Prepare mcclellan companys statement of cost of goods

Assignment Help Accounting Basics
Reference no: EM131911250

Problem

Manufacturing Income Statement, Statement of Cost of Goods Manufactured

Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014:


Grant Company

McClellan Company

Materials inventory, December 1

$74,190

$99,410

Materials inventory, December 31

(a)

112,330

Materials purchased

188,440

223,670

Cost of direct materials used in production

198,830

(a)

Direct labor

279,700

(b)

Factory overhead

86,800

111,340

Total manufacturing costs incurred during December

(b)

643,180

Total manufacturing costs

707,770

882,760

Work in process inventory, December 1

142,440

239,580

Work in process inventory, December 31

120,190

(c)

Cost of goods manufactured

(c)

637,220

Finished goods inventory, December 1

125,380

111,340

Finished goods inventory, December 31

131,320

(d)

Sales

1,093,560

994,100

Cost of goods sold

(d)

643,180

Gross profit

(e)

(e)

Operating expenses

142,440

(f)

Net income

(f)

220,690

Required:

1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.

2. Prepare McClellan Company's statement of cost of goods manufactured for December. Enter all amounts as positive numbers.

Reference no: EM131911250

Questions Cloud

Research paper on home area networks : You need to rewrite a research paper on HOME AREA NETWORKS You need to analyses the security risks connected with the adoption of the HAN system
Create a report of your recommendation to be presented : For each license type considered, provide the rationale behind why you selected or rejected that base license agreement type for your product.
Pursue related or unrelated diversification or both : In the event your athletic footwear company had the opportunity to diversify into other products or businesses of your choosing, would you opt to pursue related
How your company will use erp to integrate the functions : As an IT manager, discuss how your company will use Enterprise Resource Planning (ERP) to integrate the various functions of an entity.
Prepare mcclellan companys statement of cost of goods : Prepare McClellan Company's statement of cost of goods manufactured for December. Enter all amounts as positive numbers.
Discuss and compare the group summations and consolidation : Discuss and compare the group summations and consolidation tools used with Excel. You may need to look up (research) the group summations.
What are your experiences with the numbering systems used : What are your experiences with the numbering systems used by healthcare facilities? What are your preferences, as a patient or as a healthcare provider?
Write the general thoughts about the site : What is Pinterest, write the general thoughts about the site, and find 5 Google + Communities or Collections that you think your followers would be interested
Evaluate the filing controls used in healthcare facilities : Discuss the different types of numbering systems used in healthcare facilities, and explain the advantages and disadvantages of each one.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd