Acct 212 chapter 18

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Exercise 18-7 Balance sheet identification and preparation L.O. C4

[The following information applies to the questions displayed below.]

Current assets for two different companies at calendar year-end 2011 are listed here. One is a manufacturer, Roller Blades Mfg., and the other, Sunny Foods, is a grocery distribution company.

Account

Company 1

Company 2

Cash

$

11,000

$

9,000

Raw materials inventory

—

35,750

Merchandise inventory

38,750

—

Goods in process inventory

—

26,000

Finished goods inventory

—

46,000

Accounts receivable, net

55,000

66,000

Prepaid expenses

4,500

900


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1.

value:

1.00 points

Exercise 18-7 Part 1.1

(1.1)

Identify which set of numbers relates to the manufacturer.

Company 1

Company 2

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2.

value:

1.00 points

Exercise 18-7 Part 1.2

(1.2)

Identify which set of numbers relates to the merchandiser.

Company 1

Company 2

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3.

value:

2.00 points

Exercise 18-7 Part 2

(2)

Prepare the current asset section for each company from this information.(Be sure to list the current assets in order of liquidity. Omit the “$” sign in your response.)

Company 1

Sunny Foods

Current Asset Section

December 31, 2011

$


Total current assets

$




Company 2

Roller Blades Mfg.

Current Asset Section

December 31, 2011

$


Total current assets

4.

value:

2.00 points

Exercise 18-8 Cost of goods sold computation L.O. P1

Century

Merchandising

New Homes

Manufacturing

Beginning inventory

Merchandise

$

331,000

Finished goods

$

662,000

Cost of purchases

450,000

Cost of goods manufactured

830,000

Ending inventory

Merchandise

231,000

Finished goods

225,000


Compute cost of goods sold for each of these two companies for the year ended December 31, 2011.(Omit the “$” sign in your response.)

Cost of goods sold

Century Merchandising

$

New Homes Manufacturing

$


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Exercise 18-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2

[The following information applies to the questions displayed below.]

Using the following data,

Canyon

Company

Rossings

Company

Beginning finished goods inventory

$

18,000

$

17,500

Beginning goods in process inventory

15,000

20,000

Beginning raw materials inventory

12,000

13,000

Rental cost on factory equipment

26,000

30,000

Direct labor

22,000

43,000

Ending finished goods inventory

19,500

11,500

Ending goods in process inventory

21,000

22,000

Ending raw materials inventory

11,800

17,900

Factory utilities

15,000

18,000

Factory supplies used

9,800

9,500

General and administrative expenses

19,000

43,000

Indirect labor

3,250

9,660

Repairs—Factory equipment

6,780

3,500

Raw materials purchases

27,000

41,000

Sales salaries

49,000

42,000


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5.

value:

2.00 points

Exercise 18-9 Part 1

1.

Compute the cost of goods manufactured for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.)

Canyon Company

Rossings Company

Cost of goods manufactured

$

$


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6.

value:

2.00 points

Exercise 18-9 Part 2

2.

Compute cost of goods sold for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.)

Canyon Company

Rossings Company

Cost of goods sold

$

$

7.

value:

3.00 points

Exercise 18-11 Manufacturing statement preparation L.O. P2

Given the following selected account balances of Randa Company.

Sales

$

1,416,000

Raw materials inventory, Dec. 31, 2010

39,000

Goods in process inventory, Dec. 31, 2010

58,400

Finished goods inventory, Dec. 31, 2010

65,300

Raw materials purchases

185,400

Direct labor

248,000

Factory computer supplies used

19,400

Indirect labor

56,000

Repairs—Factory equipment

7,250

Rent cost of factory building

60,000

Advertising expense

87,000

General and administrative expenses

125,000

Raw materials inventory, Dec. 31, 2011

43,500

Goods in process inventory, Dec. 31, 2011

46,300

Finished goods inventory, Dec. 31, 2011

72,700


Prepare its manufacturing statement for the year ended on December 31, 2011.(Input all amounts as positive values. Omit the “$” sign in your response.)

RANDA COMPANY

Manufacturing Statement

For Year Ended December 31, 2011

Direct materials

$


Raw materials available for use


Direct materials used

$

Factory overhead


Total factory overhead costs


Total manufacturing costs


Total cost of goods in process


Cost of goods manufactured

$




8.

value:

2.00 points

Exercise 18-12 Income statement preparation L.O. P2

Following are the selected account balances of Randa Company:

Sales

$

1,080,000

Raw materials inventory, Dec. 31, 2010

40,000

Goods in process inventory, Dec. 31, 2010

58,300

Finished goods inventory, Dec. 31, 2010

64,500

Raw materials purchases

175,100

Direct labor

223,000

Factory computer supplies used

24,500

Indirect labor

57,000

Repairs—Factory equipment

7,250

Rent cost of factory building

56,000

Advertising expense

90,000

General and administrative expenses

145,000

Raw materials inventory, Dec. 31, 2011

41,300

Goods in process inventory, Dec. 31, 2011

40,000

Finished goods inventory, Dec. 31, 2011

72,700


Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $559,850.(Input all amounts as positive values. Omit the “$” sign in your response.)

RANDA COMPANY

Income Statement

For Year Ended December 31, 2011

$

Cost of goods sold

$


Cost of goods available for sale


Cost of goods sold


Operating expenses


Total operating expenses


$

9.

value:

2.00 points

Exercise 18-13 Cost flows in manufacturing L.O. C5

The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the input boxes.

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$37,550

$7,550

$

$5,050

$

$78,050

$132,050

$22,550

$

$

$245,600

$

$286,150

$30,050

$

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