Shore Limited for the year ended April 30: Costs incurred: Direct labour Raw material purchases Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales staff salaries Rent, factory facilities Supplies, factory Depreciation, office equipment Depreciation, factory equipment $ 70,000 118,000 30,000 6,000 90,000 800 50,000 20,000 4,200 3,000 19,000 Inventories: Raw materials Work in process Finished goods Beginning End of Year of Year $7,000 $15,000 10,000 5,000 20,000 35,000 Required: 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. GULF SHORE LIMITED Schedule of Cost of Goods Manufactured For the year ended April 30 Direct materials: Raw materials used in production Manufacturing overhead: Total manufacturing overhead costs Total manufacturing costs Cost of goods manufactured 2. Prepare the cost of goods sold section of Gulf Shore Limited's income statement for the year ended April 30. $ The following details are from the accounting records of Gulf Shore Limited for the year ended April 30: Costs incurred: Direct labour Raw material purchases Indirect labour Maintenance, factory equipment Advertising expense Insurance, factory equipment Sales staff salaries Rent, factory facilities Supplies, factory Depreciation, office equipment Depreciation, factory equipment $ 70,000 118,000 30,000 6,000 90,000 800 50,000 20,000 4,200 3,000 19,000 Inventories: Raw materials Work in process Finished goods Beginning End of Year of Year $7,000 $15,000 10,000 5,000 20,000 35,000 Required: 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. 1. Prepare a schedule of cost of goods manufactured for the year ended April 30. GULF SHORE LIMITED Schedule of Cost of Goods Manufactured For the year ended April 30 Direct materials: Raw materials used in production Manufacturing overhead: Total manufacturing overhead costs Total manufacturing costs Cost of goods manufactured 2. Prepare the cost of goods sold section of Gulf Shore Limited's income statement for the year ended April 30. $
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Solve the inequalities and show the solution sets on the real line. -2x > 4
-
Your friend Marvin is excited because he believes hes found an investment bargain. A broker at Quick Cash Investments has offered him an opportunity to buy a bond issued by Galveston Galleries Inc....
-
On April 1, 2013, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. April 1 Nozomi invested $30,000 cash and computer...
-
Techmart Corporation is a young start-up firm that produces components for high-resolution televisions. During the last two years, sales have grown dramatically. Currently, Techmart is experiencing a...
-
Pellegrino Watch Company reported the following income statement data for a 2-year period. Pellegrino uses a periodic inventory system. The inventories at January 1, 2011, and December 31, 2012, are...
-
Asuma ahora que Smith Company, LLC adquiri en enero 1 del 2016 un Interest Bearing Note por $250,000 con 6% de inters, recibiendo en efectivo $ 201,867. La nota pagar anualmente$ 15,000 El...
-
Building relationships, anticipating needs, and providing special deals for the community's members are functions of which category of Web 2.0 applications? Social commerce Social networking Blogs...
-
1. Distinguish between "puffery" ("this car hugs the road like a Ferrari") from statements of fact ("this Mustang accelerates from zero to 60 m.p.h. in 4 seconds"). The former is definitely an...
-
For one of the marketing activities, AC > EV. What factor(s) would you analyze before reducing your actual spend on it? Explain with an example For one of your most expensive (actual spend) marketing...
-
Let h(t) be the triangular pulse shown below, h(t) and let z(t) be the infinite train of impulse functions, x(t) = 6(t-kT) k=18 Determine and sketch y(t) = r(t) * h(t) for the different values of T:...
-
EXERCISE 3 Arable, Babble and Cradle formed ABC Company with the following initial capital investments: Arable P100,000.00 Babble P200,000.00 Cradle P300,000,00 Compute the share in profits and...
-
Clark Company's current year income statement, comparative balance sheets, and additional information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable...
-
Determine the cost of the land based on the following data Land purchase price 180000 Brokers commission 15000 Payment for the demolition and removal of existing building 5000 Cash received from the...
-
If the joint cost function for two products is C(x, y) = xy2 + 1 dollars (a) Find the marginal cost (function) with respect to x. (b) Find the marginal cost with respect to y.
-
As the staff accountant at Diablo Manufacturing, you have been asked to prepare the journal entries associated with a recently completed custom order (#720). You have the following information from...
-
Sanchez Consulting applies overhead to consulting projects based on the direct labor hours charged by employees to each job. Selected data for the firm follow: What is the amount of over- or...
-
Given the following data for Scurry Company, what is the cost of goods sold? a. $500,000. c. $800,000. b. $600,000. d. $950,000. Beginning inventory of finished goods Cost of goods manufactured...
Study smarter with the SolutionInn App