The accounting records of NuTronics, Inc., include the following information for the year ended...
Question:
The accounting records of NuTronics, Inc., include the following information for the year ended December 31.
Dec. 31 | Jan. 1 | |
---|---|---|
Inventory of materials | $24,000 | $20,000 |
Inventory of work in process | 8,000 | 12,000 |
Inventory of finished goods | 90,000 | 80,000 |
Direct materials used | 210,000 | |
Direct labor | 112,000 | |
Selling expenses | 170,000 | |
General and administrative expenses | 140,000 |
The Overhead assigned to production was $192,000.
a. Prepare a schedule of the cost of finished goods manufactured.
b. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?
Finished Goods Inventory:
Finished Goods inventory is one of the inventory accounts maintained by manufacturing companies. The account increases on the debit side when goods are transferred from work-in-process inventory and decreases on the credit side when the cost of goods sold is recorded.
Answer and Explanation: 1
Become a Study.com member to unlock this answer! Create your account
View this answer
a. In the schedule, we add the current manufacturing costs and adjust that for changes in work-in-process inventory to find the cost of finished...
See full answer below.
Ask a question
Our experts can answer your tough homework and study questions.
Ask a question Ask a questionSearch Answers
Learn more about this topic:

from
Chapter 2 / Lesson 9Learn the definition of finished goods inventory and understand how it is calculated. Discover the finished goods inventory formula and see how it is used.
Related to this Question
- Dexter Inc accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2016 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2017 $800,000 of raw materials
- Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $120,000 $96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2013, Ogleby purchased $
- Holiday Manufacturing had the following inventories at December 31, 2015, the end of its fiscal year: Material inventory 19,000 Work in process inventory 20,000 Finished goods inventory 13,000 1) Dur
- Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units
- The accounting records of Hobart Industries show the following information for the most recent year ended December 31: Dec. 31 ($) Jan. 1 ($) Inventory of work in process 40,000 18,000 Inventory of finished goods 60,000 68,000 Direct materials used 250,0
- The accounting records of Idaho Paper Company include the following information relating to the current year: Dec. 31 Jan. 1 Materials inventory $20,000 $25,000 Work in process inventory 37,500 40,000 Finished goods inventory, Jan. 1 (10,000 units @ $21
- Powerful, Inc. has provided the following data pertaining to its last year of operations: Raw materials inventory on January 1 was $100,000. Raw materials inventory on December 31 was $70,100. Work
- Ranch Company's accounting records reflect the following inventories: Dec. 31, 2014 Dec. 31, 2013 Raw materials inventory $554,000 $546,000 Work in process inventory $486,000 $429,000 Finished goods inventory $270,000 $225,000 During 2014, $729,000 of raw
- Powerful, Inc. has provided the following data pertaining to its last year of operations: 1. Raw materials inventory on January 1 was $100,000. 2. Raw materials inventory on December 31 was $70,100.
- The accounts of Delphinia Dreams, Inc. showed the following balances at the beginning of October: Account Debit: Raw Materials Inventory $30,000 Work in Process Inventory 44,000 Finished Goods Inventory 53,000 Manufacturing Overhead 22,000 During the mo
- Given the following information, compute the ending balances of the Materials Inventory, Work In process Inventory, and Finished Goods Inventory accounts. |Materials Inventory, beginning balance| $25,
- Crane Company's accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $210,000 $160,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2020, $700,000 of raw mat
- Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31 10,000 Work in process inventory, January 1 6,000 Work in process inventory, December 31 9,000 Finished goods inventory,
- Given the following selected account balances of Shanta Company. Sales $1,298,000 Raw materials inventory, Dec 31, 2012 37,000 Goods in process inventory, Dec 31, 2012 53,400 Finished goods inventory
- Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $120,000 $96,000 Work in process inventory 156,000 174,000 Finished goods inventory 150,000 138,000 During 2013, Ogleby purchased $840,
- Ogleby Inc.'s accounting records reflect the following inventories: 12/31/19 12/31/20 Raw materials inventory $150,000 $120,000 Work in process inventory $195,000 $217,500 Finished goods inventory $187,500 $172,500 During 2020, Ogleby purchased $1,225,000
- Beck Inc., uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 2: Units Unit Cost In
- Cloudy Comfort Company's accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2011 Raw materials inventory $310,000 $260,000 Work in process inventory 300,000 160,000 Finished goods inventory 190,000 150,000 During 2012, $400,00
- At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016: Materials inventory, January 1 $25,000 Materials inventory, December 31 15,000 Work in process inventory, January 1 30,000 Work in
- Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2016 Raw materials inventory - $80,000 $ 64,000 Work in process inventory - $104,000 $116,000 Finished goods inventory - $100,000 $92,000 Dec. 31, 2017 Raw materials invent
