acct 212 homework 3 chapter 18

Question
acct 212 homework 3 chapter 18

Exercise 18-7 Balance sheet identification and preparation L.O. C4

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[The following information applies to the questions displayed below.]

Current assets for two different companies at calendar year-end 2011 are listed here. One is a manufacturer, Roller Blades Mfg., and the other, Sunny Foods, is a grocery distribution company.

Account

Company 1

Company 2

Cash

$

9,000

$

7,000

Raw materials inventory

46,750

Merchandise inventory

49,750

Goods in process inventory

34,000

Finished goods inventory

54,000

Accounts receivable, net

59,000

81,000

Prepaid expenses

2,500

500

Section Break

Difficulty: Hard

Exercise 18-7 Balance sheet identification and preparation L.O. C4

Learning Objective: 18-C4 Explain how balance sheets and income statements for manufacturing and merchandising companies differ.

1.

award:
1 out of
1.00 point

Exercise 18-7 Part 1.1

(1.1)

Identify which set of numbers relates to the manufacturer.

Company 1

Company 2

Company 2, Roller Blades Mfg., is a manufacturing company with 3 inventory categories (raw materials, goods in process, and finished goods).

eBook LinkView Hint #1

Multiple Choice

Difficulty: Hard

Exercise 18-7 Part 1.1

Learning Objective: 18-C4 Explain how balance sheets and income statements for manufacturing and merchandising companies differ.

2.

award:
1 out of
1.00 point

Exercise 18-7 Part 1.2

(1.2)

Identify which set of numbers relates to the merchandiser.

Company 1

Company 2

Company 1, Sunny Foods, is a merchandising firm with only one inventory item, merchandise inventory.

eBook LinkView Hint #1

Multiple Choice

Difficulty: Hard

Exercise 18-7 Part 1.2

Learning Objective: 18-C4 Explain how balance sheets and income statements for manufacturing and merchandising companies differ.

3.

award:
2 out of
2.00 points

Exercise 18-7 Part 2

(2)

Prepare the current asset section for each company from this information. (Be sure to list the current assets in order of liquidity. Omit the “$” sign in your response.)

Company 1
Sunny Foods
Current Asset Section
December 31, 2011

Cash

$ 9,000

Accounts receivable, net

59,000

Merchandise inventory

49,750

Prepaid expenses

2,500

Total current assets

$ 120,250

Company 2
Roller Blades Mfg.
Current Asset Section
December 31, 2011

Cash

$ 7,000

Accounts receivable, net

81,000

Raw materials inventory

Goods in process inventory

Finished goods inventory

Prepaid expenses

500

Total current assets

$ 223,250

eBook LinkView Hint #1

Worksheet

Difficulty: Hard

Exercise 18-7 Part 2

Learning Objective: 18-C4 Explain how balance sheets and income statements for manufacturing and merchandising companies differ.

4.

award:
2 out of
2.00 points

Exercise 18-8 Cost of goods sold computation L.O. P1

Century
Merchandising

New Homes
Manufacturing

Beginning inventory

Merchandise

$

263,000

Finished goods

$

526,000

Cost of purchases

500,000

Cost of goods manufactured

930,000

Ending inventory

Merchandise

163,000

Finished goods

157,000

Compute cost of goods sold for each of these two companies for the year ended December 31, 2011. (Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Medium

Exercise 18-8 Cost of goods sold computation L.O. P1

Learning Objective: 18-P1 Compute cost of goods sold for a manufacturer.

7.

award:
3 out of
3.00 points

Exercise 18-11 Manufacturing statement preparation L.O. P2

Given the following selected account balances of Randa Company.

Sales

$

1,459,000

Raw materials inventory, Dec. 31, 2010

42,000

Goods in process inventory, Dec. 31, 2010

56,300

Finished goods inventory, Dec. 31, 2010

61,100

Raw materials purchases

175,700

Direct labor

246,000

Factory computer supplies used

24,700

Indirect labor

55,000

Repairs—Factory equipment

7,250

Rent cost of factory building

50,000

Advertising expense

81,000

General and administrative expenses

140,000

Raw materials inventory, Dec. 31, 2011

49,900

Goods in process inventory, Dec. 31, 2011

40,000

Finished goods inventory, Dec. 31, 2011

65,300

Prepare its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the “$” sign in your response.)

