A california-based manufacturer had the following data for 2023: raw materials inventory on january 1, 2023: $85,000 raw materials inventory on december 31, 2023: $65,000 raw materials purchased during the year: $180,000 direct labor costs: $250,000 manufacturing overhead: $290,000

A california-based manufacturer had the following data for 2023: raw materials inventory on january 1, 2023: $85,000 raw materials inventory on december 31, 2023: $65,000 raw materials purchased during the year: $180,000 direct labor costs: $250,000 manufacturing overhead: $290,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Ending $9,880 $15,510 Beginning 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities. $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials. ROBERTS COMPANY Cost of Goods Manufactured Schedule ROBERTS COMPANY (Partial) Balance Sheet
An analysis of the accounts of Marin Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process Finished goods Beginning Ending $9,800 $14,380 7,550 9.000 (a) 5,300 9,800 Costs incurred: raw materials purchases $57,500, direct labor $49,300, manufacturing overhead $22,160. The specific overhead costs were: indirect labor $5,700, factory insurance $4,500, machinery depreciation $4,500, machinery repairs $2,090, factory utilities $3,780, and miscellaneous factory costs $1,590. (Assume that all raw materials used were direct materials.) Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. MARIN COMPANY Cost of Goods Manufactured Schedule UIL JUI
The cost of raw materials purchases for 2019 is?
The following data were taken from the records of Westbrooks Company: INVENTORIES Aug. 31, 2020 Sept. 30, 2020 Raw Materials ₱00? ₱50,000 Work-in-Process ₱80,000 ₱95,000 Finished Goods ₱60,000 ₱78,000 Additional Information: Raw materials purchased ₱46,000 Factory overhead, 75% of direct labor cost ₱63,000 Selling and administrative expenses, 12.5% of sales ₱25,000 Net Income for September 2020 ₱25,000 What is the cost of raw materials inventory on August 31, 2020? Show solution Group of answer choices ₱40,000 ₱63,000 ₱36,000 ₱46,000
At May 31, 2020, the accounts of Sheffield Company show the following. 1. May 1 inventories—finished goods $ 14,800, work in process $ 17,600, and raw materials $ 8,600. 2. May 31 inventories—finished goods $ 9,600, work in process $ 17,000, and raw materials $ 8,000. 3. Increases to work in process were direct materials $ 64,300, direct labor $ 51,400, and manufacturing overhead applied $ 42,100. 4. Sales revenue totaled $ 217,000. (a) Prepare a condensed cost of goods manufactured schedule for May 2020. SHEFFIELD COMPANYCost of Goods Manufactured Schedulechoose the accounting periodchoose the accounting period select an opening section nameselect an opening section name $ enter a dollar amountenter a dollar amount select an account titleselect an account title $ enter a dollar amountenter a dollar amount select an account titleselect an account title enter a dollar amountenter a dollar amount…
Duqm Sugar Factory had the following data: Jan. 1, 2019 Dec. 31, 2019 Raw materials inventory OMR 80,000 OMR 64,000 Work in process inventory 104,000 116,000 Finished goods inventory 100,000 92,000 During 2019, the company purchased OMR 1,450,000 of materials, had a direct labor cost of OMR 250,000, and manufacturing overhead was OMR 160,000. The cost of goods sold is: Select one: O a. None of the answers are correct O b. 1,864,000 Oc. 1,872,000 O d. 1,684,000 O e. 1,610,000 Next page ENG 08:35 INTL 25/05/2021
Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $20,000 $ 80,000 Work in process inventory 30,000 50,000 Finished goods inventory 40,000 70,000 During 2020, 1) $70,000 of raw materials was purchased. 2) Incurred direct labor costs amounted to $120,000. 3) Applied manufacturing overhead was $180,000. Instructions: (a) Please calculate the direct raw materials was used during 2020.
Wyandotte Company provided the following information for the last calendar year: Beginning inventory:Direct materials $25,900Work in process 44,700Ending inventory:Direct materials $18,000Work in process 22,700 During the year, direct materials purchases amounted to $256,900, direct labor cost was$176,000, and overhead cost was $308,400. There were 40,000 units produced.Required:1. Calculate the total cost of direct materials used in production.2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost.3. Of the unit manufacturing cost calculated in Requirement 2, $6.62 is direct materials and$7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Wyandotte Company provided the following information for the last calendar year: Beginning inventory: Direct materials $33,200 Work in process 40,800 Ending inventory: Direct materials $22,000 Work in process 22,000 During the year, direct materials purchases amounted to $257,200, direct labor cost was $170,800, and overhead cost was $319,600. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. $fill in the blank 1 2. Calculate the cost of goods manufactured. $fill in the blank 2 Calculate the unit manufacturing cost. If required, round your answer to the nearest cent. $fill in the blank 3 per unit 3. Of the unit manufacturing cost calculated in Requirement 2, $6.71 is direct materials and $7.99 is overhead. If required, round intermediate calculations and your final answers to the nearest cent. What is the prime cost per unit? $fill in the blank 4 per unit What is the…