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8090 [49]
3 years ago
12

Stephenson Company's computer system recently crashed, erasing much of the company's financial data. The following accounting in

formation was discovered soon afterwards on the CFO's back-up computer data.
Cost of Goods Sold $400,000
Work-in-Process Inventory, Beginning 35,000
Work-in-Process Inventory, Ending 46,000
Selling and Administrative Expense 59,000
Finished Goods Inventory, Ending 18,000
Direct Materials Purchased $194,900
Factory Overhead Applied $125,600
Operating Income $25,000
Direct Materials Inventory, Ending $6,800
Cost of Goods Manufactured $380,900
Direct Labor $62,700

The CFO of Stephenson Company has asked you to recalculate the following accounts and report to him by week's end. What should be the amount of direct materials available for use?
Business
1 answer:
mina [271]3 years ago
8 0

Answer:

$210,400

Explanation:

Particulars                                            Amount

Cost of Goods Manufactured             $380,900

Add: Closing WIP                                 $46,000

Less: Opening WIP                             -$35,000

Less: Factory Overhead Applied       -$125,600

Less: Direct Labor                               -$62,700

Add: Closing stock of Direct material <u>$6,800    </u>

Direct Material Available for use       <u>$210,400</u>

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A common practice for government entities, particularly schools, is to issue short-term (promissory) notes to cover daily expend
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3 years ago
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Answer:

TRUE

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Norwood, Inc. Norwood, Inc. purchased a crane at a cost of $80,000. The crane has an estimated residual value of $5,000 and an e
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3 years ago
SARASOTA CORP. Balance Sheet (partial) Stockholders’ equity Paid-in capital
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Answer:

a. The Shares of common stock outstanding are 556,200

b. The stated value of the common stock is 3

c. The par value of the preferred stock is 102

Explanation:

a. In order to calculate the Shares of common stock outstanding we would have to make the following calculation:

Shares of common stock outstanding=shares authorized-common shares

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b. In order to calculate the Stated value of the common stock we would have to make the following calculation:  

Stated value of the common stock= shares issued/shares authorized                                       =1692000/564000

=3

c. In order to calculate the Par value of the preferred stock we would have to make the following calculation:      

Par value of the preferred stock= shares issued and outstanding/6,500

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