Diaz Manufacturing began operations in 2022. It produced a single product and sold 7,500 units for $175 each. The following information is for 2022: Units Produced 8,600 Direct Materials Purchased $480,600 Direct Materials Used $460,200 $252,800 $134,750 $159,000 Direct Labor Costs Overhead Costs Selling and Admin Costs There was no beginning inventory in any account. There was also no ending balance in the Work in Process inventory account. Question: What was the Cost of Goods Sold (COGS) for the year?

Diaz Manufacturing began operations in 2022. It produced a single product and sold 7,500 units for $175 each. The following information is for 2022: Units Produced 8,600 Direct Materials Purchased $480,600 Direct Materials Used $460,200 $252,800 $134,750 $159,000 Direct Labor Costs Overhead Costs Selling and Admin Costs There was no beginning inventory in any account. There was also no ending balance in the Work in Process inventory account. Question: What was the Cost of Goods Sold (COGS) for the year?

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 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...

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Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
What was the cost of goods sold for 2018
Delilah Incorporated provided the following information regarding its only product: Sale price per unit $50.00Direct materials used $160,000Direct labor incurred $185,000Variable manufacturing overhead $120,000Variable selling and administrative expenses $70,000Fixed manufacturing overhead $65,000Fixed selling and administrative expenses $12,000Units produced and sold 20,000 unitsAssume no beginning inventory Assuming there is excess capacity, what would be the effect on operating income of accepting a special order for 5,000 units at a sale price of $40 per unit? (NOTE: Assume regular sales are not affected by the special order and all orders incur variable selling and administrative expenses) Select one: a. Increase by $123,250 b. Increase by $78,750 c.…
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What is the value of ending inventory under absorption costing?
The answer is A. 900,000. How to solve?
What is the answer from total manufacturing cost to net profit? Numbers 4-10
Help Save & Exit Required information [The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year 36,000 units 21,600 units 20 per unit 22 per unit Direct materials Direct labor Variable overhead $ 3 per unit Fixed overhead $180,000 in total Given Advanced Company's data, and the knowledge that the product is sold for $72 per unit and operating expenses are $310,000, compute the net income under absorption costing. Multiple Choice $226,800 $273,200 $165,200
3. Prepare a Statement of Cost of Goods Manufactured and Sold for the given problem. The following data are provided by the controller of Liwasan Corporation for the year 2020: Cash, P480,000 Accounts Receivable, 696,000 Finished Goods Inventory, beg., 108,400 Finished Goods Inventory, end., 132,000 Work in Process Inventory, beg., 59,600 Work in Process Inventory, end., 77,600 Raw Materials Inventory, beg., 176,000 Raw Materials Inventory, end., 128,000 Raw Material Purchases, 732,000 Sales Discounts, 16,000 Factory Overhead (excluding depreciation), 936,000 Marketing and Administrative Expenses (excluding depreciation), 688,400 Depreciation (90% manufacturing, 10% marketing and administrative expenses), 232,000 Sales, 3,688,000 Direct Labor, 1,047,200 Freight on raw materials purchased, 13, 200 Rental Income, 128,000 Interest on Notes Payable, 32,000
Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produced 10,000 15,000 Beg. Inventory Units Sold 3,000 4,000 11,000 2,000,000 300,000 P60 per unit P275 per unit 15,000 3,000,000 800,000 Total Manufacturing Cost General and Administration Cost Estimated Selling Cost Selling Price P80 per unit P275 per unit At the year end, the manufacture items of inventory have been completed, but no selling cost has yet been incurred. Beginning inventory has the following cost: Product C- P800,000 Product D- P600,000 Georgio observed FIFO method of costing for their inventory. What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual approach?
Ma4 . Tord Company processes 18.100 gallons of direct materials to produce two products, Product X and Product Y Product X sells for 30 per galon and Product Y, the main product sells for $200 per gallon. The following information is for December The manufacturing costs totaled $29,000 If the byproduct inventory is recorded at NRV less profit margin of 40%, the balance sheet will report______of byproduct inventory OA. $1.575 Ob. $0 Oc. $4,000 OD. $945
The following data relates to the Austin Co.: Direct Materials Inventory, Beginning $330 Direct Materials Inventory, Ending $290 Direct Materials Purchases $1,650 Direct Labor $1,200 Factory Overhead $950 Work-in-Process Inventory, Beginning $450 Work-in-Process Inventory, Ending $400 Finished Goods Inventory, Beginning $950 Finished Goods Inventory, Ending 066$ Sales Revenue $5,600 Selling and Administrative Expenses $1300 Income Tax Rate 30% Required: Please answer all the following questions, and show your works and computations to get full credits. 1. Prepare a Statement of Cost of Goods Manufactured for the company. 2. Prepare an Income Statement for the company. Show your work all the way to Net Income/Loss.