Clayton State Company begins operations on September 1st 2013. Information from job costing sheets shows the following:
Manufacturing Costs Assigned
Job # Sept October November Month Completed
101 $10,400 $8,800 October
102 8,200 7800 4000 November
103 2,400 September
104 9,400 9,000 November
105 11,800 7,200 Not Completed
Each job was sold for 125% above its cost in the month following completion.
What is the balance in Work in Process Inventory at the end of each month
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Question 2 (12.5 points)
Morrow corporation incurred the following cost while manufacturing its product:
Factor Supplies used $ 46,000
Labor Costs of assembly-line workers $ 220,000
Property Taxes on store $ 15,000
Depreciation on plant $ 120,000
Sales Commissions $ 70,000
Salaries paid to sales clerks $ 100,000
Material used in product $ 240,000
Advertising expense $ 90,000
Property taxes on plant $ 28,000
Delivery expense $ 42,000
Beginning work in process $ 24,000
Ending Work in Process $ 31,000
Beginning Finished Goods $ 120,000
Ending Finished Goods $ 91,200
Prepare statement of Cost of Goods Manufactured
Question 2 options:
Question 3 (12.5 points)
A department adds raw materials to a process at the beginning of the process and incurs conversion
costs uniformly throughout the process. For the month of January, there were no units in the beginning work in process inventory; 80,000 units were started into production in January; and there were 20,000 units that were 40% complete
in the ending work in process inventory at the end of January. What were the equivalent units of production for materials for the month of January? Show all your calculations (giving only answer figure will have zero, I want to see your step by step calculation)
Question 3 options:
Question 4 (12.5 points)
Clayton Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in suficient stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
Prepare Statement of Cash flow from operating activities. Show this part of the statement in good format. Simple final figure will not be sufficient.
Question 4 options:
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- Submitted On 20 Feb, 2018 05:39:14