Reference no: EM132479809
Question 1 - Baltimore Manufacturing Company just completed its year ended December 31, 2019. Depreciation for the year amounted to $290,000: 30% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2019: 75% were sold in 2019 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold.
Question 2 - Baltimore Manufacturing had a Work in Process balance of $89,000 on January 1, 2018. The year end balance of Work in Process was $57,000 and the Cost of Goods Manufactured was $820,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
Question 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 $50,000
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 $46,000
Net Income $30,000
Direct Materials used $60,000
Cost of Goods Sold $67,000
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018.