Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account? Cost of goods sold 128,000 Cost of goods manufactured 146,000 Beginning finished goods inventory 29,000 Total current manufacturing costs 121,000

Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account? Cost of goods sold 128,000 Cost of goods manufactured 146,000 Beginning finished goods inventory 29,000 Total current manufacturing costs 121,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...

See similar textbooks

Related questions

Q: Berlin Company paid or collected during 2020 the following items: Insurance premiums paid P462,000;…

A: Given: - Prepaid insurance (beginning)= 36,000 Insurance paid during Year= 462,000 Prepaid insurance…

Q: O If general consensus is that interest rates are abnormally high and will soon fall, one would…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: On January 1, 2019, an entity was indebted to a bank under a P4,800,000, 10% loan. The loan was…

A: Impairment loss is when the carrying amount is more than the recoverable amount. Every entity should…

Q: Question 1 Q.1.1 Study the extract from the statement of comprehensive income of Sandton Traders for…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: 33. Q sells to wholesalers on terms of 2/15, 3/30. An analysis of Q’s trade receivable balances at…

A: Net realizable value of accounts receivable=Collectible amount-Cash discount

Q: Choose the incorrect statement below:

A: The answer for the multiple choice question on choosing the incorrect statement and relevant…

Q: After completing a horizontal and vertical analysis of the Balance Sheet and Income Statement. It…

A: The answer is stated below:

Q: An investor was presented with a production line project in which the investment volume is 285,000…

A: The question is related to the Return on Investment and Breakeven Point. The Return on Investment is…

Q: The local cable TV company charges a "hook-up" fee of R100 per month. Customers can then watch…

A: Example given :- The local cable TV company charges a "hook-up" fee of R100 per month. Customers can…

Q: According to AASB 10/IFRS 10 Consolidated Financial Statements, a non-controlling interest is…

A: Non-controlling interest:- It is the minority interest where a shareholder owns less than 50% of the…

Q: Choose the correct statement below

A: Option. C is correct

Q: heet to investigate the sensitivity of annual profit (loss) to changes in the occupancy rate and the…

A: The answer has been mentioned below.

Q: Revenue is recorded when services have been performed or products have been delivered to customers.…

A: Introduction: Accounting Principals are created in order to increase the precision of financial data…

Q: SOP Corporation furnished you with the following information: Net income after taxes P18,000 Income…

A: The time interest-earning ratio indicates the efficiency of operating income to payout the interest…

Q: The following is the Balance Sheet of Lila Ltd. as on .31.12.2814. Liabilities Amount ($) Assets…

A: The term balance sheet refers to a financial statement that reports a company's assets, liabilities,…

Q: One subunit of Harris Sports Company had the following financial results last month: (Click the icon…

A: whenever there is expenses that has to be incord standard are set for such expenses. when the actual…

Q: Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $ 100 par…

A: The journal keeps the record for day to day transactions of the business. The shares issued at…

Q: The adjusting entry for accrued revenues includes O a. debit to an asset account. O b. credit to an…

A: Introduction: A general ledger entry made at the end of an accounting period to record any…

Q: The adjusted trial balance O a. is prepared on a specific date. O b. is for a period of time. O c.…

A: Ledger accounts becomes the base for the preparations of Trial balance. Trial balance consist of the…

Q: paration time, rest

A: The labors whose are slow, lazy , does not do work with full efficiency or the fresh labors will be…

Q: Blue Sky Incorporated listed the following data for the current year: Budgeted factory overhead…

A: Predetermined overhead rates are those rates that are computed at the beginning of the year by…

Q: 3

A: The debt-to-income ratio (DTI) compares your monthly debt payments to your monthly income. It's the…

Q: Happy Selling's had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000,…

A: A prepaid expense is an expense that has not been accrued but the payment has been made by the…

Q: On April 1, Proton Corporation purchased for P855,000 a tract of land on which was located a…

A: Fixed assets are assets that are purchased for a lengthy period of time and are unlikely to be…

Q: show all entries please

A: Given:- WDV of Vehicle as on December 31, 2020 = Cost - Accumulated Depreciation = R100000 - R60000…

Q: nt sum needed to prow year is closest to:

A: The answer has been mentioned below.

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Introduction: Income statement: All revenue and expenses are to be shown in income statement. It…

Q: The Levi Company issued $78,000 of 11% bonds on January 1 of the current year at face value. The…

A: Semi-annual interest=Face value of bonds×Coupon rate×6 months12 months

Q: Using ABC, compute the cost of each unit of Product A? The following data are available for X Corp:

A: Unit Cost=Total CostUnits Completed

Q: The following is the statement of stockholders' equity for Cloud Computer Service Company: Cloud…

A: Ending equity = Beginning equity + Net income - Dividend

Q: The following are ABC’s balances for last month: sales, P2 million; variable expenses, P1.4 million;…

A: Operating leverage help in measuring the company by what degree its profit changes if there is a…

Q: Given an acid-test ratio of 2.0, current assets of Ph5,000 and inventory of Ph2,000, the value of…

