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Using the information below for our company; determine the cost of goods manufactured during the current year:
1.Using the information below for our company; determine the cost of goods manufactured during the current year:
Direct materials used$5,000
Direct Labor 7,000
Total Factory overhead 5,100
Beginning work in process 3,000
Ending work in process 4,000
2.Using the information below, calculate net income for the period:
Beginning Raw Materials Inventory $25,000
Ending Raw Materials Inventory 30,000
Beginning Work in Process Inventory 55,000
Ending Work in Process Inventory 64,000
Beginning Finished Goods Inventory 80,000
Ending Finished Goods Inventory 67,000
Cost of Goods Sold for the period 540,000
Sales revenues for the for the period 1,254,000
Operating expenses for the period 232,000
3.Based on a predicted level of production and sales of 22,000 units, a company anticipates total variable costs of $99,000, fixed costs of $30,000, and operating income of $36,000. Based on this information, the budgeted amount of variable costs for 20,000 units would be:
4.A corporation declared a $0.50 per share cash dividend on its common shares. The company has 20,000 shares authorized, 9,000 shares issued, and 8,000 shares of common stock outstanding. The journal entry to record the dividend payment is:
a.Debit Retained Earnings $4,000; credit Common Dividends Payable $4,000.
b.Debit Common Dividends Payable $4,000; credit Cash $4,000.
c.Debit Retained Earnings $4,500; credit Common Dividends Payable $4,500.
d.Debit Common Dividends Payable $4,500; credit Cash $4,500.
e.Debit Retained Earnings $10,000; credit Common Dividends Payable $10,000.