- Partial balance sheet data for Flat Top Company on December 31, 2016, are as follows: Finished goods inventory $43,250 Prepaid insurance 26,500 Accounts receivable 104,000 Work in process inventory 155,500 Supplies 70,600 Materials inventory 88,750 Cash 1
- The following data pertain to Duggan Company's operations during December: Dec 1 Dec 31 Raw materials inventory $0 $10,000 Work-in-process inventory $5,000 Finished goods inventory $10,000 Other da
- The following information was available for Metlock, Inc. at December 31, 2017: beginning inventory $79,000; ending inventory $134,000; cost of goods sold $608,000; and sales $888,000. Metlock days in inventory (rounded) in 2017 was (Round intermediate ca
- The records of Alberta Inc. included the following information: Cost of goods sold $1,800,000 Beginning inventory 435,000 Ending inventory 465,000 Use the information above to answer the following que
- The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory 22,000$ 24,900 Work-in-process inventory 32,300 28,700 Finished
- On December 31, ABC Corp. took a physical count of its inventory and found that they had 150 units of product still on hand. The accounting records provided the following information about their inven
- Title Products' inventory records show the following inventory purchases for its first year of operations: A physical inventory on December 31 shows 2,000 units on hand. Under the FIFO method, how much is the December 31 inventory balance? A) $12,000. B)
- The records at the end of January 2012 for Captain Company showed the following for a particular kind of merchandise: Inventory, December 31, 2011, at FIFO: 19 Units @ $16 = $304 Inventory, December 31, 2011, at LIFO: 19 Units @ $12 = $228 Transactions
- The following beginning and ending inventory balances apply to XYZ's 2009 accounting period: Beginning Ending Raw Materials Inventory $24,000 $22,000 Work in Process Inventory $32,000 $33,000 Finished Goods Inventory $20,000 $17,000 During 2009, the compa
- At December 31, 2014, the following information was available for A. Kamble Company: ending inventory $42,830, beginning inventory $64,440, cost of goods sold $260,720, and sales revenue $387,740. Calculate inventory turnover.
- The following information was taken from Kay Company's accounting records for the year ended December 31, 2005: Increase in raw materials inventory $15,000 Decrease in finished goods inventory 35,000 Raw materials purchased 430,000 Direct manufacturin
- Keen Company's accounting records indicated the following information: Inventory, 1/1/14 $ 1,200,000 Purchases during 2014 6,000,000 Sales during 2014 7,600,000 A physical inventory was taken on December 31, 2014, resulted in an ending inventory of $1
- Partial balance sheet data for Ellison Company at December 31, 2008 are as follows: Finished goods inventory 12,500 Prepaid Insurance 6,000 Accounts receivable 25,000 Work in process inventory 45,000 Supplies 15,000 Materials Inventory 24,000 Cash
- The following beginning and ending inventory balances apply to XYZ's 2008 accounting period: Raw Materials Inventory: Beginning- $24,000; Ending- $22,000; Work in Process Inventory: Beginning- $32,000; Ending- $33,000; Finished Goods Inventory: Beginning-
- Bedrock Company reported a December 31 ending inventory balance of $413,500. The following additional information is also available: The ending inventory balance of $413,500 included $72,300 of consi
- The accounting records of Bronco Company revealed the following information: Raw materials used $77,000 Direct labor $142,000 Manufacturing overhead $377,000 Work-in-process inventory $67,000 Finished-goods inventory $206,000 Work-in-process inventory $9
- Accounting records indicate certain balances in the inventory accounts for 20xx: | | 1/1/xx | 31/12/xx | Materials inventory | $ 25,000 | $12,000 | Inventory of products in process (Work in Process) | -0- | $23,000 | Inventory of finished products | $10
- At December 31, 2015, the following information was available for A. Kamble Company: ending inventory $40,000, beginning inventory $60,000, cost of goods sold $270,000, and sales revenue $380,000. Cal
- Star Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2012, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, 2011 2,000 $5 For the year 2012:
- G inc, had the following inventory situations to consider at January 31, its year-end. Which situation below should be included in inventory? For the ones that are not, what account, if any, should it be recorded in? a) Goods held on consignment for Stee
- Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 1,9
- The entry to record the acquisition of raw materials on account would include which of the following? A. Dr. Work in Process Inventory. B. Cr. Work in Process Inventory. C. Dr. Raw Materials Inventory. D. Cr. Raw Materials Inventory. E. Dr. Accounts Payab
- Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1. Compute ending in
- During October, Beidleman Inc. transferred $60,600 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $66,520. The journal entries to record these transactions would include a
- During October Beidleman inc. transferred $64,900 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $70,660. The journal entries to record these transactions would include a:
- The accounting records for Toys for Big Boys Inc. reflected the following amounts at the end of August 2016 Cash $2,600 Cost of goods sold 17,500 Total operating expenses 4,500 Equipment, net 23,300
