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The following cost data relate to Taylor Products Company for the year ended June 30, 2005.

Direct Materials                                                                      $ 55,600

Direct Labor                                                                                72,400

Factory Overhead                                                                       36,500

Work in process inventory, July 1, 2004                                     38,200

Work in process inventory, June 30, 2005                                  34,800

Required:

  1. Calculate the manufacturing costs for the year.
  2. Calculate the cost of goods manufactured for the year.

 

Ex 2-5: Iowa Products Company accumulated the following data for 2005.

                                                                                    Jan 1, 2005                 Dec 31, 2005

Inventories:

            Finished Goods                                               $ 52,000                      $ 54,000

            Work in Process                                                 29,600                         27,800

            Raw materials                                                    14,200                         15,000

Direct labor                                                                                                        95,000

Raw material purchase            s                                                                                     138,000

Indirect labor                                                                                                      15,300

Indirect materials and supplies                                                                                       10,800

Factory utilities                                                                                                   18,600

Depreciation expense- Factory                                                                                       14,000

Factory rent                                                                                                         18,000

Payroll taxes- Factory wages                                                                                8,100

Repairs and maintenance                                                                                      6,000

Insurance expense- Factory                                                                                  6,800

Miscellaneous factory expenses                                                                            5,200

Sales                                                                                                                  710,000

Sales discount                                                                                                     12,000

Selling expenses                                                                                                  95,600

General expenses                                                                                                75,300

Interest expenses                                                                                                   7,000

Required:

  1. Prepare a statement of cost of goods manufactured.
  2. Prepare an income statement (assume an income tax rate of 25%)

 

 

 

 

 

 

 

 

 

 

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Ex 2-5: Iowa Products Company accumulated the following data for 2005.

                                                                                    Jan 1, 2005                 Dec 31, 2005

Inventories:

            Finished Goods                                               $ 52,000                      $ 54,000

            Work in Process                                                 29,600                         27,800

            Raw materials                                                    14,200                         15,000

Direct labor                                                                                                        95,000

Raw material purchase            s                                                                                     138,000

Indirect labor                                                                                                      15,300

Indirect materials and supplies                                                                                       10,800

Factory utilities                                                                                                   18,600

Depreciation expense- Factory                                                                                       14,000

Factory rent                                                                                                         18,000

Payroll taxes- Factory wages                                                                                8,100

Repairs and maintenance                                                                                      6,000

Insurance expense- Factory                                                                                  6,800

Miscellaneous factory expenses                                                                            5,200

Sales                                                                                                                  710,000

Sales discount                                                                                                     12,000

Selling expenses                                                                                                  95,600

General expenses                                                                                                75,300

Interest expenses                                                                                                   7,000

Required:

  1. Prepare a statement of cost of goods manufactured.
  2. Prepare an income statement (assume an income tax rate of 25%)

 

 

erson samhankhanLv2 26 Apr 2023   Unlock Already have an account? Log in   Like     Read by 1 person nishareyansh2001Lv10 26 Apr 2023   Unlock Already have an account? Log in   Like     Read by 1 person
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Let's start by solving for p and q using the given equations:

 

Given:

x = va(sinu + cosv)

y = va(cosu - sinv)

z = 1 + sin(u - v)

 

To find p and q, we need to eliminate u and v from the equations. Here's how we can do it:

 

1. Square both sides of the first equation:

x^2 = v^2a^2(sinu + cosv)^2

 

2. Square both sides of the second equation:

y^2 = v^2a^2(cosu - sinv)^2

 

3. Add the squared equations together:

x^2 + y^2 = v^2a^2(sinu + cosv)^2 + v^2a^2(cosu - sinv)^2

 

4. Expand and simplify the equation:

x^2 + y^2 = v^2a^2(sin^2u + 2sinucosv + cos^2v) + v^2a^2(cos^2u - 2sinvcosu + sin^2v)

 

5. Combine like terms:

x^2 + y^2 = v^2a^2(sin^2u + cos^2u + sin^2v + cos^2v) + 2v^2a^2(sinucosv - sinvcosu)

 

6. Simplify further using trigonometric identities:

x^2 + y^2 = v^2a^2 + 2v^2a^2(sin(u + v))

 

7. Now, let's look at the equation for z:

z = 1 + sin(u - v)

 

8. Square both sides of the equation:

z^2 = (1 + sin(u - v))^2

 

9. Expand and simplify the equation:

z^2 = 1 + 2sin(u - v) + sin^2(u - v)

 

10. Substitute the value of z from the original equation:

z^2 = 1 + 2sin(u - v) + sin^2(u - v)

 

11. Simplify further:

z^2 = 1 + 2sin(u - v) + (1 - cos^2(u - v))

 

12. Simplify even more:

z^2 = 2 - cos^2(u - v) + 2sin(u - v)

 

13. Rearrange the equation:

cos^2(u - v) = 2 - z^2 - 2sin(u - v)

 

14. Substitute the value of sin(u - v) from the equation derived in step 6:

cos^2(u - v) = 2 - z^2 - 2v^2a^2

 

15. Take the square root of both sides:

cos(u - v) = ±√(2 - z^2 - 2v^2a^2)

 

16. Now, let's find sin(u - v) using the equation derived in step 6:

sin(u - v) = (x^2 + y^2 - v^2a^2) / (2va^2)

 

17. Substitute the values of cos(u - v) and sin(u - v) into the equation for x:

x = va(sinu + cosv)

 

18. Substitute the values of sin(u - v) and cos(u - v) into the equation for y:

y = va(cosu - sinv)

 

19. Simplify the equations further and solve for p and q:

p = arcsin((x - y) / (2va))

q = arccos((x + y) / (2va))

 

These are the values of p and q based on the given equations. Please note that there may be other solutions or constraints depending on the specific values of x, y, z, v, and a.

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