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Grand Canyon ACC350 unit 1 assignment

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Question;Please complete the following exercises and/or problems from the textbook:E18-14E18-22E18-23CP18-42Prepare answers in an Excel workbook1. Preparing a schedule of cost of goods manufacturedKnight Corp., a lamp manufacturer, provided the following information for theyear ended December 31, 2014.Inventories: Beginning EndingRaw Materials $ 56,000 $ 23,000Work-in-Process 103,000 63,000Finished Goods 41,000 48,000Other information:Depreciation, plant building and equipment $ 16,000Raw materials purchases 159,000Insurance on plant 22,000Sales salaries 46,000Repairs and maintenance?plant 8,000Indirect labor 32,000Direct labor 122,000Administrative expenses 59,000Requirements1. Use the information to prepare a schedule of cost of goods manufactured.2. What is the unit product cost if Knight manufactured 2,160 lamps for the year?Learning Objective 4Learning Objective 41. COGM: $432,0002. Computing cost of goods manufactured and cost of goods soldUse the following information for a manufacturer to compute cost of goodsmanufactured and cost of goods sold:Inventories: Beginning EndingRaw Materials $ 29,000 $ 32,000Work-in-Process 44,000 37,000Finished Goods 19,000 24,000Other information:Purchases of materials $ 77,000Direct labor 87,000Manufacturing overhead 45,000COGM: $213,0003. Problem P18-42 is the first problem in a sequence of problems for Davis Consulting, Inc.This company was also used for the Continuing Problems in the financial accountingchapters as the business evolved from a service company to a merchandising company.However, it is not necessary to complete those problems prior to completing P18-42.P18-42Davis Consulting, Inc. is going to manufacture billing software. During its firstmonth of manufacturing, Davis incurred the following manufacturing costs:Inventories: Beginning EndingRaw Materials $ 10,800 $ 10,300Work-in-Process 0 21,000Finished Goods 0 31,500Other information:Raw materials purchases $ 19,000Plant janitorial services 700Sales salaries expense 5,000Delivery expense 1,700Sales revenue 750,000Utilities for plant 10,000Rent on plant 13,000Customer service hotline costs 18,000Direct labor 190,000Prepare a schedule of cost of goods manufactured for Davis for the month endedJanuary 31, 2016.

 

Paper#40647 | Written in 18-Jul-2015

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