- At December 31, 2012, the following information (in thousands) was available for Kitselman Inc.: ending inventory $22, 600; beginning inventory $21, 400; the cost of goods sold $181,000, and sales rev
- Larkspur, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from t the company's inventory records as of December 31, 2017 Item Quantity Unit cost
- The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $21,900 $24,600 Work-in-process inventory 32,600 29,400 Finished goods inventory 5,000 7,300 Direct materials used during t
- Managerial Accounting Renegade Publishers Inc. projected sales of 32,000 diaries for 2016. The estimated January 1, 2016, inventory is 1,600 units, and the desired December 31, 2016, inventory is 4,0
- Consider the following item: Factory supplies. Indicate if the given item would be reported as inventory in the financial statements of a company with year end at December 31. If it should not be reported as inventory, indicate how it should be reported i
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Dec
- In a manufacturing organization, completed but unsold units would be included in which of the following accounts? a. Pending-Sale Inventory b. Materials Inventory c. Work in Process Inventory d. Finished Goods Inventory e. None of the above
- Consider the following item: Office supplies. Indicate if the given item would be reported as inventory in the financial statements of a company with year end at December 31. If it should not be reported as inventory, indicate how it should be reported in
- Partial balance sheet data for Ellison Company at December 31, 2008, are as follows: Finished goods inventory $12,500 Prepaid insurance 6,000 Accounts receivable 25,000 Work in progress inventory 45,000 Supplies 15,000 Material Inventory 24,000 Cas
- Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, 2014 1,980 $5 For the year 2015
- Quigley Company's records indicate the following information for the year: Merchandise inventory, 1/1 $550,000 Purchases 2,250,000 Net Sales 3,000,000 On December 31, a physical inventory determined that an ending inventory of $600,000 was in the warehou
- The following balances are from the accounts of Tappan Parts: January 1 (Beginning) December 31 (Ending) Direct materials inventory $962,000 $884,000 Work-in-process inventory 1,354,000 1,430,000 Fin
- Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Des
- On December 31, Hall Company had an ending inventory of $104,000 based primarily on a physical count at its warehouse. In computing the final balance of the Inventory, the following information was available: a. Inventory items with a cost of $2,760 were
- Benson Inc.'s accounting records reflect the following inventories: Dec. 31, 2012 Dec. 31, 2013 Raw materials inventory $80,000 $64,000 Work in process inventory $104,000 $116,000 Finished goods inventory $100,000 $92,000 During 2013, Benson purchased $1,
- Case Industries had the following information at December 31: Finished goods inventory, January 1 $60,000 Finished goods inventory, December 31 84,000 If the cost of goods manufactured during the year amounted to $1,330,000 and annual sales were $1,996,00
- During February, Degan Inc. transferred $64,100 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $69,630. The journal entries to record these transactions would include
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Decembe
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Decem
- Gross Corporation adopted the dollar-value LIFO method of inventory valuation on December 31, 2013. Information regarding ending inventory is as follows: Date Inventory at Year-End Prices Price Index (base year 2013) December 31, 2013 $71,600 1.00 Decemb
- The records of Alaska Company provide the following information for the year ended December 31. At Cost At retails January 1 beginning inventory $ 472,250 $928,050 Cost of goods purchased 3,924,813
- Worth Company reported the following year-end information: beginning work in process inventory, $180,000; cost of goods manufactured, $816,000; beginning finished goods inventory, $252,000; ending work in process inventory, $220,000; and ending finished g
- At May 31, 2014, the accounts of Mantle Company show the following: 1. May 1 inventories-finished goods $14,230, work in process $17,030, and raw materials $8,530. 2. May 31 inventories-finished good
- Consider the following item: Goods held in consignment from another company. Indicate if the given item would be reported as inventory in the financial statements of a company with year end at December 31. If it should not be reported as inventory, indica
- Madison, Inc. had the following balances and transactions during 2017. Beginning Inventory 40 units at $73 June 10 Purchased 80 units at $77 December 30 Sold 74 units December 31 Replacement cost $79 The company maintains its records of inventory on a per
- The accounts of Melissa Manufacturing showed the following balances at the beginning of December: Raw Materials Inventory $56,000 Work-in-Process Inventory 76,000 Finished Goods Inventory 36,000 M
- Washington, Inc. has $40,000 of ending finished goods inventory as of December 31, 2014. If beginning
- Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inv
- Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1: Compute ending inventory and cost of goods sold under FIFO, LIFO, and
