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Nana76 [90]
2 years ago
6

Vogel Corporation's cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and t

he ending finished goods inventory was $48,000. Overhead was overapplied by $6,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold?
Business
1 answer:
rosijanka [135]2 years ago
6 0

Answer:

117,000 adjusted COGS

Explanation:

$$Beginning Inventory + Manufactured = Ending Inventory + COGS

35,000 + 136,000 = 48,000 + COGS

COGS = 123,000 before adjustment

overapplied overhead for 6,000

This means the applied is higher than actual expenses, the cost is 6,000 lower we must decrease the COGS

123,000 - 6,000 = 117,000 adjusted COGS

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Empire Company is a manufacturer of smartphones. Its controller resigned in October 2017.
Helen [10]

Answer:

a. Schedule of cost of goods manufactured for October 2017.

Raw materials costs  ($264,000  + $18,000 - $29,000)   $253,000

Direct labor costs                                                                 $190,000

Depreciation on factory equipment                                      $31,000

Indirect labor cost                                                                  $28,000

Rent on factory facilities                                                        $60,000

Utilities expense $12,000  × 75%                                            $9,000

Insurance expense $8,000 × 60%                                         $4,800

Add Opening Work in process Inventory                            $20,000

Less Closing Work in process Inventory                             ($14,000)

Cost of goods manufactured                                               $581,800

b. Income statement for October 2017.

Sales Revenue                                                                     $780,000

Less Cost of Goods Sold :

Opening Finished goods Inventory                $30,000

Add Cost of goods manufactured                 $581,800

Less Closing Finished goods Inventory        ($50,000)   ($561,800)

Gross Profit                                                                           $218,200

Less Expenses :

Advertising expense                                        $90,000

Selling and administrative salaries                  $75,000

Depreciation on sales equipment                   $45,000

Utilities expense 12,000  × 25 %                        $3,000

Insurance expense 8,000 × 40 %                      $3,200   ($216,200)

Net Profit / Loss                                                                       $2,000

Explanation:

First, Prepare the cost of goods manufactured for October 2017 and include the amount in the calculation of cost of goods sold.

In the cost of goods manufactured schedule, include only the costs that are factory related.

Then, Prepare the income statement for October 2017, making sure to adjust the Utilities and Insurance expenses appropriately.

4 0
3 years ago
What is the primary role of our banking system?
Serhud [2]

Answer:

See explanation section

Explanation:

The primary role of the banking system is to accept deposits from the general public so that the money can be given as a loan to the public in an effective way to foster the economy. It is the safest platform where people keep their money to get a bonus while people borrow money to continue operating.

6 0
3 years ago
Read 2 more answers
(Look at picture above) Please help!!!!
fgiga [73]

Answer:

I think ot is fruit punch

4 0
3 years ago
Presented below are selected account balances for Homer Winslow Co as of December 31, 2014.
Ronch [10]

Answer:

Sales Revenue 410,000 debit

        Income Summary    410,000 credit

--to close revenues accounts--

Income Summary               95,000 debit

      Administrative Expenses          38,000  credit

      Income Tax Expense                30,000  credit

      Sales Returns and Allowances 12,000  credit

      Sales Discounts                         15,000 credit

--to close expenses and other--

Income Summary     18,000 debit

Dividends                                   18,000 credit

--to close dividends--

Income summary    297,000 debit

   Retained Earnings      297,000 credit

--to close the income summary against RE--

Explanation:

We have to close against income summary he temporary accounts:

To close this accounts we need to post them in their opposite side of the normal balance. Revenues will be debited while expenses credited.

At last, we solve for the income summary balance and close it against retained earnings

410,000 - 95,000 - 18,000 = 297,000

4 0
3 years ago
Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Rick Co.'s Board of Direc
Pie

Answer:

The journal entry is as follows:

Retained earnings A/c Dr. $18 million

        To common stock                        $0.30 million

        To capital paid in excess A/c      $17.70 million

(To record the stock dividend issued at 1%)

Working notes:

Shares issued = 1% of 30 million

                        = 0.30 million

Retained earnings:

= 0.30 million × $60 per share

= $18 million

Common stock:

= 0.30 million × $1 par value

= $0.30 million

Capital paid in excess:

= Retained earnings - Common stock

= $18 million - $0.30 million

= $17.7 million

8 0
3 years ago
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