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Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations during the 2021 calendar year. Inventory Data: Raw Materials Indirect Materials Work in Progress Finished Goods 1/1/2021 Purchases 31/12/2021 $750,000 $4,330,000 $807,000 71,500 814,750 1,720,200 55,000 320,000 924,000 1,142,600 n/a n/a The following additional information is also available: Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation 1 Total Utilities 2 Distribution & Customer Service Costs $14,776,000 4,371,000 1,232,250 400,000 525,000 76,800

Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations during the 2021 calendar year. Inventory Data: Raw Materials Indirect Materials Work in Progress Finished Goods 1/1/2021 Purchases 31/12/2021 $750,000 $4,330,000 $807,000 71,500 814,750 1,720,200 55,000 320,000 924,000 1,142,600 n/a n/a The following additional information is also available: Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation 1 Total Utilities 2 Distribution & Customer Service Costs $14,776,000 4,371,000 1,232,250 400,000 525,000 76,800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Part 1 Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations during the 2021 calendar year. Inventory Data: Raw Materials Indirect Materials Work in Progress Finished Goods 1/1/2021 Purchases 31/12/2021 $750,000 $4,330,000 320,000 55,000 924,000 1,142,600 The following additional information is also available: Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation 1 Total Utilities ² Distribution & Customer Service Costs Insurance on Plant & Equipment Property Taxes ³ n/a n/a Administrative Wages & Salaries Advertising Expenses Sales Commission $807,000 71,500 814,750 1,720,200 $14,776,000 4,371,000 1,232,250 400,000 525,000 76,800 585,000 90,000 1,076,000 57,700 5% of Sales Revenue ¹ Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to manufacturing and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% manufacturing & 15% general & administrative costs. Required: a) Calculate the raw material used by Canine Nutritionists. b) Calculate the indirect materials used by Canine Nutritionists c) What is the total manufacturing overhead cost incurred by Canine Nutritionists during the period? d) Determine the prime cost & conversion cost of the product manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. f) What is the unit product cost if Canine Nutritionists manufactured 18,500 bags of grains for the year? g) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business?
Transcribed Image Text:Part 1 Canine Nutritionists is a manufacturer of grains for dogs. The following information pertains to operations during the 2021 calendar year. Inventory Data: Raw Materials Indirect Materials Work in Progress Finished Goods 1/1/2021 Purchases 31/12/2021 $750,000 $4,330,000 320,000 55,000 924,000 1,142,600 The following additional information is also available: Sales Revenue Direct Factory Labor Indirect Factory Labor Total Depreciation 1 Total Utilities ² Distribution & Customer Service Costs Insurance on Plant & Equipment Property Taxes ³ n/a n/a Administrative Wages & Salaries Advertising Expenses Sales Commission $807,000 71,500 814,750 1,720,200 $14,776,000 4,371,000 1,232,250 400,000 525,000 76,800 585,000 90,000 1,076,000 57,700 5% of Sales Revenue ¹ Of the total depreciation, 80% relates to factory plant & equipment and 20% relates to general and administrative costs. 2 Of the total utilities, 75% relates to manufacturing and 25% relates to general and administrative costs. 3 The property taxes should be shared: 85% manufacturing & 15% general & administrative costs. Required: a) Calculate the raw material used by Canine Nutritionists. b) Calculate the indirect materials used by Canine Nutritionists c) What is the total manufacturing overhead cost incurred by Canine Nutritionists during the period? d) Determine the prime cost & conversion cost of the product manufactured. e) Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021, clearly showing total manufacturing cost & total manufacturing costs to account for. f) What is the unit product cost if Canine Nutritionists manufactured 18,500 bags of grains for the year? g) How does the format of the income statement for a manufacturing concern differ from the income statement of a merchandising business?
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