DeeZees makes evening dresses. The following information was gathered from the c

Question

DeeZees makes evening dresses. The following information was gathered from the company records for 2013, the first year of company operations. Work in Process Inventory at the end of 2013 was $17,350.

The company's gross profit rate for the year was 45 percent.

a.  Compute the cost of goods sold for 2013.
$

b.  What was the total cost of goods manufactured for 2013?

$

c.  What is Finished Goods Inventory at December 31, 2013?

$

d.  If net income was $123,000, what were total selling and administrative expenses for the year?
$

e.  Prepare journal entries to record the flow of costs for the year, assuming the company uses a perpetual inventory system and a single Manufacturing Overhead Control account and that actual overhead is included in WIP Inventory.

Direct material purchased on account $574,100 Direct material issued to production 456,400 Direct labor payroll accrued 334,500 Indirect labor payroll accrued 95,300 Prepaid factory insurance expired 2,750 Factory utilities paid 20,750 Depreciation on factory equipment recorded 31,700 Factory rent paid 147,400 Sales (all on account) 1,455,000 DeeZees makes evening dresses. The following information was gathered from the company records for 2013, the first year of company operations. Work in Process Inventory at the end of 2013 was $17,350. Direct material purchased on account $574,100 Direct material issued to production 456,400 Direct labor payroll accrued 334,500 Indirect labor payroll accrued 95,300 Prepaid factory insurance expired 2,750 Factory utilities paid 20,750 Depreciation on factory equipment recorded 31,700 Factory rent paid 147,400 Sales (all on account) 1,455,000 The company's gross profit rate for the year was 45 percent. a. Compute the cost of goods sold for 2013. $800250 b. What was the total cost of goods manufactured for 2013? $ c. What is Finished Goods Inventory at December 31, 2013? $ d. If net income was $123,000, what were total selling and administrative expenses for the year? $ e. Prepare journal entries to record the flow of costs for the year, assuming the company uses a perpetual inventory system and a single Manufacturing Overhead Control account and that actual overhead is included in WIP Inventory.

Explanation / Answer

DeeZees makes evening dresses. The following information was gathered from the c

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