A review of the accounting records of Rayford Manufacturing indicated that the company incurred the following payroll costs during the month of September.
plant$203000.
What amount of payroll cost would be classified as selling general and administrative expense?(Omit the $ sign in your response.)
Assuming that Rayford made 3200 units of product and sold 2880 of them during the month of September determine the amount of payroll cost that would be included in cost of goods sold.(Omit the $ sign in your response.)
Howle Manufacturing Company began operations on January 1. During the year it started and completed 1640 units of product. The company incurred the following costs.
Determine the total product cost for the year.
Determine the total cost of the ending inventory.(Do not round intermediate calculations. Omit the $ sign in your response.)
Determine the total of cost of goods sold.(Do not round intermediate calculations. Omit the $ sign in your response.)
Paid $15400 cash on January 1 to purchase computer equipment to be used for administrative purposes. The equipment had an estimated expected useful life of five years and a $1900 salvage value.
Paid $15400 cash on January 1 to purchase manufacturing equipment. The equipment had an estimated expected useful life of four years and a $1900 salvage value.
Paid $3000 cash to purchase supplies to be used by the marketing department. At the end of the year $490 of supplies was still on hand.
Paid $3000 cash to purchase supplies to be used in the manufacturing process. At the end of the year $490 of supplies was still on hand.
How the adjusting entry affects the amount of net income shown on the year-end financial statements. Assume a December 31 annual closing date. The first event has been recorded as an example. Assume that any products that have been made have not been sold.(If thereis no effect select NA from dropdown.)
During 2011 Gallo Manufacturing Company incurred $45000000 of research and development (R&D) costs to create a long-life battery to use in computers. In accordance with FASB standards the entire R&D cost was recognized as an expense in 2011. Manufacturing costs (direct materials direct labor and overhead) are expected to be $262 per unit. Packaging shipping and sales commissions are expected to be $60 per unit. Gallo expects to sell 1000000 batteries before new research renders the battery design technologically obsolete. During 2011 Gallo made 433000 batteries and sold 409000 of them.
Determine the amount of cost of goods sold and the ending inventory balance for the year 2011.(Omit the $ sign in your response.)
Determine the sales price assuming that Gallo desires to earn a profit margin that is equal to 25 percent of thetotal costof developing making and distributing the batteries.(Round your answer to 2 decimal places. Omit the $ sign in your response.)
Prepare an income statement for 2011. Use the sales price developed in part c.(Amounts to be deducted and loss amounts should be indicated with minus sign. Do not round your intermediate calculations. Omit the $ sign in your response.)
The CFO of the Rigney Microscope Corporation intentionally misclassified a downstream transportation expense in the amount of $64687500 as a product cost in an accounting period when the company made 11500 microscopes and sold 7400 microscopes. Rigney rewards its officers with bonuses that are based on net earnings.
Indicate whether the elements on the financial statements (i.e. assets liabilities retained earnings expense and net income) would be overstated or understated as a result of the downstream transportation expense. Determine the amount of the overstatement or understatement for each element.(Leave no cells blank – be certain to enter 0 wherever required. Omit the $ sign in your response.)
Jolly Manufacturing Company was started on January 1 2011 when it acquired $14000 cash by issuing common stock. Jolly immediately purchased office furniture and manufacturing equipment costing $9100 and $34300 respectively. The office furniture had a five-year useful life and a zero salvage value. The manufacturing equipment had a $3500 salvage value and an expected useful life of four years. The company paid $11900 for salaries of administrative personnel and $15000 for wages to production personnel. Finally the company paid $13780 for raw materials that were used to make inventory. All inventory was started and completed during the year. Jolly completed production on 4800 units of product and sold 3820 units at a price of $15 each in 2011. (Assume that all transactions are cash transactions.)
Determine the total product cost and the average cost per unit of the inventory produced in 2011.(Round your average cost per unit to 2 decimal places. Omit the $ sign in your response.)
Determine the amount of cost of goods sold that would appear on the 2011 income statement.(Do not round intermediate calculations.Round your answer to the nearest dollar amount. Omit the $ sign in your response.)
Determine the amount of the ending inventory balance that would appear on the December 31 2011 balance sheet.(Do not round intermediate calculations. Round your answer to the nearest dollar amount. Omit the $ sign in your response.)
Determine the amount of net income that would appear on the 2011 income statement.(Omit the $ sign in your response.)
Determine the amount of retained earnings that would appear on the December 31 2011 balance sheet.(Omit the $ sign in your response.)
Determine the amount of total assets that would appear on the December 31 2011 balance sheet.(Omit the $ sign in your response.)
The following transactions pertain to 2012 the first-year operations of Hall Company. All inventory was started and completed during 2012. Assume that all transactions are cash transactions.
Prepare an income statement and a balance sheet.(Be sure to list the assets and liabilities in order of their liquidity. Do not round intermediate calculations.Round your answers to the nearest dollar amount.Amounts to be deducted and loss amounts should be indicated with minus sign.Omit the $ sign in your response.)