Problem 1: The following financial information is for Annapolis Corporation is for the fiscal years ending 2019 & 2018 (all balances are normal):
|
Item/Account
|
2019
|
2018
|
|
Accounts Receivable
|
$38,000
|
$50,000
|
|
Inventory
|
42,000
|
38,000
|
|
Net Sales (all credit)
|
410,000
|
350,000
|
|
Cost of Goods Sold
|
154,000
|
152,000
|
|
Net Income
|
27,200
|
24,800
|
Required: Use this information to determine the accounts receivable average collection period for FY 2019.
Problem 2: Towson Manufacturing had a Work in Process balance of $102,000 on January 1, 2018. The yearend balance of Work in Process was $64,000 and the Cost of Goods Manufactured was $745,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018.
Problem 3: During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $23,000 & ending finished goods inventory of $24,500. Beginning work-in-process was $11,000 and ending work-in-process was 12,500. Factory overhead was $22,500. The total manufacturing costs amounted to $240,000. Use this information to determine the FY 2018 Cost of Goods Sold.
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