Reference no: EM132432961

Question -

Q1. The following financial information is for Annapolis Corporation are for the fiscal years ending 2019 & 2018 (all balances are normal):

Item/account	2019	2018
Accounts receivable	$50,000	$42,000
Inventory	$42,000	$38,000
Net sales (all credit)	$380,000	$350,000
Cost of goods sold	$154,000	$152,000
Net income	$27,200	$24,800

Use this information to determine the accounts receivable average collection period for FY 2019.

Q2. Towson Manufacturing had a Work in Process balance of $138,000 on January 1, 2018. The yearend balance of Work in Process was $128,000 and the Cost of Goods Manufactured was $770,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.

Q3. During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $17,000 & ending finished goods inventory of $21,500. Beginning work-in-process was $11,000 and ending work-in-process was 17,500. Factory overhead was $22,500. The total manufacturing costs amounted to $288,000. Use this information to determine the FY 2018 Cost of Goods Sold.