# Managerial Accounting 1B – Ch14

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Managerial Accounting 1B – Ch14

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# Managerial Accounting 1B cH14

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Managerial Accounting 1B

Financial
and Managerial Accounting

Chapter 14

1.

Exercise 14-8 Cost of goods sold computation L.O. P1

 Century Merchandising New Homes Manufacturing Beginning inventory Merchandise \$ 250,000 Finished goods \$ 500,000 Cost of purchases 460,000 Cost of goods manufactured 886,000 Ending inventory Merchandise 150,000 Finished goods 144,000

 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

Exercise 14-9 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 \$ 14,000 \$ 18,450 Beginning goods in process inventory 16,500 21,950 Beginning raw materials inventory 9,250 11,000 Rental cost on factory equipment 29,000 24,750 Direct labor 21,000 37,000 Ending finished goods inventory 19,650 15,300 Ending goods in process inventory 24,000 18,000 Ending raw materials inventory 7,300 9,200 Factory utilities 11,000 14,000 Factory supplies used 10,200 5,200 General and administrative expenses 23,000 45,000 Indirect labor 3,250 9,660 Repairsâ€”Factory equipment 6,780 3,500 Raw materials purchases 35,000 54,000 Sales salaries 52,000 48,000

 Section Break Difficulty: Hard Exercise 14-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2 Learning Objective: 14-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

2.

Exercise 14-9 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

rev: 03-04-11

3.Exercise 14-9 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

4.

Exercise 14-11 Manufacturing statement preparation L.O. P2

 Given the following selected account balances of Randa Company.

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

5.

Exercise 14-12 Income statement preparation L.O. P2

 Following are the selected account balances of Randa Company:

 Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is \$546,390. (Input all amounts as positive values. Omit the “\$” sign in your response.)

Problem 14-8A Manufacturing and income statements; inventory
analysis L.O. P2

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

 The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance and other records of Plaza Company.

 Section Break Problem 14-8A Manufacturing and income statements; inventory analysis L.O. P2

6.Problem 14-8A Part-1

 Required:

 1 Prepare the companyâ€™s 2011 manufacturing statement.(Input all amounts as positive values. Omit the “\$” sign in your response.)

7.Problem 14-8A Part-2

 2 Prepare the companyâ€™s 2011 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.(Input all amounts as positive values. Omit the “\$” sign in your response.)

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