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
Question 1 options:
Question 2 (12.5 points)
Morrow corporation incurred the following cost while manufacturing its product:Factor Supplies used $ 46,000Labor Costs of assembly-line workers $ 220,000Property Taxes on store $ 15,000Depreciation on plant $ 120,000Sales Commissions $ 70,000Salaries paid to sales clerks $ 100,000Material used in product $ 240,000Advertising expense $ 90,000Property taxes on plant $ 28,000Delivery expense $ 42,000Beginning work in process $ 24,000Ending Work in Process $ 31,000Beginning Finished Goods $ 120,000Ending Finished Goods $ 91,200Required:
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 conversioncosts 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% completein 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.