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ACC560 Week 1 E1-8 E1-12 E1-16 P1-4A

Price: $5.99

E1-8 Lopez Corporation incurred the following costs while manufacturing its product.



Work in process inventory was $12,000 at January 1 and $15,500 at December 31. Finished
goods inventory was $60,000 at January 1 and $45,600 at December 31.
Instructions
(a) Compute cost of goods manufactured.
(b) Compute cost of goods sold.

E1-12 Cepeda Corporation has the following cost records for June 2014.



Instructions
(a) Prepare a cost of goods manufactured schedule for June 2014.
(b) Prepare an income statement through gross profi t for June 2014 assuming sales revenue
is $92,100.

E1-16 An analysis of the accounts of Roberts Company reveals the following manufacturing
cost data for the month ended June 30, 2014.



Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing
overhead $19,900. The specifi c overhead costs were: indirect labor $5,500, factory insurance
$4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities
$3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were direct
materials.

Instructions
(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2014.
(b) Show the presentation of the ending inventories on the June 30, 2014, balance sheet.

P1-4A The following data were taken from the records of Clarkson Company for the fi scal
year ended June 30, 2014.


Instructions
(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were
direct materials.)
(b) Prepare an income statement through gross profi t.
(c) Prepare the current assets section of the balance sheet at June 30, 2014.

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