The following information is available for The NewQuest Corporation for 2016: In
ID: 2460542 • Letter: T
Question
The following information is available for The NewQuest Corporation for 2016:
Inventories
January 1
December 31
December 31
none
X
Amount Descriptions
In CengageNOW, an Amount Description is a text entry other than an Account that has an amount associated with it.
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X
Statement of Cost of Goods Manufactured
A. Prepare the 2016 statement of cost of goods manufactured. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.
Question not attempted.
The NewQuest Corporation
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2016
1
2
Direct materials:
3
4
5
6
7
8
9
Factory overhead:
10
11
12
13
14
15
16
17
Total factory overhead
18
19
Total manufacturing costs
20
21
Solution
The NewQuest Corporation
Statement of Cost of Goods Manufactured
For the Year Ended December 31, 2016
1
2
Direct materials:
3
4
5
6
7
8
9
Factory overhead:
10
11
12
13
14
15
16
17
Total factory overhead
18
19
Total manufacturing costs
20
21
Points:
Feedback
Check My Work
none
X
Income Statement
B. Prepare the 2016 income statement. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. “Less” or “Plus” will automatically appear if it is required. Enter all amounts as positive numbers.
Question not attempted.
The NewQuest Corporation
Income Statement
For the Year Ended December 31, 2016
1
2
Cost of goods sold:
3
4
5
6
7
8
9
Operating expenses:
10
Administrative expenses:
11
12
13
14
Selling expenses:
15
16
17
18
Solution
The NewQuest Corporation
Income Statement
For the Year Ended December 31, 2016
1
2
Cost of goods sold:
3
4
5
6
7
8
9
Operating expenses:
10
Administrative expenses:
11
12
13
14
Selling expenses:
15
16
17
18
Inventories
January 1
December 31
Materials $77,250 $93,600 Work in process 108,800 96,700 Finished goods 112,500 108,400Explanation / Answer
Answer:A
Answer: B
Statement of cost of goods manufactured Particulars Amount Beginning raw material inventory $ 77,250.00 Raw material purchased $ 1,23,800.00 Total raw material available $ 2,01,050.00 Ending raw material inventory $ 93,600.00 Total raw material used $ 1,07,450.00 Direct labor $ 1,86,100.00 Heat, light, and power- factory $ 5,550.00 Indirect labor $ 23,800.00 Depreciation- factory equipment $ 14,600.00 Property taxes- factory equipment $ 4,145.00 Rent expense- factory $ 6,550.00 Supplies- factory $ 4,750.00 Miscellaneous costs- factory $ 4,420.00 Total manufacturing overhead $ 63,815.00 Total manufacturing costs $ 3,57,365.00 Beginning work in process inventory $ 1,08,800.00 Ending work in process inventory $ 96,700.00 Cost of goods manufactured $ 3,69,465.00Related Questions
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