A: The current ratio indicates the ability of the company in terms of paying short-term obligations.…

Q: Given the following information, compute the current ratio Cash $ 120,000 Accounts receivable…

A: It shows investors and analysts how a company's balance sheet finances might be optimized to pay…

Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…

A: The material account is credited by the total material issued and total material issued includes…

Q: Chang Optical manufactures surgical lasers. Information for the year related to the company appears…

A: Applied overhead is the amount of overhead cost that has been applied to a cost item. Some…

Q: Jerry Ltd. Processes a patent material used in building the material is produced in three…

A: Process I Account Particulars Units tons Amount ($) Particulars Units tons Amount ($) Raw…

Q: The Fortune Company reported the following income for Year 2: Sales $136,000 Cost of goods sold…

A: Time Interest Earned Ratio is to show that how much the Pre tax Income will able to adjust the…

Q: SOP Corporation furnished you with the following information: Net income after taxes P18,000 Income…

A: The Formula is; Times Interest earned = EBIT / Interest expense Division of interest expense with…

Q: Gem Factory produces two similar products - small lamps and desk lamps. The total plant budget is…

A: Factory overhead that should be allocated per hour = Total plant budget/Estimated direct labor hours…

Q: One of the College of Engineering laboratories bought a machine for its purchasing value ($50000)…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

Q: On January 1, 2019, an entity purchased equipment for P4,800,000. The equipmen s expected to have a…

A: The revaluation surplus is calculated as excess of revalued value of assets as compared to book…

Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…

A: Work in process inventory: This implies to the partially finished goods that are not completely…

Q: Choose the correct statement below: A. Contingent liability is both probable and measurable. B. An…

A: The answer for the multiple choice question on choosing the correct statement and relevant…

Q: What is the correct amount of financial liability that should be reported by Marcus Company in its…

A: Financial instruments are one which gives rise to a financial asset for one company and liability or…

Q: Which of the following is true regarding adjusting entries? O a. Adjusting entries are dated as of…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: The Johnson's Company had net income (after tax) = 500,000 USD, Johnson's Company's income statement…

A: Times interest earned ratio is a ratio calculated to determine how many times the earnings available…

Q: Of the following, which step is not a requirement during the accounting cycle? O a. An end-of-period…

A: Eight important steps of the accounting cycle: 1. Identify transaction. 2. Record Transaction 3.…

Q: 5,500 @ ksh. 49 7 4,000 @ ksh. 50 11 7,000 @ ksh. 61 12 5,000 @ ksh. 50 13 6,000 @ ksh. 47…

A: Inventory valuation is the techniques of valuing the inventory in the store so as to maintain a…

Q: It is important to consider both the positives and the negatives of global connectivity.

A: Globalization- Globalization is the ongoing social, economic, and political process that deepens and…

Q: Hi the volume variance portion is missing

A: A volume variance is the difference between the actual quantity sold or consumed and the budgeted…

Question

Information related to Burns Iron Works appears below. What is the ending balance in the finished goods inventory account?

Cost of goods sold	128,000
Cost of goods manufactured	146,000
Beginning finished goods inventory	29,000
Total current manufacturing costs	121,000

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The following inventory data relate to Edwards, Inc.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit.
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for weighted average (AVG).
Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar value for the period for each of the following cost allocation methods, using periodic inventory updating. Provide your calculations. A. first-in, first-out (FIFO) B. last-in, first-out (LIFO) C. weighted average (AVG)
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
May Company has ending finished goods inventory of P40,000.00, beginning finished goods inventory P55,000.00 and cost of goods manufactured of P120,000.00. What is the cost of goods sold of May Company?
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
From the following data, determine the total Cost of Goods Manufactured (COGM): Costs of units in beginning Work-in-Progress (WIP) Inventory Costs added to units in beginning WIP Inventory this period Costs of units started and completed Cost of units started and incomplete Cost of units in ending WIP inventory $ 78,000.00 $ 16,040.40 $ 157,050.50 $ 59,309.10 $ 59,309.10 A) $251,090.90 B) $270,840.40 C) $279,000.00 D) $310,400.00
Problem 7: Cost of Production Report Helen Company uses FIFO process costing. Data are as follows: Beginning inventory 40% complete Units completed during period Ending inventory 70% complete 25,000 units 500,000 units 45,000 units
The following information pertains to the Cannady Corporation: Beginning work-in-process inventory $ 50,000 Ending work-in-process inventory 48,000 Beginning finished goods inventory 180,000 Ending finished goods inventory 195,000 Cost of goods manufactured 1,220,000 What is the cost of goods sold? a. $1,235,000 b. $1,205,000 c. $1,218,000 d. $1,222,000
The following information pertains to the Duggan Corporation: Beginning work-in-process inventory $ 20,000 Ending work-in-process inventory 23,000 Beginning finished goods inventory 36,000 Ending finished goods inventory 34,000 Cost of goods manufactured 246,000 What is cost of goods sold?