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Managerial Accounting 1B
Financial
and Managerial Accounting
Chapter 14

1.Exercise 14-8 Cost of goods sold computation L.O. P1

Century
Merchandising

New
Homes
Manufacturing

Beginning inventory

Merchandise

$

250,000

Finished
goods

$

500,000

Cost of purchases

460,000

Cost of goods
manufactured

886,000

Ending inventory

Merchandise

150,000

Finished
goods

144,000

Compute cost of goods sold for
each of these two companies for the year ended December 31, 2011. (Omit the “$” sign in your response.)

Cost
of goods sold

Century Merchandising

New Homes Manufacturing

Exercise 14-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2
[The following information applies to the questions displayed
below.]

Using the following data,

Canyon
Company

Rossings
Company

Beginning finished
goods inventory

$

14,000

$

18,450

Beginning goods in
process inventory

16,500

21,950

Beginning raw
materials inventory

9,250

11,000

Rental cost on factory
equipment

29,000

24,750

Direct labor

21,000

37,000

Ending finished goods
inventory

19,650

15,300

Ending goods in
process inventory

24,000

18,000

Ending raw materials
inventory

7,300

9,200

Factory utilities

11,000

14,000

Factory supplies used

10,200

5,200

General and
administrative expenses

23,000

45,000

Indirect labor

3,250

9,660

RepairsFactory
equipment

6,780

3,500

Raw materials
purchases

35,000

54,000

Sales salaries

52,000

48,000

Section Break

Difficulty: Hard

Exercise 14-9 Cost
of goods manufactured and cost of goods sold computation L.O. P1, P2

Learning Objective:
14-P2 Prepare a manufacturing statement and explain its purpose and links to
financial statements.

2.Exercise 14-9 Part 1

1.

Compute the cost of goods
manufactured for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.)

Canyon
Company

Rossings
Company

Cost of goods manufactured

rev: 03-04-11

3.Exercise 14-9 Part 2

2.

Compute cost of goods sold for
both Canyon Company and Rossings Company.(Omit
the “$” sign in your response.)

Canyon
Company

Rossings
Company

Cost of goods sold

4.Exercise 14-11 Manufacturing statement preparation L.O. P2

Given the following selected
account balances of Randa Company.

Prepare its manufacturing
statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the
“$” sign in your response.)

5.

Exercise 14-12 Income statement preparation L.O. P2

Following are the selected account
balances of Randa Company:

Prepare an income statement for
Randa Company (a manufacturer). Assume that its cost of goods manufactured is
$546,390. (Input all amounts as positive
values. Omit the “$” sign in your response.)

Problem 14-8A Manufacturing and income statements; inventory
analysis L.O. P2
[The following information applies to the questions displayed below.]

The following calendar year-end
information is taken from the December 31, 2011, adjusted trial balance and
other records of Plaza Company.

Section Break

Problem 14-8A
Manufacturing and income statements; inventory analysis L.O. P2

6.Problem 14-8A Part-1

Required:

1.

Prepare the companys 2011
manufacturing statement.(Input all amounts
as positive values. Omit the “$” sign in your response.)

7.Problem 14-8A Part-2

2.

Prepare the companys 2011 income
statement that reports separate categories for (a) selling expenses and (b)
general and administrative expenses.(Input
all amounts as positive values. Omit the “$” sign in your
response.)

Managerial Accounting 1BFinancial
and Managerial AccountingChapter 141.Exercise 14-8 Cost of goods sold computation L.O. P1 Century
Merchandising New
Homes
Manufacturing Beginning inventory Merchandise $250,000 Finished
goods $500,000 Cost of purchases 460,000 Cost of goods
manufactured 886,000 Ending inventory Merchandise 150,000 Finished
goods 144,000 Compute cost of goods sold for
each of these two companies for the year ended December 31, 2011. (Omit the “$” sign in your response.) Cost
of goods sold Century Merchandising New Homes ManufacturingExercise 14-9 Cost of goods manufactured and cost of goods sold
computation L.O. P1, P2[The following information applies to the questions displayed
below.]Using the following data, Canyon
Company Rossings
Company Beginning finished
goods inventory $14,000 $18,450 Beginning goods in
process inventory 16,500 21,950 Beginning raw
materials inventory 9,250 11,000 Rental cost on factory
equipment 29,000 24,750 Direct labor 21,000 37,000 Ending finished goods
inventory 19,650 15,300 Ending goods in
process inventory 24,000 18,000 Ending raw materials
inventory 7,300 9,200 Factory utilities 11,000 14,000 Factory supplies used 10,200 5,200 General and
administrative expenses 23,000 45,000 Indirect labor 3,250 9,660 RepairsFactory
equipment 6,780 3,500 Raw materials
purchases 35,000 54,000 Sales salaries 52,000 48,000 Section BreakDifficulty: Hard Exercise 14-9 Cost
of goods manufactured and cost of goods sold computation L.O. P1, P2Learning Objective:
14-P2 Prepare a manufacturing statement and explain its purpose and links to
financial statements. 2.Exercise 14-9 Part 11.Compute the cost of goods
manufactured for both Canyon Company and Rossings Company.(Omit the “$” sign in your response.) Canyon
CompanyRossings
Company Cost of goods manufacturedrev: 03-04-11

3.Exercise 14-9 Part 22.Compute cost of goods sold for
both Canyon Company and Rossings Company.(Omit
the “$” sign in your response.) Canyon
CompanyRossings
Company Cost of goods sold4.Exercise 14-11 Manufacturing statement preparation L.O. P2Given the following selected
account balances of Randa Company. Prepare its manufacturing
statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the
“$” sign in your response.) 5. Exercise 14-12 Income statement preparation L.O. P2Following are the selected account
balances of Randa Company: Prepare an income statement for
Randa Company (a manufacturer). Assume that its cost of goods manufactured is
$546,390. (Input all amounts as positive
values. Omit the “$” sign in your response.) Problem 14-8A Manufacturing and income statements; inventory
analysis L.O. P2[The following information applies to the questions displayed below.]The following calendar year-end
information is taken from the December 31, 2011, adjusted trial balance and
other records of Plaza Company. Section BreakProblem 14-8A
Manufacturing and income statements; inventory analysis L.O. P2 6.Problem 14-8A Part-1Required:1.Prepare the companys 2011
manufacturing statement.(Input all amounts
as positive values. Omit the “$” sign in your response.)
7.Problem 14-8A Part-22.Prepare the companys 2011 income
statement that reports separate categories for (a) selling expenses and (b)
general and administrative expenses.(Input
all amounts as positive values. Omit the “$” sign in your
response.)

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