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Q1 - Depreciation for the year amounted to $180,000: 30% relates to sales, 20% relates to administrative facilities, and the remainder relates to the...
Q1 -
Depreciation for the year amounted to $180,000: 30% relates to sales, 20% relates to administrative facilities, and the remainder relates to the factory. Of the total units produced during FY 2016: 80% were sold in 2018 and the rest remained in finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be contained in Cost of Goods Sold. (Round dollar values & enter as whole dollars only.)
Q2 -
Baltimore Manufacturing had a Work in Process balance of $103,000 on January 1, 2018. The year end balance of Work in Process was $51,000 and the Cost of Goods Manufactured was $690,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round dollar values & enter as whole dollars only.)
Q3
Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2018 is provided:
Item
Amount
Sales
$200,000
Cost of Goods Manufactured
59,000
Direct Material Purchased
80,000
Factory Overhead
20,000
Work in Process - January 1
60,000
Work in Process - December 31
30,000
Direct Material - December 31
20,000
Finished Goods Inventory - December 31
46,000
Net Income
30,000
Direct Materials used
60,000
Cost of Goods Sold
57,000
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2018. (Round dollar values & enter as whole dollars only.)
