Solution-Arrange the cost data into a statement of cost of

Arrange the cost data into a statement of cost of goods

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Reference no: EM13840745

Question 1: The accountant for Rimmerex Corporation used a spreadsheet to prepare information needed to prepare the statement of cash flows for the year ending December 31, 20X5. However, the data were accidentally sorted alphabetically into the following listing of items. To compound the problem, the "add" and "subtract" notations for each line item were also deleted. Review the information, and prepare a correct presentation, using the indirect approach. The beginning cash balance was $63,800, and the ending cash balance was $415,000.

Bought building by issuing common stock		$ 850,000
Decrease in accounts payable		34,000
Decrease in accounts receivable		21,000
Depreciation expense		68,000
Dividends on common		50,000
Gain on sale of land		20,000
Increase in income taxes payable		7,000
Increase in inventory		27,800
Increase in prepaid insurance		3,000
Net income		215,000
Purchase of equipment		75,000
Repayment of long-term note payable		180,000
Sale of land		430,000

Question 2: Ashley Corporation provided the following list of cost data related to its manufacturing operations for the month of September 20X4.

Beginning raw materials inventory	$ 966,400
Raw materials purchased (net)	2,345,500
Ending raw materials inventory	818,200
Direct labor costs	322,300
Indirect materials	125,500
Indirect labor	88,900
Factory utilities and maintenance	456,000
Factory depreciation	56,600
Other factory related overhead	24,400
Beginning work in process	777,000
Ending work in process	717,000

(a) Arrange the cost data into a statement of cost of goods manufactured.

(b) If Ashley's cost of goods sold for the month was $4,000,000, how much was the increase or decrease in finished goods inventory for the month of September?

Reference no: EM13840745

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Arrange the cost data into a statement of cost of goods

Reference no: EM13840745

Reference no: EM13840745

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