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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. |
|
Account |
Company 1 |
Company 2 |
|
Cash |
11,000 |
9,000 |
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Raw materials inventory |
35,750 |
|
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Merchandise inventory |
38,750 |
|
|
Goods in process inventory |
26,000 |
|
|
Finished goods inventory |
46,000 |
|
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Accounts receivable, net |
55,000 |
66,000 |
|
Prepaid expenses |
4,500 |
900 |
references
1.
value:
1.00 points
Exercise 18-7 Part 1.1
|
(1.1) |
Identify which set of numbers relates to the manufacturer. |
|
$ |
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$ [removed] |
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9.
value: 2.00 points
Exercise 18-13 Cost flows in manufacturing L.O. C5
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The 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. |
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$37,550 |
|
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$7,550 |
$5,050 |
$ [removed] |
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$78,050 |
$132,050 |
|
$22,550 |
|
|
$245,600 |
|
|
$286,150 |
$30,050 |
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references
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. |
Account
Company 1
Company 2
Cash
$
11,000
$
9,000
Raw materials inventory
—
35,750
Merchandise inventory
38,750
—
Goods in process inventory
—
26,000
Finished goods inventory
—
46,000
Accounts receivable, net
55,000
66,000
Prepaid expenses
4,500
900
references
1.
value:
1.00 points
Exercise 18-7 Part 1.1
|
(1.1) |
Identify which set of numbers relates to the manufacturer. |
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references
2.
value:
1.00 points
Exercise 18-7 Part 1.2
|
(1.2) |
Identify which set of numbers relates to the merchandiser. |
Company 1
Company 2
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references
3.
value:
2.00 points
Exercise 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 “$” sign in your response.) |
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Company 1 |
||||||||||||||||||||||||||||||
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$
|
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Total current assets |
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Company 2 |
4.
value:
2.00 points
Exercise 18-8
Cost of goods sold
computation L.O. P1
|
Century |
New Homes |
|
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Beginning inventory |
||
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Merchandise |
331,000 |
|
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Finished goods |
662,000 |
|
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Cost of purchases |
450,000 |
|
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Cost of goods manufactured |
8 30,000 |
|
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Ending inventory |
||
|
231,000 |
||
|
225,000 |
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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 |
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references
Exercise 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, |
|
Canyon |
Rossings |
|||||
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Beginning finished goods inventory |
18,000 |
17,500 |
||||
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Beginning goods in process inventory |
15,000 |
20,000 |
||||
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Beginning raw materials inventory |
12,000 |
13,000 |
||||
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Rental cost on factory equipment |
30,000 | |||||
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Direct labor |
22,000 |
43,000 |
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Ending finished goods inventory |
1 9,500 |
11,500 |
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Ending goods in process inventory |
21,000 |
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Ending raw materials inventory |
11,800 |
17,900 |
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Factory utilities |
||||||
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Factory supplies used |
9,800 |
9,500 | ||||
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General and administrative expenses |
19,000 |
|||||
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Indirect labor |
3,250 |
9,660 |
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Repairs—Factory equipment |
6,780 |
3,500 |
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Raw materials purchases |
27,000 |
41,000 |
||||
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Sales salaries |
49,000 |
42,000 |
references
5.
value:
2.00 points
Exercise 18-9 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 | $ |
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6.
value:
2.00 points
Exercise 18-9 Part 2
|
2. |
Compute cost of goods sold for both Canyon Company and Rossings Company. (Omit the “$” sign in your response.) |
|
Cost of goods sold |
7.
value:
3.00 points
Exercise 18-11 Manufacturing statement preparation L.O. P2
|
Given the following selected account balances of Randa Company. |
| Sales |
1,416,000 |
||
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Raw materials inventory, Dec. 31, 2010 |
39,000 |
||
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Goods in process inventory, Dec. 31, 2010 |
58,400 |
||
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Finished goods inventory, Dec. 31, 2010 |
65,300 |
||
|
185,400 |
|||
|
248,000 |
|||
|
Factory computer supplies used |
19,400 |
||
|
56,000 |
|||
|
7,250 |
|||
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Rent cost of factory building |
60,000 |
||
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Advertising expense |
87,000 |
||
|
125,000 |
|||
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Raw materials inventory, Dec. 31, 2011 |
43,500 |
||
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Goods in process inventory, Dec. 31, 2011 |
46,300 |
||
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Finished goods inventory, Dec. 31, 2011 |
72,700 |
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Prepare its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the “$” sign in your response.) |
|
RANDA COMPANY |
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Direct materials |
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Raw materials available for use |
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Direct materials used |
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Factory overhead |
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Total factory overhead costs |
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Total manufacturing costs |
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Total cost of goods in process |
||||||||||||||||||||
8.
value:
2.00 points
Exercise 18-12 Income statement preparation L.O. P2
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Following are the selected account balances of Randa Company: |
|
1,080,000 |
|
|
40,000 |
|
|
58,300 |
|
|
64,500 |
|
|
175,100 |
|
|
223,000 |
|
|
24,500 |
|
|
57,000 |
|
|
90,000 |
|
|
145,000 |
|
|
41,300 |
|
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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.) |
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RANDA COMPANY |
|||||
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Cost of goods sold |
|||||
|
$ |
|||||
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Cost of goods available for sale |
|||||
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Cost of goods sold |
|||||
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Operating expenses |
|||||
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Total operating expenses |
|||||
9.
value:
2.00 points
Exercise 18-13 Cost flows in manufacturing L.O. C5
|
The 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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