question archive 1) Turbo Company, a manufacturing firm, produces a single product

1) Turbo Company, a manufacturing firm, produces a single product

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1) Turbo Company, a manufacturing firm, produces a single product. Assume all raw materials are direct materials (no indirect materials). The following information has been taken from the company's production, sales, and cost records for the just completed year: TURBO COMPANY 30,000 ? ? $650,000 Production in units Sales in units Ending finished goods inventory in units Sales in dollars Costs: Advertising Direct labor Indirect labor Raw materials purchased Building rent (80% Factory) Utilities, factory Royalty paid for use of patent, $1 per unit produced (Classify as MOH) Maintenance, factory Rent for special production equipment, $6,000 per year plus $0.10 per unit produced Selling and administrative salaries Other factory overhead costs Other selling and administrative expenses $50,000 80,000 60,000 160,000 50,000 35,000 ? 25,000 ? 140,000 11,000 20,000 Inventories: Raw materials Work in progress Finished goods Beginning End of of Year Year $20,000 $10,000 30,000 40,000 0 7 Selling price per unit $25 Check figure: (1) Cost of goods manufactured $450,000 The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the product is $25 per unit. 1. Compute the cost of goods manufactured for the year. 2. Compute the following: a. The number of units in the finished goods inventory at the end of the year. b. The cost of the units in the finished goods inventory at the end of the year. 3. Prepare an income statement for the year.

2. Data about Company A is given below: Direct Material Inventory, January 1, 2015 100.000 WIP Inventory, January 1, 2015 300.000 Finished Goods Inventory, January 1, 2015 200.000 Sales Revenue 6.500.000 Rent Revenue 130.000 Interest Expense 100.000 Direct Material Purchase 750.000 Utilities Expense of Manufacturing 300.000 Sales discount 25.000 Depreciation Expense of Manufacturing Plant 800.000 Repair and Maintenance Expense of Marketing Department 160.000 Indirect Labor 300.000 Utilities Expense of Marketing Department 600.000 Indirect Material 140.000 Dividend Revenue 100.000 Supplies Expense of Manufacturing Department 80.000 Sales return 15.000 Tax Expense %20 Direct Labor Expense 900.000 Direct Material Inventory, December 31, 2015 150.000 WIP Inventory, December 31, 2015 200.000 Finished Goods Inventory, December 31, 2015 300.000 Required: Prepare a Cost of Goods Manufactured/Sold Statement and an Income Statement of Company A for the year 2015.

3.The assets and liabilities of Web Services Inc. as of December 31, 2017 and revenues and expenses for the year ended on that date are listed here. Land 8,000 Equipment 11,000 Note payable 32,000 Accounts payable 15,000 Accounts receivable 25,000 Interest payable 4,000 Supplies 2,000 Common shares 15,000 Property tax expense 2,000 Salary expense 40,000 Rent expense 15,000 Building 126,000 Service revenue 145,000 Cash 3,000 Utilities expense 3,000 Interest expense 4,000 Beginning retained earnings were $60,000, and dividends totalled $30,000 for the year. Requirements: 1. Prepare the income statement of Web Services Inc. for the year ended December 31, 2017. 2. Prepare the company's statement of retained earnings for the year. 3. Prepare the company's balance sheet at December 31, 2017.

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