Cadillac Components uses a normal cost system and had the following data available for 2022: Direct materials purchased on account: $180,000 Direct materials requisitioned: $105,000 Direct labor cost incurred: $160,000 • Factory overhead incurred: $195,000 • Cost of goods completed: $375,000 ⚫ Cost of goods sold: $310,000 • • • Beginning direct materials inventory: $35,000 Beginning WIP inventory: $60,000 Beginning finished goods inventory: $70,000 Overhead application rate, as a percent of direct-labor costs: 125% The ending balance of the direct materials inventory is $

Cadillac Components uses a normal cost system and had the following data available for 2022: Direct materials purchased on account: $180,000 Direct materials requisitioned: $105,000 Direct labor cost incurred: $160,000 • Factory overhead incurred: $195,000 • Cost of goods completed: $375,000 ⚫ Cost of goods sold: $310,000 • • • Beginning direct materials inventory: $35,000 Beginning WIP inventory: $60,000 Beginning finished goods inventory: $70,000 Overhead application rate, as a percent of direct-labor costs: 125% The ending balance of the direct materials inventory is $

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 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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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. 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, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
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Please give me answer general accounting question
Nuvoview Manufacturing uses a normal cost system and had the following data available for 2019: Direct materials purchased on account $145,000 Direct materials requisitioned 88,000 Direct labor cost incurred 127,000 Factory overhead incurred 148,000 Cost of goods completed 299,000 Cost of goods sold 250,000 Beginning direct materials inventory 34,000 Beginning WIP inventory 70,000 Beginning finished goods inventory 55,000 Overhead application rate (% DL costs $) 130% Which of the following Answers below best fits in each black space? The ending balance of works in process inventory is________ A: Beginning direct materials inventory B: Beginning works in process inventory C: Cost of goods complete D: Cost of goods sold E: Direct labor incurred F: Direct materials purchased…
The total period costs are
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Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations. (a) Indicate the missing amount for each letter. DirectMaterialsUsed DirectLaborUsed ManufacturingOverhead TotalManufacturingCosts Work inProcess1/1 Work inProcess12/31 Cost of GoodsManufactured (1) $117,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 265,000 60,000 80,000 (f) (4) 70,000 (g) 75,000 288
Under absorption costing
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