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1. Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 383,000 306,000 38,800 560,000 67,700 61,200 Inventories for the year were as follows: Materials Work-in-Process Finished Goods January 1 $ 26,000 45,500 137,000 December 31 $ 41,500 40,400 76,100 Required: 1&2. Prepare a statement of cost of goods manufactured and calculate cost of goods sold.

Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent Direct labor Utilities-factory Purchases of direct materials Indirect materials Indirect labor $ 383,620 396, ege 38,888 560.000 67, 720 61,220 Inventories for the year were as follows: Materials Work-in-process Finished Goods January 1 $ 26,020 45,520 137.000 December 31 $ 41,580 40,400 76,120 Required: 182. Prepare a statement of cost of goods manufactured and calculate cost of goods sold. Answer is not complete. lolo Cornellus Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Beginning materials inventory S 26,000 Materials purchases 560,000 Materials available 588,000 Less Ending materials inventory ls (41,500) Materials used Direct labor Factory overhead Factory rent is 383,000 Utilities for plant 38,800 Indirect materials 67,700 Indirect labor 61,200 S 544,500 306,000 OOOO OOOO . Total factory overhead Total manufacturing costs Add: Beginning work in process inventory Total manufacturing costs to account for Add: Ending materials inventory Beginning finished goods inventory 550,700 1,400,400 45,500 (40,400) X 1,405,500 137.000 x X x S Cast of goods sold Ending finished goods inventory $ (76,100) Cost of goods available for sale Cast of goods sold 1,466,400 X

2. A number of things affect the business ventures. Many challenges and factors can be held responsible for the way any business operates. What can be those factors that have the tendency to impact any venture? Explain and relate your answer to the current Pandemic crisis as well.

3. 

On September 1, 2011, a company purchased a weaving machine for $239,800. The machine has an estimated useful life of 8 years and an estimated residual value of $17,800. Additionally, it is estimated that the machine would produce 740,000 bolts of woven fabric over its useful life. The company ended up selling the machine in 2018 after 1 month of use. The following budgeted and actual activity levels were provided to support your work: Year 2011 2012 2013 2014 2015 2016 2017 2018 2019 total Budgeted Bolts Budgeted cumulative 20,000 20,000 100,000 120,000 100,000 220,000 100,000 320,000 100,000 420,000 85,000 505,000 85,000 590,000 85,000 675,000 65,000 740,000 740,000 Actual Bolts actual cumulative 35,000 35,000 115,000 150,000 116,000 266,000 119,000 385,000 120,000 505,000 117,000 622,000 112,000 734,000 9,000 743,000 n.a. 743,000 Consider the above information and the below statements and select the answer choice below that shows the number of true statements. If applicable, round your intermediate calculations to 3 decimals and your final answer to the nearest $1. (i) in the year of disposal, the company will record a gain if they sell the asset for more than $17,800. (ii) over the life of the asset, the company will record the same total amount of depreciation no matter if they use straight line or units-of-production. (iii) the company will report more net income in 2011 under the units of production method than under straight line. (iv) under US GAAP, when recording depreciation using the units-of-production method, the company should use the budgeted activity level as it will smooth the expense and avoid fluctuations in net income. OA. 1 OB.3 OC.o 2