- Buffalo Company reported a December 31 ending inventory balance of $412,000. The following additional information is also available: ? The ending inventory balance of $412,000 did not include goods co
- At December 31, 2016, the end of its fiscal year, Lederman Manufacturing Corporation collected the following data for 2016. Materials inventory, January 1 $50,000 Materials inventory, December 31 30,
- Record the journal entries for the following transactions that occurred during the month of December for Magic Merchandisers, Inc using a perpetual inventory system. Dec. 1st: Purchased merchandise o
- The general ledger of the ABC Corporation included the following account balances. Sales $396,000 Raw materials inventory, Jan. 1 $25,000 Work in process inventory, Jan. 1 $26,300 Finished goods inventory, Jan. 1 $30,900 Raw materials purchased $63,800 Di
- Assuming that the direct materials used are $1,000,000, use the following information. Raw materials inventory, January 1 $20,000 Raw materials inventory, December 31 $40,000 Work in process, January 1 $10,000 Work in process, December 31 $12,000 Finished
- The following balances are from the accounts of Crabtree Machining Company: January 1 (Beginning) December 31 (Ending) Direct materials inventory $98,700 $110,700 Work-in-process inventory $109,500 $106,100 Finished goods inventory $45,800 $44,300 Direct
- The following costs and inventory data were taken from the accounts of Simon Company for 2019: January 1, 2019 December 31, 2019 Inventories: Raw materials $8,000 $7,000 Work in process 15,000 13,000 Finished goods 16,000 12,000 Costs incurred: Raw materi
- ABC Co. has provided the following data for the end of December 2019. Beginning Inventory for Raw Materials $60,000 Ending Inventory for Raw Materials $44,600 Beginning Inventory for Work in Process $83,000 Ending Inventory for Work in Process $92,000 Beg
- Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Units Unit Cost Inventory, December 31, prior year 2,100 $
- Prepare the December 31 adjustment entries from the following information: 1. The company's inventory of office supplies on November 30 was Rs. 2,850. The company bough supplies costing Rs. 4,710 in December. The inventory of office supplies on December
- Mountain Lake Corporation's accounting records show the following at year-end December 31, 2014 : Purchase Discounts - $7,150 ; Beginning Inventory - $31,830 ; Freight-In - $9,760 ; Ending Inventory -
- Concord Corporation's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials inventory $80,000 $64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2020, Concord purchas
- The following data were available from Mith Co.'s records on December 31, Year 1: | Finished goods inventory, 1/1/Year 1 | $120,000 | Finished goods inventory, 12/31/Year 1 | 110,000 | Cost of goods manufactured | 520,000 | Loss on sale of plant equi
- The following information is available for Aikman Company. January 1,2014 2014 December 31, 2014 Raw materials inventory $22,120 $34,060 Work in process inventory 14,250 19,090 Finished goods inven
- Ralwins, Inc. had the following balances and transactions during 2018, from January 1 to December 31: Beginning merchandise inventory 200 units at $81 March 10 Sold 100 units June 10 Purchased 400 units at $83 October 30 Sold 300 units What would
- A manufacturing company typically maintains the following inventory account(s): a. Merchandise Inventory. b. Raw Materials and Work in Process only. c. Raw Materials, Work in Process, and Finished Goods. d. Work in Process and Merchandise Inventory.
- The following data relates to Bands Are Us. Inc. for the year ended December 31, 2015: Ending inventory at cost $54,000 Ending inventory at NRV $52,700 Ending inventory at fair value $59,000 COGS before any adjustment for NRV $67,000 Which of the followin
- Compute cost of goods sold for year 2013 using the following information. Finished goods inventory, Dec. 31, 2012 : $ 345,000 Goods in process inventory, Dec. 31, 2012 : 83,500 Goods in process inventory, Dec. 31, 2013 : 72,300 Cost of goods manufact
- Omar, Inc. reports the following information pertaining to its operating activities: Items Ending Balance Beginning Balance Materials Inventory $140,000 $120,000 Work in Process Inventory $82,000 $58,000 Finished Goods Inventory $32,000 $42,000 During th
- On December 31, Henderson Company had an ending inventory of $70,200 based primarily on a physical count at its warehouse. In computing the final balance of Inventory, the following information was av
- Following information was taken from the Jamestown Metal Works for the year ended December 31, XXXX: Sales $10,000,000 Finished goods inventory, Jan 1 $800,000 Finished goods inventory, Dec 31 $700,00
- At May 31, 2014, the accounts of Mantle Company show the following: 1. May 1 inventories - finished goods $14,640, work in process $16,600, and raw materials $8,670. 2. May 31 inventories - finished goods $9,880, work in process $20,000, and raw materials
- Consider the following item: Freight charges on goods purchased. Indicate if the given item would be reported as inventory in the financial statements of a company with year end at December 31. If it should not be reported as inventory, indicate how it sh
- The following balances are from the accounts of Crabtree Machining Company: - January 1 (Beginning) December 31 (Ending) Direct materials inventory $98,000 $109,500 Work-in-process inventory 109,500 107,900 Finished goods inventory 45,100 45,1
- The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct la