Question 1

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was the ending raw materials inventory?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 2

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was the ending raw materials inventory?

Accepted Answer

The formula for ending raw materials inventory is Beginning raw materials inventory + Purchases of raw materials - Raw materials used. Using the given information, we can solve for the ending raw materials inventory as follows: 
Beginning raw materials inventory = $350 
Purchases of raw materials = $950 
Raw materials used = $1,150 
Ending raw materials inventory = Beginning raw materials inventory + Purchases of raw materials - Raw materials used 
Ending raw materials inventory = $350 + $950 - $1,150 
Ending raw materials inventory = $150

Question 3

Selected financial information for Greek Food Producers is presented in the following table (000s omitted).  What was operating income?

Accepted Answer

The answer of Selected financial information for Greek Food Producers...

Question 4

The following amounts were taken from the general ledger of the Excellent Manufacturing Company. Compute the cost of goods manufactured and the cost of goods sold for the company for the year.

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The answer of The following amounts were taken from the...

Question 5

Compute the missing amounts.

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The answer of Compute the missing amounts.
 ...

Question 6

Kitch Company sells collectibles. The following information summarizes Dino's operating activities for the most recent year:
  Required: Prepare an income statement for the most recent year.

Accepted Answer

The answer of Kitch Company sells collectibles. The following information...

Question 7

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was cost of goods sold?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 8

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was the beginning finished goods inventory?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 9

Selected financial information for Greek Food Producers is presented in the following table (000s omitted).  What was direct materials used?

Accepted Answer

Direct materials used is calculated by subtracting the ending raw materials inventory from the sum of beginning raw materials inventory and raw materials purchased. 
Direct Materials Used = (Beginning Raw Materials Inventory + Raw Materials Purchased) - Ending Raw Materials Inventory 
= ($170 + $950) - $650 
= $470

Question 10

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was manufacturing overhead for the quarter?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 11

Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year:
  Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31.

Accepted Answer

The answer of Eschenbach Company sells office supplies. The following...

Question 12

Selected financial information for Greek Food Producers is presented in the following table (000s omitted).  What was cost of goods sold?

Accepted Answer

Cost of goods sold is calculated by subtracting the ending inventory from the sum of beginning inventory and purchases. From the given information, beginning inventory is $160, purchases are $880, and ending inventory is $120. Therefore, Cost of goods sold = $160 + $880 - $120 = $920. Option B is closest to this value at $1,160.

Question 13

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was direct materials used for the quarter?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 14

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was cost of goods sold?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 15

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was direct materials used for the quarter?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 16

Selected financial information for Greek Food Producers is presented in the following table (000s omitted).  What was cost of goods manufactured?

Accepted Answer

The answer of Selected financial information for Greek Food Producers...

Question 17

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was the beginning finished goods inventory?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Question 18

The following information is available for the Bower Corporation for last year:
∙ Raw materials inventory decreased $4,000 from the beginning of the year to the end of the year.
∙ Raw materials inventory on December 31 (end of year)was 50% of raw materials inventory on January 1 (beginning of year).
∙ Beginning work in process inventory was $145,000.
∙ Ending finished goods inventory was $65,000.
∙ Purchases of direct materials were $154,700.
∙ Manufacturing overhead was 50% of the cost of direct labor.
∙ Total manufacturing costs incurred were $246,400, 80% of cost of goods manufactured and $156,000 less than cost of goods sold.
Compute:
a)finished goods inventory on January 1 (beginning of year)
b)work in process inventory on December 31 (end of year)
c)direct labor incurred
d)manufacturing overhead incurred
e)direct materials used
f)raw materials inventory on January 1 (beginning of year)
g)raw materials inventory on December 31 (end of year)
Note to students: The solutions to this problem are not necessarily calculated in alphabetical order.

Accepted Answer

The answer of The following information is available for the...

Question 19

North Pacific Company used $65,000 of direct materials and incurred $43,000 of direct labor costs during 2011. Indirect labor amounted to $1,700 while indirect materials used totaled $1,800. Other operating costs pertaining to the factory included utilities of $4,300; maintenance of $6,800; supplies of $1,500; depreciation expense of $8,900; and property taxes of $2,400. There was no beginning or ending finished goods inventory, but work in process inventory began the year with a $6,400 balance and ended the year with a $7800 balance.
Required: Prepare a schedule of cost of goods manufactured for South State Company for the year ended December 31.

Accepted Answer

The answer of North Pacific Company used $65,000 of direct...

Question 20

Selected information regarding a company's most recent quarter follows (all data in thousands).  What was manufacturing overhead for the quarter?

Accepted Answer

The answer of Selected information regarding a company's most recent...

Quiz 2: Building Blocks of Managerial Accounting

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was the ending raw materials inventory?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was the ending raw materials inventory?

Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was operating income?

The following amounts were taken from the general ledger of the Excellent Manufacturing Company. Compute the cost of goods manufactured and the cost of goods sold for the company for the year.

Compute the missing amounts.

Kitch Company sells collectibles. The following information summarizes Dino's operating activities for the most recent year: Required: Prepare an income statement for the most recent year.

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was cost of goods sold?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was the beginning finished goods inventory?

Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was direct materials used?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was manufacturing overhead for the quarter?

Eschenbach Company sells office supplies. The following information summarizes Swirzoff's operating activities for the past year: Required: Prepare an income statement for Swirzoff Company, a merchandiser, for the year ended December 31.

Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was cost of goods sold?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was direct materials used for the quarter?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was cost of goods sold?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was direct materials used for the quarter?

Selected financial information for Greek Food Producers is presented in the following table (000s omitted) . What was cost of goods manufactured?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was the beginning finished goods inventory?

Selected information regarding a company's most recent quarter follows (all data in thousands) . What was manufacturing overhead for the quarter?