Exercise 18-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2

[The following information applies to the questions displayed below.]

Using the following data,

Canyon
Company

Rossings
Company

Beginning finished goods inventory

$

12,000

$

14,500

Beginning goods in process inventory

16,500

19,500

Beginning raw materials inventory

13,500

10,000

Rental cost on factory equipment

29,000

23,000

Direct labor

22,000

42,000

Ending finished goods inventory

21,500

12,500

Ending goods in process inventory

27,000

21,000

Ending raw materials inventory

7,700

17,200

Factory utilities

10,000

10,000

Factory supplies used

10,000

9,100

General and administrative expenses

18,000

55,000

Indirect labor

3,250

9,660

Repairs—Factory equipment

6,780

3,500

Raw materials purchases

34,000

41,000

Sales salaries

57,000

47,000

Section Break

Exercise 18-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2

Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

5.

award:
2 out of
2.00 points

Exercise 18-9 Part 1

1.

Compute the cost of goods manufactured for both Canyon Company and Rossings Company. (Omit the “$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

Exercise 18-9 Part 1

Learning Objective: 18-P1 Compute cost of goods sold for a manufacturer.

6.

award:
0 out of
2.00 points

Exercise 18-9 Part 2

2.

Compute cost of goods sold for both Canyon Company and Rossings Company. (Omit the “$” sign in your response.)

eBook Links (2)View Hint #1

Worksheet

Difficulty: Medium

Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

Exercise 18-9 Part 2

Learning Objective: 18-P1 Compute cost of goods sold for a manufacturer.

Section Break

Exercise 18-9 Cost of goods manufactured and cost of goods sold computation L.O. P1, P2

Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

1.

Exercise 18-9 Part 2

2.

7.

award:
3 out of
3.00 points

Exercise 18-11 Manufacturing statement preparation L.O. P2

Given the following selected account balances of Randa Company.

Sales

$

1,459,000

Raw materials inventory, Dec. 31, 2010

42,000

Goods in process inventory, Dec. 31, 2010

56,300

Finished goods inventory, Dec. 31, 2010

61,100

Raw materials purchases

175,700

Direct labor

246,000

Factory computer supplies used

24,700

Indirect labor

55,000

Repairs—Factory equipment

7,250

Rent cost of factory building

50,000

Advertising expense

81,000

General and administrative expenses

140,000

Raw materials inventory, Dec. 31, 2011

49,900

Goods in process inventory, Dec. 31, 2011

40,000

Finished goods inventory, Dec. 31, 2011

65,300

Prepare its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Hard

Exercise 18-11 Manufacturing statement preparation L.O. P2

Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

8.

award:
2 out of
2.00 points

Exercise 18-12 Income statement preparation L.O. P2

Following are the selected account balances of Randa Company:

Sales

$

1,491,000

Raw materials inventory, Dec. 31, 2010

37,000

Goods in process inventory, Dec. 31, 2010

59,600

Finished goods inventory, Dec. 31, 2010

61,100

Raw materials purchases

172,200

Direct labor

232,000

Factory computer supplies used

19,100

Indirect labor

52,000

Repairs—Factory equipment

7,250

Rent cost of factory building

55,000

Advertising expense

94,000

General and administrative expenses

132,000

Raw materials inventory, Dec. 31, 2011

49,000

Goods in process inventory, Dec. 31, 2011

46,500

Finished goods inventory, Dec. 31, 2011

71,300

Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $538,650. (Input all amounts as positive values. Omit the “$” sign in your response.)

eBook LinkView Hint #1

Worksheet

Difficulty: Hard

Exercise 18-12 Income statement preparation L.O. P2

Learning Objective: 18-P2 Prepare a manufacturing statement and explain its purpose and links to financial statements.

9.

award:
2 out of
2.00 points

Exercise 18-13 Cost flows in manufacturing L.O. C5

The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the input boxes.

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