Direct Materials Cost, Prime Cost, Conversion Cost, Cost of Goods ManufacturedEllerson Company provided the following information for the last calendar year:Beginning inventory:Work in processFinished goodsEnding inventory:Direct materialsDirect materialsRequired:Work in processFinished goodsDuring the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $525,000. During the year, 100,000 units were completed.$$67,00029,40043,200$70,4001. Calculate the total cost of direct materials used in production.$ 271,6002. Calculate the cost of goods manufactured.$ 980,000 X50,000Calculate the unit manufacturing cost. Round your answer to the nearest cent.9.8 X per unit$42,1003. Of the unit manufacturing cost calculated in Requirement 2, $2.60 is direct materials and $5.20 is overhead. Round your answers to the nearest cent.FeedbackWhat is the prime cost per unit?$4.6 X per unitCheck My WorkWhat is the conversion cost per unit?7.2 X per unit1. See Cornerstone 2.22. See Cornerstone 2.2

SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…

ect Materials Cost, Prime Cost, Conversion Cost, Cost of Goods Manufactured erson Company provided the following information for the last calendar year: eginning inventory: Direct materials Work in process Finished goods nding inventory: Direct materials Work in process Finished goods uring the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $525,000. During the year, 100,000 units were completed. $67,000 29,400 43,200 $70,400 50,000 42,100 equired: Calculate the total cost of direct materials used in production. 271,600 Calculate the cost of goods manufactured. 980,000 X alculate the unit manufacturing cost. Round your answer to the nearest cent. 9.8 X per unit Of the unit manufacturing cost calculated in Requirement 2, $2.60 is direct materials and $5.20 is overhead. Round your answers to the nearest cent. hat is the prime cost per unit? 4.6 X per unit Feedback That is the conversion cost per unit? 7.2 X per unit Check My Work 1. See Cornerstone 2.2 2. See Cornerstone 2.2

ect Materials Cost, Prime Cost, Conversion Cost, Cost of Goods Manufactured erson Company provided the following information for the last calendar year: eginning inventory: Direct materials Work in process Finished goods nding inventory: Direct materials Work in process Finished goods uring the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $525,000. During the year, 100,000 units were completed. $67,000 29,400 43,200 $70,400 50,000 42,100 equired: Calculate the total cost of direct materials used in production. 271,600 Calculate the cost of goods manufactured. 980,000 X alculate the unit manufacturing cost. Round your answer to the nearest cent. 9.8 X per unit Of the unit manufacturing cost calculated in Requirement 2, $2.60 is direct materials and $5.20 is overhead. Round your answers to the nearest cent. hat is the prime cost per unit? 4.6 X per unit Feedback That is the conversion cost per unit? 7.2 X per unit Check My Work 1. See Cornerstone 2.2 2. See Cornerstone 2.2

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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Yamishi Production had the following inventories for the first quarter of 2022: MaterialsWork in process Finished goods Beginning $606,600 312,100 416,100 Ending $522,100 280,800 540,200 Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent. Calculate cost of goods manufactured. 6. Company produces small boats. Each boat uses 2 sheets of direct materials at $3 a sheet, it takes 2 hours to finish one boat and hourly rate is $5, factory utilities and supervision cost $6 per boat and variable cost amounts to $2 per direct labor…
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: $819,700 221,300 73,800 30,300 13,900 418,000 904,900 30,300 Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Tory Inc. provided the following data at current year-end: Finished goods in storeroom, at cost including overhead of $400,000 - 2,000,000 Finished goods in transit, including freight charge of $20,000, FOB shipping point - 250,000 Finished goods held by salesmen, at selling price, cost, $100,000 - 140,000 Goods in process, at cost of materials and direct labor - 720,000 Materials - 1,000,000 Materials in transit, FOB destination - 50,000 Defective materials returned to suppliers for replacement - 100,000 Shipping supplies - 20,000 Gasoline and oil for testing finished goods - 110,000 Machine lubricants - 60,000 Instruction: Compute for the cost of inventory at current year-end.
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
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A paint producer reports the following information: Units Conversion Percent Complete Beginning work in process inventory 404,000 30% Units started this period 788,000 Units completed and transferred out 848,000 Ending work in process inventory 344,000 65% A company uses the weighted-average method. What are total equivalent units of production for conversion costs?
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Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 27,553 Conversion costs 8,905 Current period costs Direct materials 166,592 Conversion costs 86,000 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,400 units Ending inventory 25,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations.
In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $544,900. The conversion cost for the period in the Rolling Department is $116,900 ($68,900 factory overhead applied and $48,000 direct labor). The total cost transferred to Finished Goods for the period was $590,000. The Rolling Department had a beginning inventory of $26,500. a1. Journalize the cost of transferred-in materials. fill in the blank 16e838059fb9033_2 fill in the blank 16e838059fb9033_4 a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. fill in the blank a2acba089f98fcb_2 fill in the blank a2acba089f98fcb_3 fill in the blank a2acba089f98fcb_5 fill in the blank a2acba089f98fcb_6 fill in the blank a2acba089f98fcb_8 fill in the blank a2acba089f98fcb_9 a3. Journalize the costs transferred out to Finished Goods. fill in the…
Luminous Company provided the following information at current year-end: Finished goods in storeroom, at cost including overhead of P400,000 2,000,000 Finished good in transit, including freight charge of P20,000, FOB shipping point 250,000 Finished goods held by salesmen, at selling price, cost P100,000 140,000 Goods in process, at cost of materials and direct labor 720,000 Materials 1,000,000 Materials in transit, FOB destination 50,000 Defective materials returned to suppliers for replacement 100,000 Shipping supplies 20,000 Gasoline and oil for testing finished goods 110,000 Machine lubricants 60,000 Required: Compute cost of inventory at current year-end:
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