Question 1: Bravo Manufacturing Company began operations on January 1, 2016. Depreciation for the year amounted to $200,000: 35% relates to sales, 25% relates to administrative facilities, and 40% to the factory. Of the total units produced during FY 2016: 75% were sold in 2016 & 25% were in the finished good inventory. Use this information to determine the dollar amount of the total depreciation that will be in the: (Round dollar values & enter as whole dollars only.)
1. FY 2016 Product Costs
2. FY 2016 Period Costs
3. FY 2016 Cost of Goods Sold
4. FY 2016 Balance Sheet
Question 2: Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $260,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold. (Round dollar values & enter as whole dollars only.)
Question 3: Alpha Company purchased, on account, 3,500 pounds of raw materials at $10 per pound on January 2, 2017. The production manager requisitioned and received 2,500 pounds of raw material into production on January 15. Use this information to make an example of the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
Question 4: During FY 2016, Alpha Company recorded total of factory overhead costs of $250,000. Additionally, Alpha applied a total of $245,000 of factory overhead to various job orders during FY 2016. Use this information to make an example of the adjusting General Journal entry (without explanation) to close any over or under application of factory overhead. If no entry is required then write "No Entry Required."
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