Managerial Accounting 1B
Financial
and Managerial Accounting
Chapter 14
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1.Exercise 14-8 Cost of goods sold computation L.O. P1
Century
Merchandising
New
Homes
Manufacturing
Beginning inventory
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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
RepairsâFactory
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 companyâs 2011
manufacturing statement.(Input all amounts
as positive values. Omit the “$” sign in your response.)
7.Problem 14-8A Part-2
2.
Prepare the companyâs 2011 income
statement that reports separate categories for (a) selling expenses and (b)
general and administrative expenses.(Input
all amounts as positive values. Omit the “$” sign in your
response.)
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