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Acct 212 chapter 18

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Question;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. AccountCompany 1Company 2 Cash$11,000$9,000 Raw materials inventory?35,750 Merchandise inventory38,750? Goods in process inventory?26,000 Finished goods inventory?46,000 Accounts receivable, net55,00066,000 Prepaid expenses4,500900references 1.value:1.00 pointsExercise 18-7 Part 1.1(1.1) Identify which set of numbers relates to the manufacturer.Company 1Company 2check my workeBook LinkView Hint #1references 2.value:1.00 pointsExercise 18-7 Part 1.2(1.2)Identify which set of numbers relates to the merchandiser.Company 1Company 2check my workeBook LinkView Hint #1references 3.value:2.00 pointsExercise 18-7 Part 2(2)Prepare the current asset section for each company from this information.(Be sure to list the current assets in order of liquidity. Omit the "$" sign in your response.) Company 1Sunny FoodsCurrent Asset SectionDecember 31, 2011 (Click to select)CashFinished goods inventoryMerchandise inventoryPrepaid expensesAccounts receivable, net$ (Click to select)Finished goods inventoryAccounts receivable, netMerchandise inventoryCashPrepaid expenses (Click to select)Prepaid expensesFinished goods inventoryCashMerchandise inventoryAccounts receivable, net (Click to select)Finished goods inventoryMerchandise inventoryCashAccounts receivable, netPrepaid expenses Total current assets$ Company 2Roller Blades Mfg.Current Asset SectionDecember 31, 2011 (Click to select)Merchandise inventoryCashFinished goods inventoryAccounts receivable, netPrepaid expenses$ (Click to select)Merchandise inventoryPrepaid expensesCashFinished goods inventoryAccounts receivable, net (Click to select)Finished goods inventoryCashRaw materials inventoryGoods in process inventoryAccounts receivable, net (Click to select)Raw materials inventoryFinished goods inventoryAccounts receivable, netCashGoods in process inventory (Click to select)Goods in process inventoryFinished goods inventoryCashRaw materials inventoryAccounts receivable, net (Click to select)Prepaid expensesCashMerchandise inventoryFinished goods inventoryAccounts receivable, net Total current assets4.value:2.00 pointsExercise 18-8 Cost of goods sold computation L.O. P1CenturyMerchandisingNew HomesManufacturing Beginning inventory Merchandise$331,000 Finished goods$662,000 Cost of purchases450,000 Cost of goods manufactured830,000 Ending inventory Merchandise231,000 Finished goods225,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2011.(Omit the "$" sign in your response.) Cost of goods sold Century Merchandising$ New Homes Manufacturing$check my workeBook LinkView Hint #1referencesExercise 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, CanyonCompanyRossingsCompany Beginning finished goods inventory$18,000$17,500 Beginning goods in process inventory15,00020,000 Beginning raw materials inventory12,00013,000 Rental cost on factory equipment26,00030,000 Direct labor22,00043,000 Ending finished goods inventory19,50011,500 Ending goods in process inventory21,00022,000 Ending raw materials inventory11,80017,900 Factory utilities15,00018,000 Factory supplies used9,8009,500 General and administrative expenses19,00043,000 Indirect labor3,2509,660 Repairs?Factory equipment6,7803,500 Raw materials purchases27,00041,000 Sales salaries49,00042,000references 5.value:2.00 pointsExercise 18-9 Part 11.Compute the cost of goods manufactured for both Canyon Company and Rossings Company.(Omit the "$" sign in your response.) Canyon CompanyRossings Company Cost of goods manufactured$$check my workeBook Links (2)View Hint #1references 6.value:2.00 pointsExercise 18-9 Part 22.Compute cost of goods sold for both Canyon Company and Rossings Company.(Omit the "$" sign in your response.) Canyon CompanyRossings Company Cost of goods sold$$7.value:3.00 pointsExercise 18-11 Manufacturing statement preparation L.O. P2Given the following selected account balances of Randa Company. Sales$1,416,000 Raw materials inventory, Dec. 31, 201039,000 Goods in process inventory, Dec. 31, 201058,400 Finished goods inventory, Dec. 31, 201065,300 Raw materials purchases185,400 Direct labor248,000 Factory computer supplies used19,400 Indirect labor56,000 Repairs?Factory equipment7,250 Rent cost of factory building60,000 Advertising expense87,000 General and administrative expenses125,000 Raw materials inventory, Dec. 31, 201143,500 Goods in process inventory, Dec. 31, 201146,300 Finished goods inventory, Dec. 31, 201172,700 Prepare its manufacturing statement for the year ended on December 31, 2011.