The following data in thousands of dollars have been taken

Assignment Help Accounting Basics

Reference no: EM13393055

The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year.

Sales	1,200
Raw materials inventory, beginning	25
Raw materials inventory, ending	50
Purchases of raw materials	180
Direct labor	230
Manufacturing overhead	250
Administrative expenses	400
Selling expenses	200
Work-in-process inventory, beginning	150
Work-in-process inventory, ending	120
Finished goods inventory, beginning	100
Finished goods inventory, ending	110

Use the above data to prepare (in thousands of dollars) a schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold for the year. In addition, what is the impact on the financial statements if the ending finished goods inventory is overstated or understated?

Reference no: EM13393055

Questions Cloud

A video rental stores will cost 650000 to open assuming : a video rental stores will cost 650000 to open. assuming annual sales of 1 million variable costs of 35 fixed costs of

Also draw each consumers indifference curve which runs : suppose there are two consumers a and bthe utility functions of each consumer are given byuaxyxyubxyminxythe initial

Besides compensation costs what are the hrm challenges do : why does this business writer believe union membership might become more attractive to workers at auto companies in the

Identify the key processes that add value and evaluate the : for this assignment you will choose a company with which you are familiar. you are encouraged to choose a company for

The following data in thousands of dollars have been taken : the following data in thousands of dollars have been taken from the accounting records of the maroon corporation for

Mary has been working for a university for almost 25 years : mary has been working for a university for almost 25 years and is now approaching retirement. she wants to address

Hoovers industry index nd explains aspects the tv broadcast : hoovers industry index n.d. describes aspects the tv broadcast and cable networks industry. this industry has seen

Fnd equilibrium levels of prices and then resulting : consider the market where there is product differentiation with two firms. the firms are choosing prices p1 and p2 and

Discuss the purpose of each financial statement determine : write a two to three 2-3 page paper in which youdescribe the purpose of each financial statement. determine which one 1

User Account

All Pages