Cavy Company completed 7,770 units during the year at a cost of $590,520. The beginning finished goods inventory was 1,710 units valued at $121,410. Assuming a FIFO cost flow, determine the cost of goods sold for 7,020 units. $fill in the blank 1
Q: The beginning inventory is 7,900 units. All of the units that were manufactured during the period…
A: Absorption costing: It is related with all the cost for manufacturing the product of the…
Q: Emigh Corporation's cost of goods manufactured for the just completed month was $146,000 and its…
A: Cost of goods sold is the cost of the units sold during the period. It is calculated as beginning…
Q: 1. Beginning inventory consisted of 1,200 units. All materials and 40 percent of labor and overhead…
A: Answer:- correct option is c) $ 219,230
Q: On April 30, the end of the first month of operations, Joplin Company prepared the following income…
A: Variable costing is a type and method of cost accounting, in which only variable costs, costs that…
Q: How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?
A: Cost of goods sold refers to the direct cost of producing the product for sale.It includes direct…
Q: DAWG Corporation's cost of goods manufactured last month was $136,000. The beginning finished goods…
A: The Cost of Particulars Manufactured( COGM) is a fiscal standard that displays the total product…
Q: Wize Manufacturing reported the following information: Finished goods inventory $40,000 Cost of…
A: Cost of goods sold is the total cost of units sold during the period. It is calculated as beginning…
Q: Hernando Manufacturing, Inc. reported the following information for the year: Number of Units…
A: Unit Product Cost = Cost of Goods Manufactured / Number of Units Produced
Q: Review the income statements on the Absorption Statement and Variable Statement panels, then…
A: Find items in table as shown below:
Q: Circetrax, Inc. has provided the following financial information for the year: Finished Goods…
A: Under the absorption costing, fixed manufacturing overhead is considered as a product cost and…
Q: At EOM Inc., the beginning inventory is 20,000 units. All of the units manufactured during the…
A: The objective of the question is to compare the operating income under variable costing and…
Q: Sierra Co. provided the following information for the year ended December 31, 20Y1 Costs Amount…
A: The objective of the question is to calculate the Cost of Goods Sold (COGS) and the Net Income for…
Q: Bonita Industries reported the following year-end information: beginning work in process inventory,…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Davis Manufacturing Company had the following data for a recent year: Accounts receivable Materials…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: McIntosh, Inc. reports the following information: Beginning Finished Goods Inventory 50…
A: Definition: Variable costing: It refers to the method of product costing in which the price of…
Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is…
A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…
Q: 1)Coronado Industries reported the following year-end information: beginning work in process…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Sheffield Corp. reported the following year-end information: beginning work in process inventory,…
A: Cost of goods sold - Cost of goods sold refers to cost of goods produced and sold during the…
Q: The department had beginning inventory of 5,500 units of product and it started 94,500 units during…
A: Formula: Equivalent cost per unit = Total transferred in cost / Total number of equivalent units
Q: Barton Company has beginning work in process inventory of $144,000 and total manufacturing costs of…
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product.
Q: Evansville Company had the following transactions for the month. Number Cost of Units per Unit…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: Pederson Company reported the following: Manufacturing costs Units manufactured Units sold sold for…
A: Ending finished goods inventory is calculated by multiplying average manufacturing cost per unit by…
Q: Belle Company reports the following information for the current year. All beginning inventory…
A: The cost of a product refers to the total amount of expenses incurred to produce or acquire a…
Q: Gage Company reports the following information for the current year. All beginning inventory amounts…
A: Variable costing is an accounting method that considers only the variable manufacturing costs as…
Q: Deja Brew Company reported the following for the most recently completed fiscal year:…
A: In the context of the given question, we are required to compute the Costs of goods sold for Deja…
Q: Given the following data for Scurry Company, what is the cost of goods sold? Beginning inventory of…
A: Answer:- Formula:- Cost of goods sold = Beginning inventory of finished goods + Cost of goods…
Q: A company has 1,953 units in ending work in process that are 27% complete after transferring out…
A: Given, Units in ending inventory = 1,953 units Unit material cost = $4 Unit conversion = $7
Q: Answer the following questions using the information below: Pederson Company reported the following:…
A: The average manufacturing cost per unit is the cost of one unit to manufacture the finished product.…
Q: Belle Company reports the following information for the current year. All beginning inventory…
A: A managerial accounting technique called absorption costing is used to assign all production…
Q: The following is the year ended data for Tiger Company: Sales Revenue $57,000 Cost of Goods…
A: The cost of goods available for sale seems to be the expense of total products manufactured…
Q: Using the information below, calculate gross profit for the period. Sales $1,264,000 Selling…
A: Gross profit :— Gross profit is the profit of a business makes after subtracting all the costs that…
Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…
A: Formula: Weighted average unit cost = Total cost / Number of units. Division of Number of units with…
Q: r last year, L. Mosely Manufacturing reported the following: $420,000 venue ginning inventory of…
A: Period costs are those costs which are expensed as and when incurred. These costs are costs which…
Q: $ 7 per unit Fixed overhead $ 221,650 per year Units produced 20,150 units Units sold 15,500 units…
A: Finished goods refers to the final product a company produces by converting its raw material and…
Q: Sheffield Corp. reported the following year-end information: beginning work in process inventory,…
A: Cost of goods sold includes all those materials that are related to production of goods that is cost…
Q: The following is the year ended data for Baker Company: Sales Revenue $156,000 Cost of Goods…
A: Cost of goods available for sale: The cost of goods available for sale is the total cost incurred…
Q: Evansville Company had the following transactions for the month. Number Cost of Units per Unit…
A: Gross margin is computed by subtracting the cost of goods sold from the sales price. The cost of…
Q: sing the information below, calculate gross profit for the period: Beginning Raw Materials…
A: Gross profit is calculated from the sales and the cost of goods sold. It tells the business's…
Q: The following information is available for Bandera Manufacturing Company for the month ending…
A: Cost of Goods Sold = Beginning Finished goods + Cost of goods manufactured - Ending Finished goods…
Q: The following information is available for Bandera Manufacturing Company for the month ending…
A: Solution a: Bandera Manufacturing Company Cost of goods sold 31-Jan Particulars Amount…
Q: Ryder Manufacturing reported the following year end information: beginning work in process inventory…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: Casita Company completed 300,000 units during the year at a cost of $4,800,000. The beginning…
A: FIFO means first in first out which means that stock which is received first will be sold first.LIFO…
Q: The following information is available for Barnes Company for the fiscal year ended December 31:…
A: Introduction:Formula of ending inventory under absorption costing:Ending inventory = (Cost of goods…
Cavy Company completed 7,770 units during the year at a cost of $590,520. The beginning finished goods inventory was 1,710 units valued at $121,410.
