Homework Week 3 Worksheets - Current assets for two...

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Current assets for two different companies at calendar year-end 2013 are listed here. One is a manufacturer, Salomon Skis Mfg., and the other, Sun Fresh Foods, is a grocery distribution company. Account Company 1 Company 2 Cash $10,000 $8,000 Raw materials inventory --- 45,375 Merchandise inventory 48,375 --- Goods in process inventory --- 33,000 Finished goods inventory --- 53,000 Accounts receivable, net 64,000 66,000 Prepaid expenses 3,500 700 1 (1a) Based on the amounts, identify which company is a manufacturer. ¡ Company 2 ¡ Company 1 (1b) Based on the amounts, identify which company is a merchandiser. ¡ Company 2 ¡ Company 1 2 Company 1 Company 2 Sun Fresh Foods Salomon Skis Mfg. Current Asset Section Current Asset Section December 31, 2013 December 31, 2013 Current assets: Current assets: Cash $10,000 Cash $8,000 Accounts receivable, net 64,000 Accounts receivable, net 66,000 Merchandise inventory 48,375 Raw materials inventory 45,375 Prepaid expenses 3,500 Goods in process inventory 33,000 Finished goods inventory 53,000 Total current assets $125,875 Prepaid expenses 700 Total current assets $206,075
Beginning finished goods inventory $18,000 $18,000 Beginning goods in process inventory 14,000 23,500 Beginning raw materials inventory 12,000 9,000 Rental cost on factory equipment 23,000 20,500 Direct labor 17,000 37,000 Ending finished goods inventory 18,000 14,000 Ending goods in process inventory 27,000 21,000 Ending raw materials inventory 12,200 7,300 Factory utilities 8,000 12,000 Factory supplies used 9,100 5,100 General and administrative expenses 22,000 40,000 Indirect labor 1,250 7,660 Repairs -- Factory equipment 4,780 1,500 Raw materials purchases 21,000 54,000 Sales salaries 40,000 33,000 3 4 Direct materials Beginning finished goods inventory $18,000 $18,000 Beginning raw materials inventory 12,000 9,000 Add: Cost of goods manufactured 70,930 141,960 Add: Raw materials purchases 21,000 54,000 Cost of goods available for sale $88,930 $159,960 Raw materials available for use 33,000 63,000 Less: Ending finished goods inventory (18,000) (14,000) Less: Ending raw materials inventory (12,200) (7,300) Cost of goods sold $70,930 $145,960 Direct materials used 20,800 55,700 Direct labor 17,000 37,000 Factory overhead Rental cost on factory equipment 23,000 20,500 Factory utilities 8,000 12,000 Factory supplies used 9,100 5,100 Indirect labor 1,250 7,660 Repairs--Factory equipment 4,780 1,500 Total factory overhead 46,130 46,760 Total manufacturing costs 83,930 139,460 Add: Beginning goods in process inventory 14,000 23,500 Total cost of goods in process 97,930 162,960 Less: Ending goods in process inventory (27,000) (21,000) Cost of goods manufactured 70,930 141,960 Garcia Company Culpepper Company Complete the below table to calculate the cost of goods manufactured for both Garcia Company and Culpepper Company. Complete the below table to calculate the cost of goods sold for both Garcia Company and Culpepper Company. Garcia Company Culpepper Company Garcia Company Culpepper Company
Viking Retail Merchandise Inventory Beginning inventory 31-Dec-12 $217,000 Merchandise $217,000 Purchases 560,000 Finished goods $434,000 Avail. For Sale $777,000 Cost of purchases 560,000 Cost of goods sold $660,000 Gost of goods manufactured 840,000 31-Dec-13 117,000 Ending inventory Merchandise 117,000 Finished Goods Inventory Finished goods 111,000 31-Dec-12 $434,000 840,000 Avail. For Sale $1,274,000 Cost of goods sold $1,163,000 31-Dec-13 111,000 VIKING RETAIL LOG HOMES MANUFACTURING Partial Income Statement Partial Income Statement For Year Ended December 31, 2013 For Year Ended December 31, 2013 Cost of goods sold:

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