(Input all amounts as positive values. Omit the "$" sign in your response.) RANDA COMPANYManufacturing StatementFor Year Ended December 31, 2011 Direct materials (Click to select)Advertising expensesRaw materials inventory, December 31, 2010Goods in process inventory, December 31, 2010Indirect laborDirect laborRepairs-factory equipment$ (Click to select)Indirect laborGoods in process inventory, December 31, 2010Advertising expensesRepairs-factory equipmentRaw materials purchasesDirect labor Raw materials available for use (Click to select)Raw materials purchasesLess: Raw materials inventory, December 31, 2011Indirect laborAdd: Raw materials inventory, December 31, 2011Less: Raw materials inventory, December 31, 2010Add: Raw materials inventory, December 31, 2010 Direct materials used$ (Click to select)Indirect laborAdvertising expensesDirect laborRaw materials purchasesRaw materials inventory, December 31, 2010Goods in process inventory, December 31, 2010 Factory overhead (Click to select)Repairs-factory equipmentIndirect laborDirect laborRaw materials purchasesRent cost of factory buildingFactory computer supplies used (Click to select)Rent cost of factory buildingIndirect laborRaw materials purchasesFactory computer supplies usedDirect laborRepairs-factory equipment (Click to select)Repairs-factory equipmentRent cost of factory buildingFactory computer supplies usedIndirect laborDirect laborRaw materials purchases (Click to select)Repairs-factory equipmentDirect laborRaw materials purchasesIndirect laborFactory computer supplies usedRent cost of factory building Total factory overhead costs Total manufacturing costs (Click to select)Less: Goods in process inventory, December 31, 2011Repairs-factory equipmentRent cost of factory buildingAdd: Goods in process inventory, December 31, 2010Add: Goods in process inventory, December 31, 2011Less: Goods in process inventory, December 31, 2010 Total cost of goods in process (Click to select)Raw materials purchasesLess: Goods in process inventory, December 31, 2011Add: Goods in process inventory, December 31, 2010Rent cost of factory buildingLess: Goods in process inventory, December 31, 2010Add: Goods in process inventory, December 31, 2011 Cost of goods manufactured$8.value:2.00 pointsExercise 18-12 Income statement preparation L.O. P2Following are the selected account balances of Randa Company: Sales$1,080,000 Raw materials inventory, Dec. 31, 201040,000 Goods in process inventory, Dec. 31, 201058,300 Finished goods inventory, Dec. 31, 201064,500 Raw materials purchases175,100 Direct labor223,000 Factory computer supplies used24,500 Indirect labor57,000 Repairs?Factory equipment7,250 Rent cost of factory building56,000 Advertising expense90,000 General and administrative expenses145,000 Raw materials inventory, Dec. 31, 201141,300 Goods in process inventory, Dec. 31, 201140,000 Finished goods inventory, Dec. 31, 201172,700 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 COMPANYIncome StatementFor Year Ended December 31, 2011 (Click to select)SalesAdvertising expensesGeneral and administrative expensesCost of goods manufacturedMerchandise inventory$ Cost of goods sold (Click to select)Direct laborAdvertising expensesRent cost of factory buildingFinished goods inventory, December 31, 2010Sales $ (Click to select)SalesDirect laborRent cost of factory buildingCost of goods manufacturedAdvertising expenses Cost of goods available for sale (Click to select)SalesAdd: Finished goods inventory, December 31, 2010Less: Finished goods inventory, December 31, 2010Less: Finished goods inventory, December 31, 2011Add: Finished goods inventory, December 31, 2011 Cost of goods sold (Click to select)Gross lossGross profit Operating expenses (Click to select)Rent cost of factory buildingAdvertising expensesDirect laborGeneral and administrative expensesCost of goods manufactured (Click to select)Cost of goods manufacturedRent cost of factory buildingAdvertising expensesGeneral and administrative expensesDirect labor Total operating expenses (Click to select)Operating lossOperating income$9.value:2.00 pointsExercise 18-13 Cost flows in manufacturing L.O. C5The 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.$37,550 $7,550 $$5,050 $$78,050 $132,050 $22,550 $$$245,600 $$286,150 $30,050 $

 

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