Principles of Cost Accounting
17th Edition
ISBN: 9781305087408
Author: Edward J. Vanderbeck, Maria R. Mitchell
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 1, Problem 8E
The following data are taken from the general ledger and other records of Phoenix Products Co. on October 31, the end of the first month of operations in the current fiscal year:
- a. Prepare a statement of cost of goods manufactured.
- b. Prepare the cost of goods sold section of the income statement.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000; Materials inventory (July 01)......15,000; Work in process inventory (July 01)..... 20,000; Finished goods inventory (July 01).......28,000; Materials purchased ...... 21,000; Direct labor.....12,500; Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500; Selling and Adminstrative expense.....8,000; Inventories on July 31: Materials.....16,000; Work in Process.....18,000; Finished good.....30,000 QUESTION: a) Prepare a statement of cost of goods manufactured b) determine the cost of goods sold for the month.
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company
The following information is available for Aricanly Manufacturing Company for the month ending January 31:
Cost of goods manufactured
Selling expenses
Administrative expenses
Sales
Finished goods inventory, January 1
Finished goods inventory, January 31
a. For the month ended January 31, determine Aricanly's cost of goods sold.
Aricanly Manufacturing
Company
Cost of Goods Sold
January 31
b. For the month ended January 31, determine Aricanly's gross profit.
Aricanly Manufacturing
Company
Gross Profit
January 31
$277,220
92,600
48,960
589,840
66,650
60,750
c. For the month ended January 31, determine Aricanly's net income.
Aricanly Manufacturing Company
Net Income
January 31
Operating expenses:
Total operating expenses
Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Bandera
Manufacturing Company for the month ending January 31:
Cost of goods manufactured
elling expenses
dministrative expenses
ales
inished goods inventory, January 1
inished goods inventory, January 31
. For the month ended January 31, determine Bandera
Manufacturing's cost of goods sold.
Bandera Manufacturing
Company
Cost of Goods Sold
January 31
. For the month ended January 31, determine Bandera
Manufacturing's gross profit.
Bandera Manufacturing
Company
Gross Profit
January 31
. For the month ended January 31, determine Bandera
Manufacturing's net income.
Bandera Manufacturing
Company
Net Income
January 31
$167,280
55,880
29,540
355,910
40,220
36,660
Operating expenses:
Total operating expenses
100
Chapter 1 Solutions
Principles of Cost Accounting
Ch. 1 - How does the cost accounting function assist in...Ch. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - How is cost accounting information used by...Ch. 1 - Why is unit cost information important to...Ch. 1 - For a manufacturer, what does the planning process...Ch. 1 - How is effective control achieved in a...
Ch. 1 - Define responsibility accounting.Ch. 1 - What criteria must be met for a unit of activity...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - What actions should a CMA take when the...Ch. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - How is cost accounting related to: financial...Ch. 1 - How does the computation of cost of goods sold for...Ch. 1 - How would you describe the following accounts:...Ch. 1 - Prob. 22QCh. 1 - What is the difference between a perpetual...Ch. 1 - What are the basic elements of production cost?Ch. 1 - How would you define the following costs: direct...Ch. 1 - Why have companies such as Harley-Davidson stopped...Ch. 1 - Distinguish prime cost from conversion cost. Does...Ch. 1 - In what way does the accounting treatment of...Ch. 1 - How do cost of goods sold and cost of goods...Ch. 1 - How are nonfactory costs and costs that benefit...Ch. 1 - What is a mark-on percentage?Ch. 1 - Prob. 32QCh. 1 - When is process costing appropriate, and what...Ch. 1 - What are the advantages of accumulating costs by...Ch. 1 - What is a job cost sheet, and why is it useful?Ch. 1 - What are standard costs, and what is the purpose...Ch. 1 - If the factory operations and selling and...Ch. 1 - Study the performance report for Barbaras Bistro...Ch. 1 - Note that Barbaras Bistro in Figure 1-2 prepares...Ch. 1 - Cost of goods soldmerchandiser The following data...Ch. 1 - The following data were taken from the general...Ch. 1 - Prob. 5ECh. 1 - Explain in narrative form the flow of