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Exam 26: Accounting for Manufacturing Activities

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Question 51

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Stellar Manufacturing had a beginning raw materials inventory of $220,000.The firm had net purchases of $625,000 for the period and an ending raw materials inventory of $199,000.What was the cost of raw materials used?

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Question 52

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The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. The cost for Direct Labor was:

A) $40,000.
B) $60,000.
C) $110,000.
D) $120,000.

E) A) and D)
F) A) and C)

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Question 53

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The manufacturing summary account is a temporary account used to close out manufacturing costs before transferring the balance to Finished Goods.

Fill in the missing line items on the Statement of Cost of Goods Manufactured given.Include correct indentations,underlines,dates,and capitalization when needed.

Selected account balances for Reed Manufacturing Company on December 31,2016,the end of the fiscal year,are given below.Data about the beginning and ending inventories are also given.Use this information to prepare a statement of cost of goods manufactured and an income statement for 2016.

All manufacturing costs that are NOT classified as direct materials or direct labor are

Total manufacturing cost is the sum of direct materials used,direct labor incurred plus manufacturing overhead.

Information about depreciation,insurance,and property taxes for the factory building of a manufacturing business would be shown in the Operating Expenses section of the income statement.

The balance of the Manufacturing Summary account is closed into

All manufacturing costs except those for direct labor and direct materials are included in manufacturing ___________________.

Finished goods inventory is used in the computation of cost of goods ___________________.

The Balance Sheet headings and the accounts and their balances for Exemplar Manufacturing are listed in alphabetical order.Exemplar Manufacturing has a fiscal year end of June 30,2016. Using the information given,prepare the Balance Sheet for Exemplar Manufacturing.Include correct indentations,underlines,dates,and capitalization where needed.

An adjusting entry to accrue salaries and wage expenses incurred,but not yet recorded is required prior to closing out a reporting period.

The Balance Sheet headings and the accounts and their balances for Exemplar Manufacturing are listed in alphabetical order.Exemplar Manufacturing has a fiscal year end of June 30,2016. Using the information given,prepare the Current Assets section of the Balance Sheet for Exemplar Manufacturing.Include correct indentations,underlines,dates,and capitalization where needed.

The following information appears on the income statement of the Davis Company at the end of the year. Ending finished goods inventory was:

The following information appears on the income statement of the Richer Company at the end of the year. Gross Profit on Sales was:

Fill in the missing line items on the Income Statement given.Include correct indentations,underlines,dates,and capitalization when needed.

Total manufacturing cost is the sum of beginning work in process,direct materials used,direct labor incurred plus manufacturing overhead.

The cost of goods sold will often differ from the cost of goods manufactured because of changes in the level of finished goods.

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year. The balance in Work in Process Inventory at year-end was: