First Class, Inc., expects to sell 22,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $6.00, and manufacturing overhead is $0.83 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 31,000 units 31,000 units Work-in-process inventory O units O units Finished goods inventory 1,000 units 3,300 units How many pool cues need to be produced in 2019? O A. 25,300 cues O B. 19,700 cues O C. 24,300 cues O D. 23,000 cues

First Class, Inc., expects to sell 22,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct manufacturing labor is $6.00, and manufacturing overhead is $0.83 per pool cue. The following inventory levels apply to 2019: Beginning inventory Ending inventory Direct materials 31,000 units 31,000 units Work-in-process inventory O units O units Finished goods inventory 1,000 units 3,300 units How many pool cues need to be produced in 2019? O A. 25,300 cues O B. 19,700 cues O C. 24,300 cues O D. 23,000 cues

Name: First Class, Inc., expects to sell 22,000 pool cues for $12.00 each.
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: First Class, Inc., expects to sell 22,000 pool cues for $12.00 each. Direct materials costs are $2.00, directmanufacturing labor is $6.00, and manufacturing overhead is $0.83 per pool cue. The following inventory levels applyto 2019:Beginning invent

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

See similar textbooks

Related questions

Q: Scenic Company had 11,500 units in its ending inventory on December 31, 2019. During 2019, the…

A: Net operating income under absorption costing = Net operating income under variable costing +…

Q: Howard Temple, Ic., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are…

A: Budgeted income statement is a financial statement prepared in order to reflect the expected…

Q: The following costs and inventory data were taken from the accounts of Kobe Inc. for 2019: January…

A: The question is based on the concept of Cost Accounting.

Q: First Class, Inc., expects to sell 28,000 pool cues for $14 each. Direct materials costs are $3,…

A: The annual production depends on the expected sale during the year, ending inventory maintenance and…

Q: Scott Manufacturing makes only one product with total unit manufacturing costs of $54, of which $40…

A: a) Prepare gross profit computations for 2019 and 2020 using absortion costing:

Q: The department had beginning inventory of 5,500 units of product and it started 94,500 units during…

A: Formula: Equivalent cost per unit = Total transferred in cost / Total number of equivalent units

Q: First Class, Inc., expects to sell 28,000 pool cues for $14.00 each. Direct materials costs are…

A: Formulas: Units to be produced: =Sales +closing stock-opening stock Materials: =Materials required…

Q: Direct manufacturing labor $228,000 Variable manufacturing overhead 120,000 Direct materials 180,000…

A: Ending finished goods inventory under variable costing includes direct labor, materials and variable…

Q: Su Equipment Company manufactures and distributes industrial air compressors. The following costs…

A: Hey, since there are multiple requirements posted, we will answer first three requirements. If you…

Q: Elite Home Decor manufactures customized household furnishings. The company uses a perpetual…

A: (a) The closing balance of the manufacturing overhead account is $14,000.

Q: Wildhorse Ltd. estimates sales for the second quarter of 2022 will be as follows. Month April May…

A: The production budget, which establishes the number of products that must be produced, is created by…

Q: 2,000 units 2,500 units he statement, what amount will be reported ed to be produced in 2016? come…

A: Answer : 10) Amount that will be reported for sale budget Amount that will be reported for sale…

Q: dord, Inc., expects to sel 16,000 ceramic vases for $21.00 each. Direct materials costs are $2.00,…

A: The production budget is prepared to estimate the number of units to be produced during the period.

Q: Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are…

A: Given that, Expected number of selling units = 20000 pool cues Opening inventory of finished goods =…

Q: Use the following income to answer all questions in this section: Music, Inc. had the following…

A: Gross margin percentage is a profitability ratio which is computed in order to determine the gross…

Q: irst Class, Inc., expects to sell 22,000 pool cues for $12 each. Direct materials costs are $3,…

A: On the 2020 budgeted income statement, The amount will be reported for sales = $264,000

Q: Howard Temple, Inc., expects to sell 20,000 pool cues for $12.00 each. Direct materials costs are…

A: Cost of goods sold is direct cost of producing the unit sold by a company. Cost of Goods Sold =…

