Reference no: EM13896357
The following calendar year end information is taken from the December 31, 2013, adjusted trial balance and other records of Elegant Furniture.
Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,250
Depreciation expense Office equipment . . . . . . . . . . 8,440
Depreciation expense Selling equipment . . . . . . . . . 10,125
Depreciation expense Factory equipment . . . . . . . . 35,400
Factory supervision . . . . . . . . . . . . . . . . . . . . . . . . . . . 121,500
Factory supplies used . . . . . . . . . . . . . . . . . . . . . . . . . . 6,060
Factory utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,500
Inventories Raw materials, December 31, 2012 . . . . . . . 40,375
Raw materials, December 31, 2013 . . . . . . . . . . . . . 70,430
Goods in process, December 31, 2012 . . . . . . . . . . 12,500
Goods in process, December 31, 2013 . . . . . . . . . . 14,100
Finished goods, December 31, 2012 . . . . . . . . . . . . . 177,200
Finished goods, December 31, 2013 . . . . . . . . . . . . . 141,750
Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 562,500
Income taxes expense . . . . . . . . . . . . . . . . . . . . . . . . . 136,700
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59,000
Miscellaneous production costs . . . . . . . . . . . . . . . . . . 8,440
Office salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . 70,875
Raw materials purchases . . . . . . . . . . . . . . . . . . . . . . . . 894,375
Rent expense Office space . . . . . . . . . . . . . . . . . . . . 23,625
Rent expense Selling space . . . . . . . . . . . . . . . . . . . . 27,000
Rent expense Factory building . . . . . . . . . . . . . . . . . 93,500
Maintenance expenseFactory equipment . . . . . . . . 30,375
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000,000
Sales discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,375
Sales salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . 295,300
Required:
1. Prepare the company's 2013 manufacturing statement.
2. Prepare the company's 2013 income statement that reports separate categories for
(a) Selling expenses
(b) General and administrative expenses.
Analysis Component
3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place.
|
What is the volume of the silver
: Ethylene glycol, C2H6O2, is an ingredient of automobile antifreeze. Its density is 1.11 g/cm3 at 20 °C. If you need 500. mL of this liquid, what mass of the compound, in grams, is required?
|
|
Under what conditions would you use a kaizen event
: Under what conditions would you use a Kaizen Event? Why is it important to begin with the metrics rather than to start by looking at the process?
|
|
Discuss the direct and indirect impacts
: Discuss the direct and indirect impacts which these events had on the African nations and people. Finally, determine whether or not African nations, and the African people would be better off today, had colonization never taken place.
|
|
The spacing between the lines of a diffraction grating
: The spacing between the lines of a diffraction grating is 2000 nm. If red light of wave length 650 nm passes through the grating, what is the angle from the central ray of the first spot away from the central ray?
|
|
Inventory turnover, defined as cost of goods sold
: The following calendar year end information is taken from the December 31, 2013, adjusted trial balance and other records of Elegant Furniture.
|
|
Explain the hybrid elements in the russian political system
: Explain the hybrid elements in the Russian political system
|
|
How many degrees does the cylinder trun
: A cylinder of radius 8.0 cm rolls 20 cm in 5.0 sec without slipping. Through how many degrees does the cylinder trun during this time? The answer is 140 degrees If you could provide a formula and show a way to solve
|
|
A race car is traveling at a constant speed
: A race car is traveling at a constant speed around a circular track. What happens to the centripetal acceleration of the car if its speed is halved?
|
|
Describe the key institutions of the bretton woods system
: Describe the key institutions of the Bretton Woods system
|