1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
damaskus [11]
3 years ago
5

University Company produces collegiate apparel. From its accounting records, it prepares the following schedule and financial st

atements on a yearly basis.
a. Cost of goods manufactured schedule
b. Income statement.
c. Balance sheet.
The following items are found in the company's records. For each item, indicate the schedule and/or financial statement(s) in which the item will appear.
1. Direct labor
2. Raw material inventory, 1/1
3. Work in process inventory, 12/31
4. Finished goods inventory, 1/1
5. Indirect labor
6. Depreciation on factory machinery
7. Work in process, 1/1
8. Finished goods inventory, 12/31
9. Factory maintenance salaries
10. Cost of goods manufactured
11. Depreciation on delivery equipment
12. Cost of goods available for sale
13. Direct materials used
14. Heat and electricity for the factory
15. Repairs to roof of factory building

Business
1 answer:
Morgarella [4.7K]3 years ago
8 0

Answer:

Detailed step wise solution is given in the image attached.

You might be interested in
Xcel when intentional concealment is involved, what course of action is the injured party entitled to?
mafiozo [28]

Rescission of the contract, which is cancelling the contract and making the parties as close to how they were before the contract started as possible.

8 0
3 years ago
Mary works in the accounting department of new trends sales company. her job includes reviewing expense reports submitted by man
Salsk061 [2.6K]
<span>She should apply the same principles that would be applied to any other employee. To do otherwise would be to run afoul of the entire ethos of the company. It would set a bad example for the employees and would cause those in management to lose respect (and possibly lead to some sort of ethical investigation by those with the proper authority to do so).</span>
8 0
3 years ago
What does a higher accounts receivable turnover ratio indicate? A) the company collects its short-term debts efficiently. B) com
____ [38]
I would say A

Hope this helps

~Jordan~
7 0
3 years ago
Why can it be a negative for the US if the dollar is too 'strong' ?
Nataly_w [17]
It discourages investment from foreign sources
5 0
3 years ago
Read 2 more answers
tulip Co. owns 100% of Daisy Co.'s outstanding common stock. Tulip's cost of goods sold for the year totals $600,000, and Daisy'
olasank [31]

Answer:

Cost of goods sold to be reported in  consolidated financial statement = $1,000,000

Explanation:

Whenever there is 100% or more than 50% holding in a company, then equity method is followed under which all of the items are to be consolidated, but in case where there are inter transfers that is transfer from holding to subsidiary or vice-versa then such transactions, profit not realized is to be eliminated.

In case where inventory is transferred to subsidiary after adding profit by holding company, then in case if that inventory is sold to third party by year end then entire profit is recognized even the profit added by holding to cost of goods sold to subsidiary.

Where in case such inventory is not sold further by subsidiary to third party and is still held in the stock then such profit added on sale by holding to subsidiary is eliminated.

In our case the entire inventory is sold to third party by the year end.

Therefore, entire profit will be recognized and cost of goods sold to be shown in consolidated financial statements = $600,000 + $400,000 = $1,000,000.

8 0
2 years ago
Read 2 more answers
Other questions:
  • Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. You
    8·1 answer
  • Larry estimates that the costs of insurance, license, and depreciation to operate his car total $320 per month and that the gas,
    13·1 answer
  • Wiser Pharmaceutical has received a utility patent from the US Patent and Trademark Office. It sold this patent to another pharm
    15·1 answer
  • Of the following factors affect economic growth? a. land c. labor b. capital d. all of the above
    7·1 answer
  • Assume that Clampett, Inc., has $200,000 of sales, $150,000 of cost of goods sold, $60,000 of interest income, and $40,000 of di
    15·1 answer
  • According to the Fed, what were the major problems during the financial crisis of 2008? Check all that apply.
    9·2 answers
  • Which of the following best describes the management function of organizing?
    10·1 answer
  • Thomas Company has decided to purchase a company vehicle. The accountant was given all of purchase details. Which should be used
    10·1 answer
  • You own a portfolio equally invested in a risk-free asset and two stocks. If one of the stocks has a beta of 1.08 and the total
    14·1 answer
  • Absorption and Variable Costing Comparisons: Production Equals Sales Assume that Smuckers manufactures and sells 30,000 cases of
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!