Describe a merchandising company, and give an example.
The merchandising company sells products that are not produced by them and the examples are Walmart and Aptos.
Merchandising companies are defined as the company which is involved in the selling of the product only. They do not produce the products by themselves.
The major examples of the merchandising companies are departmental stores like Walmart and technology companies like Aptos etc.
Some other examples of the merchandising company are Browzwear, Westrock, Target and so on.
Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Elly Manufacturing Company. Fill in the blanks with the missing words, and replace the Xs with the correct amounts.
Beginning Direct Ending Direct Direct Manufacturing Overhead Total Total Ending Direct Materials Beginning Direct Materials Purchases of Direct Materials $ 27,000 $ X $ X X X (25,000) 180,000 44,000 $ X 56,000 84,000 (20,000) ELLY MANUFACTURING COMPANY
Net Sales Revenue Cost of Goods Sold Total Income Cost of Goods Sold: Gross Profit Expenses: Selling Expenses Administrative Expenses Cost of Goods Ending Beginning $ X $ X 232,000 258,000 X 160,000 98,000 $ 110,000 X X X E
Computing cost of goods manufactured
Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.
Banner, Inc. Larry’s Bakery Sports Gear
Beginning Work-in-Process Inventory $ (a) $ 40,800 $ 2,200
Direct Materials Used 14,400 35,900 (g)
Direct Labor 10,300 20,100 1,900
Manufacturing Overhead (b) 10,000 900
Total Manufacturing Costs Incurred during the Year 45,200 (d) (h)
Total Manufacturing Costs to Account for 55,400 (e) 8,300
Ending Work-in-Process Inventory (c) (25,500) (2,600)
Cost of Goods Manufactured $ 50,500 $ (f) $ (i)
Identifying ethical standards
The Institute of Management Accountants’ Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?
b. You see others take home office supplies for personal use. As an intern, you do the same thing, assuming that this is a “perk.”
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