Reference no: EM132315316
Accounting Questions -
Q1. For each case below, find the missing amount.
|
|
Case I
|
Case II
|
Case III
|
|
Beginning inventory of finished goods
|
|
$11,000
|
$11,000
|
|
Cost of goods manufactured during period
|
423,000
|
96,000
|
|
|
Ending inventory of finished goods
|
93,000
|
10,000
|
25,000
|
|
Cost of goods sold
|
$417,000
|
|
$308,000
|
Q2. Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1.
|
Inventory Classification
|
January 1, 20x1
|
December 31, 20x1
|
|
Raw material
|
$60,000
|
$70,000
|
|
Work in process
|
120,000
|
115,000
|
|
Finished goods
|
160,000
|
165,000
|
During 20x1, the company purchased $240,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follow:
|
Indirect material
|
$12,000
|
|
Indirect labor
|
24,000
|
|
Depreciation on plant and equipment
|
100,000
|
|
Utilities
|
26,000
|
|
Other
|
30,000
|
Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent.
Required:
1. Prepare a schedule of cost goods manufactured.
2. Prepare a schedule of cost of goods sold.
3. Prepare an income statement.
|
What happens to the brain when people become addicted
: Imagine you have been asked by your local church, synagogue, scouting group, sports team or some other community organization, to give a 15-20 minute talk.
|
|
What journal entry will national record
: Under its executive stock option plan, National Corporation granted 22 million options on January 1, 2018, that permit executives to purchase 22 million
|
|
What brings to or adds to the study of human development
: Writing assignment about Cognitive theory. Jean Piaget (1896-1980). Piaget's stages of development. Discuss this theory and its theorists.
|
|
How does the media shape society viewpoint of mass violence
: How does the media shape society's viewpoint of mass violence? What are the similarities and differences between the two school disasters with regard.
|
|
Prepare a schedule of cost goods manufactured
: Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. Prepare a schedule of cost goods manufactured
|
|
How the ethical principles might be revised in the future
: Your prediction of how the two ethical principles, standards, or guidelines you selected from the APA Ethical Principles of Psychologists and Code of Conduct.
|
|
What is an agency relationship
: What is an agency relationship? When you first begin operations, assuming you are the only employee and only your money is invested in the business,
|
|
Why the alternative intervention would not be appropriate
: Operant and respondent conditioning are both used to modify behaviors. Compare and contrast operant conditioning and respondent conditioning.
|
|
Describe topic you have selected for your capstone project
: Now that you have selected a topic, you will identify an important problem within the broad topic that you would like to explore. In choosing the problem/issue.
|