Direct Materials Cost, Prime Cost, Conversion Cost, Cost of Goods ManufacturedEllerson Company provided the following information for the last calendar year:Beginning Inventory:Direct materialsWork in processFinished goodsEnding inventory:Direct materialsWork in processFinished goodsDuring the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $530,000. During the year, 100,000 units were completed.Required:1. Calculate the total cost of direct materials used in production.$69,00029,40043,2002. Calculate the cost of goods manufactured.What is the prime cost per unit?per unit$70,40040,00042,100Calculate the unit manufacturing cost. Round your answer to the nearest cent.per unit3. 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.What is the conversion cost per unit?per unit

The question is based on the concept of Cost Accounting. Cost of direct material used in production…

Ellerson Company provided the following information for the last calendar year: Beginning inventory: Direct materials Work in process Finished goods Ending inventory: Direct materials $69,000 29,400 43,200 $70,400 Work in process 40,000 Finished goods 42,100 During the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $530,000. During the year, 100,000 units were con Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. Round your answer to the nearest cent.

Ellerson Company provided the following information for the last calendar year: Beginning inventory: Direct materials Work in process Finished goods Ending inventory: Direct materials $69,000 29,400 43,200 $70,400 Work in process 40,000 Finished goods 42,100 During the year, direct materials purchases amounted to $275,000, direct labor cost was $189,000, and overhead cost was $530,000. During the year, 100,000 units were con Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. Round your answer to the nearest cent.

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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