direct...Ch. 1 - The following data are taken from the general...Ch. 1 - The following data are taken from the general...Ch. 1 - The following inventory data relate to Edwards,...Ch. 1 - The following is a list of manufacturing costs...Ch. 1 - Leen Production Co. uses the job order cost system...Ch. 1 - Gerken Fabrication Inc. uses the job order cost...Ch. 1 - Cycle Specialists manufactures goods on a job...Ch. 1 - Prepare a performance report for the dining room...Ch. 1 - The following data were taken from the general...Ch. 1 - The following data were taken from the general...Ch. 1 - Statement of cost of goods manufactured; income...Ch. 1 - The adjusted trial balance for Appleton...Ch. 1 - The post-closing trial balance of Custer Products,...Ch. 1 - Selected account balances and transactions of...Ch. 1 - OReilly Manufacturing Co.s cost of goods sold for...Ch. 1 - Glasson Manufacturing Co. produces only one...Ch. 1 - Sultan, Inc. manufactures goods to special order...Ch. 1 - Spokane Production Co. obtained the following...Ch. 1 - Bangor Products Co. obtained the following...Ch. 1 - Potomac Automotive Co. manufactures engines that...Ch. 1 - Required Ethics Mary Branson is the Division...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following data are taken from the general ledger and other records of Coral Park Production Co. on January 31, the end of the first month of operations in the current fiscal year: a. Prepare a statement of cost of goods manufactured. b. Prepare the cost of goods sold section of the income statement.arrow_forwardThe following data were taken from the general ledger and other data of McDonough Manufacturing on July 31: Compute the cost of goods sold for the month of July.arrow_forwardThe following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March.arrow_forward
- FINANCIAL STATEMENTS The Income Statement and Balance Sheet columns of Braiden Companys work sheet are shown on the next page. Additional information needed to prepare the financial statements is as follows: REQUIRED 1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. 2. Prepare a statement of retained earnings for the year ended December 31, 20-- 3. Prepare a balance sheet as of December 31, 20--.arrow_forwardThe following is selected information from Orange Industries. Compute net purchases, and cost of goods sold for the month of June.arrow_forwardCost of goods sold Based on the following data, determine the cost of goods sold for November:arrow_forward
- The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.arrow_forwardCost of goods sold Based on the following data, determine the cost of goods sold for July:arrow_forwardCost of goods soldmerchandiser The following data were taken from the general ledger of Owens Booksellers on January 31, the end of the first month of operations in the current fiscal year: Compute the cost of goods sold for the month of January.arrow_forward
- The following cost and inventory data for the just completed year are taken from the accounting records of Eccles Company: Costs incurred: Advertising expense. Direct labor cost.... Purchases of raw materials. Rent, factory building. Indirect labor... Sales commissions. Utilities, factory.... Maintenance, factory equipment... Supplies, factory..... Depreciation, office equipment.. Depreciation, factory equipment. Beginning of Year End of Year Inventories: Raw Materials $8,000 $10,000 Work in Process $5,000 $20,000 Finished Goods $70,000 $25,000 .$100,000 $90,000 $132,000 . $80,000 $56,300 . $35,000 .$9,000 ... $24,000 $700 $8,000 .. $40,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold section of Eccles Company.arrow_forwardRamesh Abdul Industries Presents you the following data relating to the operations for the year ended on June 30, 2013.Required:Prepare cost of goods Manufactured and sold statement.arrow_forward1. Calculate for the inventory of materials, December 31. 2. Calculate for the total or over-all manufacturing cost. 3. Calculate for the cost of goods manufactured. 4. Calculate for the total cost of goods sold. 5. Calculate for the work in process inventory, December 31. 6. Calculate for the finished goods inventory, December 31. 7. Calculate for the gross profit/loss for the year.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:CengagePrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Job Cost Sheet - Job Cost Accounting System; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=ElD8nKNXE1I;License: Standard Youtube License