Cost Flow Relationships The following information is available forthe first month of operations of Zahorik Company, a manufacturerof mechanical pencils:Sales $333,390Gross profit 194,370Cost of goods manufactured 166,700Indirect labor 72,350Factory depreciation 11,000Materials purchased 102,680Total manufacturing costs for the period 191,700Materials inventory, ending 13,670Using the above information, determine the following missingamounts:a) Cost of goods soldb) Finished goods inventory at the end of the monthc) Direct materials cost

a) Cost of goods sold (COGS): This refers to the direct cost incurred in producing or acquiring the…

Answered: Cost Flow Relationships The following…

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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Statement of Cost of Goods Manufactured for a Manufacturing Company Cost data for Johnstone Manufacturing Company for the month ended March 31 are as f Inventories March 1 March 31 Materials Work in process Finished goods $193,500 129,650 98,690 $166,410 111,490 113,160 Direct labor Materials purchased during March Factory overhead incurred during March: Indirect labor Machinery depreciation Heat, light, and power Supplies Property taxes Miscellaneous costs Direct materials: $348,300 371,520 37,150 22,450 7,740 6,190 5,420 10,060 a. Prepare a cost of goods manufactured statement for March. Johnstone Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended March 31
The following is extracted from the records of a manufacturing company for last year: £ Sales 600,000 Inventory of direct materials as of 1st of January 39,000 Purchases of direct materials 158,000 Inventory of direct materials as of 31st of December 19,000 Direct manufacturing labour 28,000 Indirect manufacturing costs 45,000 Inventory of finished goods as of 1st of January 47,000 Cost of goods manufactured 121,000 Inventory of finished goods as of 31st of December 33,000 Selling and administrative costs 119,000 What is the company’s operating income? a. £177,000 b. None of the above c. £346,000 d. £95,000
The following cost data relate to ABC Products Company for the year ended June 30, 2005. Direct Materials Br. 55, 600 Direct Labor 72,400 Factory Overhead 36,500 Work in process inventory, July 1, 2004 38,200 Work in process inventory, June 30, 2005 34,800 Required: 1. Calculate the manufacturing costs for the year. 2. Calculate the cost of goods manufactured for the year ended June 30, 2005.
The 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
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 56,000 ? $ 38,000 Income Statement The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. COGS Schedule Ending $ 37,000 $ 25,000 ? Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.…
The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. Month January February March April May June Direct-Labor Hours 37,000 39,000 52,000 40,000 44,000 42,000 March's costs consisted of machine supplies ($296,400), depreciation ($32,500), and plant maintenance ($570,100). These costs exhibit the following respective behavior: variable, fixed, and semivariable. Manufacturing Overhead $701,000 740,000 899,000 754, 250 805,500 802,500 The manufacturing overhead figures presented in the preceding table do not include Metcalf's supervisory labor cost, which is step- fixed in nature. For volume levels of less than 15,000 hours, supervisory labor amounts to $77,500. The cost is $155,000 from 15,000- 29,999 hours and $232,500 when activity reaches 30,000 hours or more. Required: 4. 1. Determine the machine supplies cost and depreciation for January. 2. Using the high-low method,…
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.
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,307 Direct labor 24,952 Factory overhead 31,690 Work in process inventory, March 1 15,426 Work in process inventory, March 31 19,882 Finished goods inventory, March 1 23,292 Finished goods inventory, March 31 28,467 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold. %24 %24
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
The accountant at Roland Industries provides you with the following information for the first quarter: Direct labor costs $ 232,000 Direct materials inventory, January 1 23,700 Direct materials inventory, March 31 20,100 Direct materials purchased during the quarter 301,500 Finished goods inventory, January 1 64,000 Finished goods inventory, March 31 83,400 Manufacturing overhead for the quarter 323,000 Work-in-process inventory, January 1 14,700 Work-in-process inventory, March 31 11,900 Required: a. Compute the following. Total prime cost Total conversion cost Total manufaturing costs Cost of goods manufatured Cost of goods sold

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