181.Walter Products and Sandburg Industries report the following information at December 31:
WALTERSANDBURG
Accounts Receivable$41,000$68,000
Cash6,0007,000
Finished Goods Inventory 25,000
Work in Process Inventory 40,000
Merchandise Inventory48,000
Prepaid Expenses1,0002,000
Raw Materials Inventory 21,000
Required:
(a) Which company is a manufacturer? Explain.
(b) Prepare the Current Asset Section of the Balance Sheet for the manufacturer.
182.Thornton Foods bakes and sells 2,000 dozen muffins each week to food service operations. Among the costs are bakers' salaries, $24,000; production management salaries, $16,000; production equipment operating costs, $32,000; and flour and ingredient costs, $15,000. Using this information, compute: (a) prime costs and (b) conversion costs.
183.A manufacturing company's finished goods inventory on January 1 was $68,000; cost of goods manufactured was $147,000; and the December 31 finished goods inventory was $77,000. What is the cost of goods sold for that year?
184.A manufacturing company's beginning finished goods inventory was $29,000; cost of goods manufactured was $316,000; and the ending finished goods inventory was $31,000. What is the cost of goods sold for that year?
185.Calculate Cost of Goods Sold for the following two companies:
LEWIS, INC.MERCER CO.
Beginning Inventory:
Merchandise$250,000
Finished Goods $550,000
Cost of Goods Purchased460,000
Cost of Goods Manufactured 688,000
Ending Inventory:
Merchandise128,000
Finished Goods 350,000
186.The Tacky Company manufactures staples. Costs for October were direct labor, $84,000; indirect labor, $36,700; direct materials, $55,900; factory maintenance, $4,800; factory utilities, $3,200; and insurance on plant and equipment, $700. What is Tacky Company's factory overhead for October?