Current assets for two different companies at fiscal year-end 2017 are listed here. One is a manufacturer, Rayzer Skis Mfg., and the other, Sunrise Foods, is a grocery distribution company. Required: Identify which set of numbers relates to the manufacturer and which to the merchandiser.
Prepare the current asset section for each company from this information. Compute cost of goods sold for each of these two companies for the year ended December 31, 2017.. Prepare its schedule of cost of goods manufactured for the year ended December 31, 2017. The following selected account balances are provided for Delray Mfg. Prepare an income statement for Delray Mfg. (a manufacturer). Connect Managerial Accounting Chapter 1 QuizQ1. Which of the following accounts would appear on a schedule of cost of goods manufactured?
Q2. The following information relates to the manufacturing operations of the Abbra Publishing Company for the year:
The raw materials used in manufacturing during the year totaled $1,018,000. Raw materials purchased during the year amount to:
Beginning Raw Materials + Purchases – Ending Raw Materials = Raw Materials Used Q3. Using the information below, calculate cost of goods sold for the period:
Beginning Finished Goods Inventory + Cost of goods manufactured – Ending Finished Goods Inventory = Cost of goods sold. $36,000 + 540,000 – 41,000 = $535,000. Q4. Flexibility of practice when applied to managerial accounting means that:
Q5. The following information is available for the year ended December 31:
Beginning Raw Materials + Purchases – Ending Raw Materials = Raw Materials Used Q6. All of the following statements regarding manufacturing costs are true except:
Q7. Which of the following is not part of the sales activity in the flow of manufacturing activities?
Beginning Finished Goods Inventory + Cost of Goods Manufactured = Finished Goods Available for Sale. Finished Goods Available for Sale – Ending Finished Goods Inventory = Cost of Goods Sold. Q8. A direct cost is a cost that is:
Q9. Total manufacturing costs incurred during the year do not include:
Q10. Managerial accounting is different from financial accounting in that:
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