Assuming a FIFO cost flow, determine the cost of goods sold for 7,020 units.
$fill in the blank 1
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- The following is the year ended data for Tiger Company: Sales Revenue $56,000 Cost of Goods Manufactured 27,000 Beginning Finished Goods Inventory 1,000 Ending Finished Goods Inventory 2,000 Selling Expenses 15,800 Administrative Expenses 3,300 What is the cost of goods sold? A. $30,000 B. $26,000 C. $10,900 D.The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 xCost of Goods Sold Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers. During the month of March, 8,100 coffee makers were completed at a cost of goods manufactured of $607,500. Suppose that on March 1, Morning Smiles had 1,000 units in finished goods inventory costing $70,000 and on March 31, 1,100 unit. O finished goods inventory costing $65,000. 1. Prepare a cost of goods sold statement for the month of March. Morning Smiles Coffee Company Cost of Goods Sold Statement For the Month of March 2. Calculate the number of coffee makers that were sold during March. units
- Alpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. 8) What is the Direct Material cost per equivalent unit for the year? 9) What is the Conversion Cost per equivalent unit for the year? 10) How much is Cost of Goods manufactured for the year? 11) Assume beginning FG inventory was 0 (zero) and that Alpha sold 10% of what it manufactured this year. How much is COGS?Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
- Manufacturing costs: Direct materials: Direct materials inventory Work-in-process inventory Finished goods inventory Direct materials used during the year amount to $1,096,000 and the cost of goods sold for the year was $1,278,000. Required: Prepare a cost of goods sold statement. Note: Enter your answers in thousands of dollars (I.e., 234,000 should be entered as 234). Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale January 1 (Beginning) ($000) $ 712 Cost of goods sold December 31 (Ending) ($000) $784 1,330 264 1,154 139 BIRWOOD FURNITURE Cost of Goods Sold Statement For the Year Ended December 31 ($000)The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Beginning Ending Raw materials $9.100 $13,450 Workin process 5.110 8,880 Finished goods 9,870 6,880 Costs incurred: raw materials purchases $55,160, direct labor $51,800, manufacturing overhead $24,080. The specific overhead costs were: indirect labor $7.340, factory insurance $4,130, machinery depreciation $4,920, machinery repairs $2.460, factory utilities $3.450. and miscellaneous factory costs $1,780. Assume that all raw materials used were direct materials. (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2020.
- Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $31,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 8,500 Cost of Goods Manufactured 11,600 Compute gross profit. OA. $19,400 OB. $17,900 OC. $10,900 O D. $20,900 ***Thunder Creek Company uses the first-in, first-out (FIFO) inventory costing method. The Beginning Finished Goods Inventory is $86,400 consisting of 3,600 units. Begin by calculating the projected cost to produce each unit in 2018 based on projected sales. (Hint: In "Cost per unit" table, cell references come from Direct Materials, Direct Labor, and Manufacturing Overhead budgets.) Use '=ROUND' function to round the fixed manufacturing overhead cost per unit to two decimal places. Prepare a Cost of Goods Sold Budget. (Hint: Units per month calculated using cell references to both sales budget and production budget.) Cost per unit $ Direct material cost per unit 7.95 10.00 Direct labor cost per unit Manufacturing overhead cost per unit 9.09 27.04 Total projected manufacturing cost per unit $ 2018 Budget #6: Cost of Goods Sold Budget Jan Mar Q1 Total Beginning Finished Goods Inventory, 3,600 units. $ 86,400.00 $ 86,400.00 Units produced and sold in 2018 Cost per unit 27.04 Units per month…The following balances are from the accounts of Santa Maria Parts: July 1 (Beginning) $ 95,800 Direct materials inventory Work-in-process inventory Finished goods inventory 88,600 97,000 Direct materials purchased during the quarter amount to $670,000, and the cost of goods sold for the quarter was $1,930,000. Required: Prepare a cost of goods sold statement. Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process SANTA MARIA PARTS Cost of Goods Sold Statement For the Quarter Ended September 30 Cost of goods manufactured Finished goods available for sale Cost of goods sold September 30 (Ending) $ 113,400 $ 56,200 91,000 0 $ 0 $ $ 0 0 0 0 0
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)