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
RoseWind [281]
2 years ago
14

Compute the Cost of Goods Manufactured and Cost of Goods Sold for Strike Marine Company for the most recent year using the amoun

ts described next.Assume that Raw Materials Inventory contains only direct materials. Beginning End of End of of Year Year YearRaw materials inventory $ 22,000 $34,000 Insurance on plant $9,500Work in process inventory 41,000 27,000 Depreciation-plant building and equipment 12,600Finished goods inventory 13,000 21,000 Repairs and maintenance-plant 3,900Purchases of direct materials 74,000 Marketing expenses 84,000Direct labor 88,000 General and administrative expenses 24,500Indirect labor 42,000Required:Calculate the Cost of Goods Manufactured.Calculate the Cost of Goods Sold.
Business
1 answer:
Alecsey [184]2 years ago
3 0

Answer:

Instructions are below.

Explanation:

<u>First, we need to calculate the direct material used and the manufacturing overhead:</u>

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 22,000 + 74,000 - 34,000

Direct material used= $62,000

Manufacturing overhead:

Insurance on plant $9,500

Depreciation-plant building and equipment 12,600

Repairs and maintenance-plant 3,900

Indirect labor 42,000

Total overhead= $68,000

<u>Now, we can determine the cost of goods manufactured:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 41,000 + 62,000 + 88,000 + 68,000 - 27,000

cost of goods manufactured= 232,000

<u>Finally, the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 13,000 + 232,000 - 21,000

COGS= $224,000

You might be interested in
Good designs offer users as many alternatives as possible <br> a. True <br> b. False
Arada [10]
The answer to is
b. False

Good designs or more specifically, good designers should prepare multiple design choices that users can choose from. People have different tastes and sense of style. A designer should not impose his own preference and provide different perspectives for the users.<span />
3 0
3 years ago
Q#1. How would you describe the word “CAREER” Explain in 5-7 sentences.
DochEvi [55]
A career is a job that you go to for most of your life. Most careers require you to go to school for them. A career is a specialized activity that you are trained to do. Not something that you learn in a couple of minutes. For example working at McDonald’s is not a career but a doctor is. (I gave you some so you can fill in based on what I said :) )
5 0
2 years ago
Read 2 more answers
What do individual shareholders gain when they buy shares of a company’s stock?
evablogger [386]

<span>Individual shareholders will have the right to receive dividends declared. They can sell their shares and have the right to purchase issued shares. They can vote on the directors nominated by the board. They also have the right to the remaining assets after liquidation. </span>

8 0
2 years ago
What’s the answer cuh
ivann1987 [24]

Answer:

D

Explanation:

i took the paper test

7 0
3 years ago
AB When considering two mutually exclusive projects, the firm should always select the project whose internal rate of return is
Mnenie [13.5K]

Answer:

False

Explanation:

If an investment project can be repeated, i.e. its life cycle can be extended by reinvesting, the NPV of the project will change.

When considering two mutually exclusive projects, the NPV method should always be considered before the IRR as a means of evaluating which project should be carried out.

3 0
3 years ago
Read 2 more answers
Other questions:
  • Executives often use trade journals and industry publications as sources of information for innovation, trends, and news about c
    7·1 answer
  • A national restaurant chain has just opened a sit-down location at Chicago’s O’Hare International Airport. Next to the sit-down
    7·1 answer
  • Consumer products that customers see as basically the same and want to buy at the lowest price are called:
    6·1 answer
  • Gallo Light began operations in 2021. The company sometimes sells used warehouses on an installment basis. In those cases, Gallo
    13·1 answer
  • The four perspectives in the balanced scorecard are
    10·1 answer
  • You have an idea for a company that sources fruits from local farms and makes fresh juices on a daily basis. You want to start a
    7·1 answer
  • The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances
    10·1 answer
  • Markup represents an amount needed to cover operating expenses. <br> a. True<br> b. False
    13·1 answer
  • In order to qualify as a REIT, A) at least 90% of the assets must be invested in real-estate related assets. B) a mortgage REIT
    15·1 answer
  • Inflation: group of answer choices is a continuous decrease in the price level. can obscure relative price changes. always makes
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!