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Financial and Managerial Accounting

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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;$;18,450;Beginning goods in process inventory;16,500;21,950;Beginning raw materials inventory;9,250;11,000;Rental cost on factory equipment;29,000;24,750;Direct labor;21,000;37,000;Ending finished goods inventory;19,650;15,300;Ending goods in process inventory;24,000;18,000;Ending raw materials inventory;7,300;9,200;Factory utilities;11,000;14,000;Factory supplies used;10,200;5,200;General and administrative expenses;23,000;45,000;Indirect labor;3,250;9,660;Repairs?Factory equipment;6,780;3,500;Raw materials purchases;35,000;54,000;Sales salaries;52,000;48,000;Section Break;Difficulty: Hard;Exercise 14-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2;Learning Objective: 14-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.;2.;Exercise 14-9 Part 1;1.;Compute the cost of goods manufactured for both Canyon Company and Rossings Company.(Omit the "$" 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 company?s 2011 manufacturing statement.(Input all amounts as positive values. Omit the "$" sign in your response.);7.Problem 14-8A Part-2;2.;Prepare the company?s 2011 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses.(Input all amounts as positive values. Omit the "$" sign in your response.)

 

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