Solution-Make a cost of goods manufactured and income

Make a cost of goods manufactured and income statement

Assignment Help Managerial Accounting

Reference no: EM132638815

Question 1: Cost of Goods Manufactured, Income Statement

W.W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips' accounting records provide the following information:

Purchases of raw materials$320,000 Salary, sales supervisor$ 90,000 Beginning materials inventory 46,800 Commissions, sales persons 180,000 Ending materials inventory 66,800 General administration 300,000 Direct labour 200,000 Beginning work-in-process inventory 13,040 Indirect labour 40,000 Ending work-in-process inventory 14,940 Rent, factory building 42,000 Beginning finished goods inventory 80,000 Depreciation, factory equipment 60,000 Ending finished goods inventory 114,100 Utilities, factory11,900

Reference no: EM132638815

Questions Cloud

Identify additional variables by examining residuals : How is it possible to identify additional or lurking variables by examining residuals? Does a strong correlation of a regression analysis always mean

Administrative assistant for teresa magbanua : Telephone response Who is calling? Was he able to talk to Ms. Magbanua? Why?

Find and create the income statement for the company : Create the income statement for the company. Round dollar values to the nearest dollar. Round percentages to the nearest tenth of a percent.

Is transformational leadership possible or even desirable : Is transformational leadership possible or even desirable in all organizations and industries? If so,explain why.

Make a cost of goods manufactured and income statement : Make a Cost of Goods Manufactured, Income Statement. W.W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each.

Data collection and analysis : what would your intentions be with regard to the data collection and analysis and what would you expect the results to show?

Prepare report including capital budgeting and risk analysis : What is the projects after-tax NPV? Should the project proceed? Prepare a report including capital budgeting, risk analysis and comments.

Determine what is the market value of the equity : Total firm cash flows, which adds $100 million to the value of the firm. Now, what is the market value of the firm? What is the market value of the equity?

Develop a simulation model to estimate the profits : Develop a simulation model to estimate the profits that the company can expect to make over the next two years (i.e. total profits from Jan 2020 to Dec 2021)

User Account

All Pages

Make a cost of goods manufactured and income statement

Reference no: EM132638815

Reference no: EM132638815

Questions Cloud

Reviews

Write a Review

Managerial Accounting Questions & Answers

Manage budgets and financial plans

Prepare a retained earnings statement

Prepare a master budget for the three-month period

Construct the companys direct labor budget

Evaluate the predetermined overhead rate

Determine the company''s bid

Compute the pool rates for the different activities

Prepare Company financial statements

Prepare an analysis of terracycles

Discuss the ethical issues

Political resources in emerging markets

Management accounting - ehsan electronics company

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT