None Crestline Industries uses a normal cost system and had the following dataavailable for 2022:. Direct materials purchased on account: $200,000. Direct materials requisitioned: $95,000. Direct labor cost incurred: $150,000. Factory overhead incurred: $180,000. Cost of goods completed: $350,000Cost of goods sold: $300,000. Beginning direct materials inventory: $40,000•Beginning WIP inventory: $70,000Beginning finished goods inventory: $65,000. Overhead application rate, as a percent of direct-labor costs: 120%The ending balance of the direct materials inventory is $

Concept of Direct Materials InventoryDirect materials inventory refers to the raw materials that a…

Answered: Crestline Industries uses a normal cost…

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?
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. 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, 6.62 is direct materials and 7.71 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.
Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
At the end of April 2022 PT Rajawali presented the company's cost data. Raw material inventory is Rp. 15,000,000. The purchase of raw materials is Rp. 35,000,000, the cost to the warehouse is 10%, and the purchase return is 10%. Indirect raw materials used amounted to Rp. 6,000,000.00. The use of direct raw materials and indirect raw materials uses one account, and on July 31, 2021, there is still a raw material inventory of Rp. 5,000,000,00 Requested: Make it with the cost information above, the amount of raw materials that are ready to be used, and the direct materials used. Note: write down along with the complete way of working
The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending Raw Materials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $20,000 Direct Costs Incurred in Production: $200,000 Indirect Costs Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Ending Finished Goods Inventories: $60,000 Sales: $600,000 Selling and Administrative Expenses: $160,000 Great Grains' Net Income for 2022 amounted to: a. $160,000 b. $60,000 c. $20,000 d. $240,000
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…
From the following data, determine the Cost of Goods Manufactured for 2020: Accounts Amounts Sales $ 870,000 Direct Materials used 170,000 Direct Labor costs 90,000 Total Overhead costs Work-in-Process inventory, 12-31-2019 Finished Goods inventory, 12-31-2019 Work-in-Process inventory, 12-31-2020 Finished Goods inventory, 12-31-2020 60,000 $ 35,000 $ 40,000 30,000 25,000 Rent, utilities for corporate headquarters building 70,000 A) $315,000 B) $325,000 C) $330,000 D) $340,000
The following cost data pertains to Great Grains Inc. for December 31st, 2022: Ending RawMaterials Inventory: $160,000 Beginning Work-in-Process: $40,000 Ending Work-in-Process: $20,000 Direct Materials Used: $100,000 Direct Costs Incurred in Production: $200,000 IndirectCosts Incurred in Production: $100,000 Beginning Finished Goods Inventories: $120,000 Endinginished Goods Inventories: $60,000 Sales: $60,000 Selling and Administrative Expenses: $160,000 Great Grains' Gross Profit for 2022 amounted to: a. $20,000 b. $60,000 c. $160,000 d.$220,000
Data for the cost of direct materials for the month ended March 31, 2022, are as follows: Raw materials inventory, March 1, 2022 Raw materials inventory, March 31, 2022 $94,240 86,800 During March, the company purchased $322,400 of raw materials on account from Blossom Company and $114.080 of raw materials for cash from Crane Company. In addition, $62,000 was paid on the Blossom account balance. (Assume all raw materials used were direct materials.) Compute the cost of direct materials used during March. Cost of direct materials used during March $
ABC company had the following transactions and events đuring the year ended 31 March 2022. The company uses direct lahor dollars as the allocation base. For the current yeur, the estimated overhead was $777,000 and estimated direct labor cost was $350,000. Actual costs incurred follows: a. Purchased raw materials on account, $567,000. b. 10% of raw materials purchased was requisitioned as indirect materials. c. Direct labor for production is $320,000, indirect labor is $125,000. d. Some costs for the company and their percentage for factory are shown below, with the remaining percentage for administration costs. Other costs for Total $ Percentage spent in factory the company Property tax 100,000 90% Utilities 90,000 89% Depreciation 150,000 75% Insurance 180,000 80% | Cleaning service fee 85,000 70% |Maintenance fee 50,000 90% The bulances of inventory follow: Beginning Ending Raw materials $8,000 $25,010 Work-in-process Finished goods 7,500 572,650 25,010 487,810 Required: d) Prepare…

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