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STALIN [3.7K]
3 years ago
6

The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $457,760 $563,0

40 Work in process 823,970 765,730 Finished goods 791,920 782,630 Advertising expense $382,300 Depreciation expense-office equipment 54,050 Depreciation expense-factory equipment 72,630 Direct labor 867,080 Heat, light, and power-factory 28,720 Indirect labor 101,350 Materials purchased 850,190 Office salaries expense 296,720 Property taxes-factory 23,650 Property taxes-headquarters building 48,980 Rent expense-factory 39,980 Sales 3,980,690 Sales salaries expense 488,720 Supplies-factory 19,710 Miscellaneous costs-factory 12,390 Required: 1. Prepare the 20Y6 statement of cost of goods manufactured. Shanika Company Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6
Business
1 answer:
Len [333]3 years ago
4 0

Answer:

<h2>Shanika Company </h2>

Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y6:

Materials:

Beginning Inventory              $457,760

Purchases                                 850,190

Cost of materials available $1,307,950

Less Ending Inventory            563,040

Cost of materials used                          $744,910

Beginning Work in process                    823,970

Direct Labor                                            867,080

Factory Overhead                                  298,430

Less Ending Work in process               (765,730)

Cost of goods manufactured          $1,968,660

Explanation:

1) Data and Calculations:

a) Shanika Company for 20Y6:

Inventories          January 1     December 31

Materials               $457,760      $563,040

Work in process     823,970         765,730

Finished goods       791,920         782,630

Advertising expense $382,300

Depreciation expense-office equipment 54,050

Depreciation expense-factory equipment 72,630

Direct labor 867,080

Heat, light, and power-factory 28,720

Indirect labor 101,350

Materials purchased 850,190

Office salaries expense 296,720

Property taxes-factory 23,650

Property taxes-headquarters building 48,980

Rent expense-factory 39,980

Sales 3,980,690

Sales salaries expense 488,720

Supplies-factory 19,710

Miscellaneous costs-factory 12,390

b) Factory Overhead:

Depreciation expense       $72,630

Heat, light, and power         28,720

Indirect labor                       101,350  

Property taxes-factory        23,650

Rent expense-factory         39,980

Supplies-factory                    19,710

Miscellaneous costs            12,390

Total Factory overhead $298,430

c) The cost of goods manufactured is made up of the costs of materials, direct labor, work in process, and manufacturing overhead.

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Confirm that all the stakeholders have had input into the scope.

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When assigned to a new project, the project manager may be tempted to start planning immediately. One may conclude that the first thing is planning. It will be wise and smart to understand the project charter before planning. Therefore, it is very important to " Confirm that all the stakeholders have had input into the scope." So, Option B is the correct answer.

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3 years ago
Southern Markets has sales of $78,400, net income of $2,400, costs of goods sold of $43,100, and depreciation of $6,800. What is
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Answer:

36.35%

Explanation:

According to the scenario, computation of the given data are as follows,

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= EBIT ÷ Sales

= ($78,400  - $43,100 - $6,800) ÷ ($78,400)

= $28,500 ÷ $78,400

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2 years ago
What term tells us how frequently a product is completed?
Annette [7]

It is Cycle Time that tells us how frequently a product is completed.

<h3>What is Cycle time?</h3>

Cycle time is a measurement of how long it takes a company to produce a good or provide a service. Learning how to determine cycle time will help you improve your production processes. This page provides a definition of cycle time, an explanation of its importance, step-by-step directions, and an example to assist you in calculating the cycle time for your company.

Cycle times can point out places where a business might simplify its procedures in order to increase sales and speed up the production of goods. Cycle times can be used to pinpoint the particular problem that might be causing the output to be sluggish.

Consequently, the phrase "cycle time" describes how frequently a product is finished.

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1 year ago
g invested $800,000 in a new CNC hot wire cutting machine. They intend to sell foam products fabricated using this machine. At a
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Answer:

Quarterly income = $ 36,643.03

Explanation:

The quarterly income ca be determined using the present value of the annuity technique.

The Present Value of the annuity technique

PV = A × ((1- (1+r)^(-n)/r

A- quarterly payment, n- number of quarters, quarterly rate, PV - Present of investment

A- ?  n -3× 12= 36, r-12%/4= 3%

800,000 = A×  (1- (1.03)^(-36)

800,000 = A×  (1- (1.03)^(-36)

800,000 = A × 21.8322525

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7 0
3 years ago
On July 1 Olive Co. paid $7,500 cash for management services to be performed over a two-year period. Olive follows a policy of r
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Answer:

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In this case, the adjusting entry for accrued revenue on December 31 should be:

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