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nordsb [41]
3 years ago
12

Bailey Corp. has the following information: Beginning Inventory (Jan 1) Ending Inventory (Dec 31) Raw Materials Inventory $ 25,3

00 $ 39,100 Work in Process Inventory $ 24,100 $ 26,600 Finished Goods Inventory $ 39,000 $ 21,900 Additional information for the year is as follows: Raw materials purchases $ 106,100 Direct labor $ 81,600 Manufacturing overhead applied $ 87,000 Indirect materials $ 0 Compute the cost of goods manufactured.
Business
1 answer:
Amanda [17]3 years ago
4 0

Answer:

See below

Explanation:

The cost of goods manufactured is computed as;

Beginning inventory

$25,300

Add ;

Raw materials purchases

$106,100

Cost of goods available for sale

$131,400

Less:

Ending inventory

$39,100

Cost of goods sold

$92,300

Add:

Beginning work in process

$24,100

Less:

Ending work in process

($26,600)

Cost of goods manufactured

$89,800

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3 years ago
Tyler Service Co. experienced the following transactions for 2014, its first year of operations: 1. Provided $86,000 of services
Shkiper50 [21]

Answer:

Assets   =  Liaiblities + Equity

     Cash        A/R   Allowancwe = Revenues - Salaries - bad debt

1                  86000                   86,000

2        72,000 (72,000)                    

3       (39,000)                                      (39,000)

4               (1,625)                                              (1,625)

<em>Totals </em>33,000 + 14,000 - 1,625  =    86,000 - 39,000 - 1,625

                       45,375.00                      45,375.00

Explanation:

We multiply the outstanding account receivable by their probability accordign to the aging stimations.

7,500 x 0.01   =     75

2,000 x 0.05 =    100

1,500 x 0.10   =    150

1,000 x 0.30 =    300

2,000 x 0.50 =<u> 1,000  </u>

Total                  1,625

This amount decreases the net amount of recievables and recognize a bad debt expense for that amount as well.

Then, we add up the assets (cash and net receivables)

and make sure it matches our equity accounts (revenues less expenses)

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