Consider the following data of the Laimon Company for the year 1991: Indirect materials $ 7,000 Indirect labor Direct labor Direct materials, 1/1 Direct materials, 12/31 Depreciation-eqpt. Factory rent Fire insurance on eqpt. Sales Shipping expenses 300,000 Finished goods, 1/1 40,000 Finished good, 12/31 Work in process, 1/1 50,000 40,000 Work in process, 12/31 50,000 Property taxes on eqpt. 3,000 Direct materials purchased 60,000 Sales salaries 70,000 Administrative expenses $110,000 150,000 What is the unit cost of finished goods inventory on Dec 31? Unit Cost = $[Blank1] per unit Round off up to 2 decimal figures. Prepare a detailed cost of goods manufactured and sold statement. Cost of Goods Sold = $[Blank1] Finished goods inventory, Jan. 1: 600 units; Dec 31: 720 units, all from year 1991 production. Sold during the year: 4,180 units. The company uses FIFO method in costing its inventory. How many units will be left on the Finished Goods Inventory on Dec. 31? Finished Goods Inventory, 12/31 = [Blank 1] units 10,000 14.000 4,000 460,000 100,000 100,000 No space in between, with comma separator and round off up to 2 decimal figures, e.g. 12,345,678.99
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Do not give solution in image
solve all questions
![Consider the following data of the Laimon Company for the year 1991:
Indirect materials
Direct labor
$ 7,000 Indirect labor
300,000 Finished goods, 1/1
40,000 Finished good, 12/31
50,000 Work in process, 1/1
Direct materials, 1/1
Direct materials, 12/31
40,000 Work in process, 12/31
50,000 Property taxes on eqpt.
3,000 Direct materials purchased
60,000 Sales salaries
70,000 Administrative expenses
Depreciation-eqpt.
Factory rent
Fire insurance on eqpt.
Sales
Shipping expenses
$110,000
150,000
What is the unit cost of finished goods inventory on Dec 31?
Unit Cost = $[Blank1] per unit
Round off up to 2 decimal figures.
Prepare a detailed cost of goods manufactured and sold statement.
Cost of Goods Sold = $[Blank1]
Finished goods inventory, Jan. 1: 600 units; Dec 31: 720 units, all from year 1991
production. Sold during the year: 4,180 units. The company uses FIFO method in
costing its inventory.
How many units will be left on the Finished Goods Inventory on Dec. 31?
Finished Goods Inventory, 12/31 = [Blank 1] units
10,000
14,000
4,000
460,000
100,000
100,000
No space in between, with comma separator and round off up to 2 decimal figures, e.g.
12,345,678.99](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3dd320d-6055-44f2-9e3c-46fd27e36197%2Fc9b73f59-0f6a-48f0-9ff5-40c7b034272b%2Fv3edjch_processed.jpeg&w=3840&q=75)
Step by step
Solved in 4 steps
