Reference no: EM132431998
Question -
Part 1) Baltimore Manufacturing Company just completed its year ended December 31, 2018. Depreciation for the year amounted to $170,000: 30% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2016: 75% were sold in 2018 and the rest remained in finished good inventory. Use this information to for example purposes the dollar amount of the total depreciation that will be contained in Cost of Goods Sold.
Part 2) Baltimore Manufacturing had a Work in Process balance of $79,000 on January 1, 2018. The year end balance of Work in Process was $68,000 and the Cost of Goods Manufactured was $670,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round dollar values & enter as whole dollars only.)
Part 3) Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $200,000
Cost of Goods Manufactured 57,000
Direct Material Purchased 80,000
Factory Overhead 20,000
Work in Process - January 1 60,000
Work in Process - December 31 30,000
Direct Material - December 31 20,000
Finished Goods Inventory - December 31 37,000
Net Income 30,000
Direct Materials used 60,000
Cost of Goods Sold 52,000
Use this information to give an example of the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.
Part 4) During FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods manufactured for the year was $475,000. The January 1, 2019 balance of Work-in-Process Inventory is $51,000. Use this information to give an example of the dollar amount of the FY 2018 beginning Work-in-Process Inventory.
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