BUSINESS COLLEGE

True Fit Shoe Company makes loafers. During the most recent year. True Fit incurred total manufacturing costs of $24.500.000. Of this amount. $3,000,000 was direct materials used and $16, 800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory. $900,000. Work-in-Process Inventory. $600,000; and Finished Goods Inventory. $1, 300,000. At the end of the year, balances were Raw Materials inventory. $800,000; Work-in-Process Inventory. $1, 700,000; and Finished Goods inventory. $390,000.Requirements

Analyze the inventory accounts to determine:

1. Cost of raw materials purchased during the year.
2. Cost of goods manufactured for the year.
3. Cost of goods sold for the year.
4. Cost of raw materials purchased during the year.

Answers

Answer 1
Answer:

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

True Fit incurred total manufacturing costs of $24.500.000. Of this amount. $3,000,000 was direct materials used and $16, 800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory. $900,000. Work-in-Process Inventory. $600,000; and Finished Goods Inventory. $1, 300,000. At the end of the year, balances were Raw Materials inventory. $800,000; Work-in-Process Inventory. $1, 700,000; and Finished Goods inventory. $390,000.

1) Raw material used= beginning inventory + purchases - ending inventory

3,000,000= 900,000 + purchases - 800,000

2,900,000= purchases

2) cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 600,000 + 24,500,000 - 1,700,000= $23,400,000

3) COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 1,300,000 + 23,400,000 - 390,000= $24,310,000

Related Questions

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Answers

I believe the answer would be $110,000; $50,000

The Card Shoppe needs to maintain 18 percent of its sales in net working capital. Currently, the store is considering a four-year project that will increase sales from its current level of $279,000 to $308,000 the first year and to $314,000 a year for the following three years of the project. What amount should be included in the project analysis for net working capital in Year 4 of the project?

Answers

Answer:

$56,520

Explanation:

As per given data

Year     Sales          Working Capital 18%

   0      $279,000   ($50,220)

   1       $308,000   ($5,220)

   2      $314,000    ($1,080)

   3      $314,000    $0

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Parr Hardware Store had net credit sales of $6.5mil and cost of goods sold of $5mil for the year. The Accounts Receivable balances at the beginning and end of the year were $600k and $700k, respectively. The receivables turnover was

Answers

Answer:

Accounts Receivables Turnover Ratio = (6,500,000)/(650,000) = 10 times.

Explanation:

Accounts Receivables Turnover ratio = (Net \:Credit \: Sales)/(Average \: Receivables)

Here Net Credit Sales = $6.5 million

Accounts Receivables Opening Balance = $600,000

Accounts Receivables Closing Balance = $700,000

Average Accounts Receivable Balance = (600,000 \:+ 700,000)/(2) = 650,000

Accounts Receivables Turnover Ratio = (6,500,000)/(650,000) = 10 times.

This shows that accounts receivables are on an average 1/10th of credit sales.

Final Answer

Accounts Receivables Turnover Ratio = (6,500,000)/(650,000) = 10 times.

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Answers

Answer:

It is unethical for the CFO to record the additional $75,000 without receipts and supporting documents

Explanation:

The company balance sheet needs to reflect the true financial position of the firm, hence the right thing to do is to ask for documentation and receipts before recording the additional $ 75,000.

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Answers

A. True
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Answers

Answer:

$1,023

Explanation:

The computation of the selling price of Job 806 is given below:-

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