Exercise 18-7 Balance sheet identification and preparation L.O. C4
[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
Cash
Raw materials inventory
Merchandise inventory
Goods in process inventory
Finished goods inventory
Accounts receivable, net
Prepaid expenses
Company 1 Company 2
$ 11,000
$ 9,000
—
35,750
38,750
—
—
26,000
—
46,000
55,000
66,000
4,500
900
references
1.
value:
1.00 points
Exercise 18-7 Part 1.1
(1.1) Identify which set of numbers relates to the manufacturer.
Company 1
Company 2
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2.
value:
1.00 points
Exercise 18-7 Part 1.2
(1.2) Identify which set of numbers relates to the merchandiser.
Company 1
Company 2
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3.
value:
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
(Click to select)
$
(Click to select)
(Click to select)
(Click to select)
Total current assets
$
Company 2
Roller Blades Mfg.
Current Asset Section
December 31, 2011
(Click to select)
$
(Click to select)
(Click to select)
Total current assets
4.
value:
2.00 points
Exercise 18-8 Cost of goods sold computation L.O. P1
Century
New Homes
Merchandising
Beginning inventory
Merchandise
Finished goods
Cost of purchases
Cost of goods manufactured
Ending inventory
Merchandise
Finished goods
Manufacturing
$ 331,000
$662,000
450,000
830,000
231,000
225,000
Compute cost of goods sold for each of these two companies for the year ended December 31,
2011. (Omit the "$" sign in your response.)
Cost of goods sold
Century Merchandising
$
New Homes Manufacturing
$
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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,
Beginning finished goods inventory
Beginning goods in process inventory
Beginning raw materials inventory
Rental cost on factory equipment
Direct labor
Ending finished goods inventory
Ending goods in process inventory
Ending raw materials inventory
Factory utilities
Factory supplies used
General and administrative expenses
Indirect labor
Repairs—Factory equipment
Raw materials purchases
Sales salaries
references
5.
value:
2.00 points
Canyon
Company
$ 18,000
15,000
12,000
26,000
22,000
19,500
21,000
11,800
15,000
9,800
19,000
3,250
6,780
27,000
49,000
Rossings
Company
$17,500
20,000
13,000
30,000
43,000
11,500
22,000
17,900
18,000
9,500
43,000
9,660
3,500
41,000
42,000
Exercise 18-9 Part 1
1. Compute the cost of goods manufactured for both Canyon Company and Rossings Company. (Omit
the "$" sign in your response.)
Canyon Company
Cost of goods manufactured
Rossings Company
$
$
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6.
value:
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.)
Canyon Company
Cost of goods sold
$
Rossings Company
$
7.
value:
3.00 points
Exercise 18-11 Manufacturing statement preparation L.O. P2
Given the following selected account balances of Randa Company.
Sales
Raw materials inventory, Dec. 31, 2010
Goods in process inventory, Dec. 31, 2010
Finished goods inventory, Dec. 31, 2010
Raw materials purchases
Direct labor
Factory computer supplies used
Indirect labor
Repairs—Factory equipment
Rent cost of factory building
Advertising expense
General and administrative expenses
$ 1,416,000
39,000
58,400
65,300
185,400
248,000
19,400
56,000
7,250
60,000
87,000
125,000
Raw materials inventory, Dec. 31, 2011
Goods in process inventory, Dec. 31, 2011
Finished goods inventory, Dec. 31, 2011
43,500
46,300
72,700
Prepare its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as
positive values. Omit the "$" sign in your response.)
RANDA COMPANY
Manufacturing Statement
For Year Ended December 31, 2011
Direct materials
(Click to select)
$
(Click to select)
Raw materials available for use
(Click to select)
Direct materials used
$
(Click to select)
Factory overhead
Total factory overhead costs
Total manufacturing costs
(Click to select)
Total cost of goods in process
(Click to select)
Cost of goods manufactured
$
8.
value:
2.00 points
Exercise 18-12 Income statement preparation L.O. P2
Following are the selected account balances of Randa Company:
Sales
Raw materials inventory, Dec. 31, 2010
Goods in process inventory, Dec. 31, 2010
Finished goods inventory, Dec. 31, 2010
Raw materials purchases
Direct labor
Factory computer supplies used
Indirect labor
Repairs—Factory equipment
Rent cost of factory building
Advertising expense
General and administrative expenses
Raw materials inventory, Dec. 31, 2011
Goods in process inventory, Dec. 31, 2011
Finished goods inventory, Dec. 31, 2011
$ 1,080,000
40,000
58,300
64,500
175,100
223,000
24,500
57,000
7,250
56,000
90,000
145,000
41,300
40,000
72,700
Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods
manufactured is $559,850. (Input all amounts as positive values. Omit the "$" sign in your
response.)
RANDA COMPANY
Income Statement
For Year Ended December 31, 2011
(Click to select)
$
Cost of goods sold
(Click to select)
(Click to select)
Cost of goods available for sale
(Click to select)
Cost of goods sold
(Click to select)
Operating expenses
Total operating expenses
$
(Click to select)
$
9.
value:
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.
$37,550
$7,550
$
$5,050
$
$78,050
$132,050
$22,550
$
$
$245,600
$286,150
$
$
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$30,050