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 COMPANY Cost of Goods Manufactured Schedule choose 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 select an account titleselect an account title enter a dollar amountenter a dollar amount select a closing subsection nameselect a closing subsection name enter a subtotal of the three previous amountsenter a subtotal of the three previous amounts select a closing section nameselect a closing section name enter a total amount for this sectionenter a total amount for this section select between addition and deductionselect between addition and deduction : select an account titleselect an account title enter a dollar amountenter a dollar amount select a closing name for this statementselect a closing name for this statement $ enter a total of the two previous amountsenter a total of the two previous amounts
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 COMPANY Cost of Goods Manufactured Schedule choose 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 select an account titleselect an account title enter a dollar amountenter a dollar amount select a closing subsection nameselect a closing subsection name enter a subtotal of the three previous amountsenter a subtotal of the three previous amounts select a closing section nameselect a closing section name enter a total amount for this sectionenter a total amount for this section select between addition and deductionselect between addition and deduction : select an account titleselect an account title enter a dollar amountenter a dollar amount select a closing name for this statementselect a closing name for this statement $ enter a total of the two previous amountsenter a total of the two previous amounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Cost-Volume-Profit Analysis
Cost Volume Profit (CVP) analysis is a cost accounting method that analyses the effect of fluctuating cost and volume on the operating profit. Also known as break-even analysis, CVP determines the break-even point for varying volumes of sales and cost structures. This information helps the managers make economic decisions on a short-term basis. CVP analysis is based on many assumptions. Sales price, variable costs, and fixed costs per unit are assumed to be constant. The analysis also assumes that all units produced are sold and costs get impacted due to changes in activities. All costs incurred by the company like administrative, manufacturing, and selling costs are identified as either fixed or variable.
Marginal Costing
Marginal cost is defined as the change in the total cost which takes place when one additional unit of a product is manufactured. The marginal cost is influenced only by the variations which generally occur in the variable costs because the fixed costs remain the same irrespective of the output produced. The concept of marginal cost is used for product pricing when the customers want the lowest possible price for a certain number of orders. There is no accounting entry for marginal cost and it is only used by the management for taking effective decisions.
Question
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 COMPANY
Cost of Goods Manufactured Schedule choose 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
|
|||
|
select an account titleselect an account title
|
enter a dollar amountenter a dollar amount
|
|||
|
select a closing subsection nameselect a closing subsection name
|
enter a subtotal of the three previous amountsenter a subtotal of the three previous amounts
|
|||
|
select a closing section nameselect a closing section name
|
enter a total amount for this sectionenter a total amount for this section
|
|||
|
select between addition and deductionselect between addition and deduction : select an account titleselect an account title
|
enter a dollar amountenter a dollar amount
|
|||
|
select a closing name for this statementselect a closing name for this statement
|
$ enter a total of the two previous amountsenter a total of the two previous amounts
|
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