Q: 1. Cabundoc Manufacturing provides the following information for 2020. The ending work in process…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2020,…

A: Answer image:

Q: During FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods…

A: In accounting, the Work-in-Process (WIP) Inventory represents the costs of unfinished goods in the…

Q: Nantucket Industries manufactures and sells two models of watches, Prime and Luxuria. It expects to…

A: Lets understand the basics. Management prepare budget in order to estimate future profit and loss…

Q: First Class, Inc., expects to sell 27,000 pool cues for $13 each. Direct materials costs are $3,…

A: It is given that: It is given that: SALE UNITS = 27000 POOL CUES SELL PRICE = $13 each. Direct…

Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

Topic Video

Question

First Class, Inc., expects to sell 22,000 pool cues for $12.00 each. Direct materials costs are $2.00, direct
manufacturing labor is $6.00, and manufacturing overhead is $0.83 per pool cue. The following inventory levels apply
to 2019:
Beginning inventory
Ending inventory
Direct materials
31,000 units
31,000 units
Work - in- process inventory
Finished goods inventory
0 units
O units
1,000 units
3,300 units
How many pool cues need to be produced in 2019?
O A. 25,300 cues
O B. 19,700 cues
O C. 24,300 cues
O D. 23,000 cues
ga
Mis
https
Hea
In 201
10min
1 answ
Missing
Calculator
Next
https://ww

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement? Question 8 options: $2,875 $2,775 $2,850 $2,625
Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What is Music, Inc.’s 2021 Gross Margin (also referred to as Profit Margin)? Question 9 options: $13,175 $12,175 $13,275 $12,275
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity UnitCost UnitReplacementCost UnitSellingPrice A 900 $ 23 $ 25 $ 29 B 500 28 24 31 C 700 16 15 21 D 1,000 20 17 19 E 700 27 25 26 The cost to sell for each product consists of a 15 percent sales commission. The normal profit for each product is 35 percent of the selling price.Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory.3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2.
Use the following income to answer all questions in this section: Music, Inc. had the following beginning and ending values in its three inventory accounts: Jan 1, 2021 Dec. 31, 2021 Raw Materials Inventory $500 $800 Work-in-Progress Inventory $1,200 $1,300 Finished Goods Inventory $600 $750 Additional information for the year ending December 31, 2021: Manufacturing costs: $2,875 Sales revenue: $15,900 Selling & Admin expenses: $3,600 Interest expense: $160 Income tax rate: 20% What is 2021 Gross Margin Percentage? Question 10 options: 80.19% 87.22% 83.49% 85.19%
Oakridge Manufacturing had the following balances on December 30, 2024: Finished Goods Inventory: $480,000 Cost of Goods Manufactured for December: $1,400,000 Total Manufacturing Costs for December: $1,550,000 Cost of Goods Sold in December: $1,500,000 Calculate the beginning balance of Finished Goods Inventory on December 1, 2024.
Sawyer Company was formed on December 1, 2020. The following information is available from Sawyer's inventory records for Product BAP. Units Unit Cost January 1, 2021 (beginning inventory) 600 $8.00 Purchases: 1,100 9.00 1,300 10.00 January 5, 2021 January 25, 2021 February 16, 2021 March 26, 2021 800 11.00 600 12.00 A physical inventory on March 31, 2021, shows 1,500 units on hand. Instructions Prepare schedules to compute the ending inventory at March 31, 2021, under each of the following inventory methods. (a) FIFO. (b) LIFO. (c) Weighted average. Aconch Cila
During FY 2018 Bay Manufacturing had total manufacturing costs are $442,000. Their cost of goods manufactured for the year was $475,000. The January 1, 2019 balance of the Work-in-Process Inventory is $51,000. Use this information to give an example of the dollar amount of the FY 2018 beginning Work-in-Process Inventory.
The following relate to God's blessings enterprise for the year ended 31 December 2019. Production cost of goods completed is 1080,000 Sales is 1939,500 Inventory of finished goods at cost on 1st January 2019 is 255000 Inventory of finished goods at cost 31st December 2019 is 202500 Selling and distribution expenses 216,000 Administrative expenses 180000 Financial charges 48000 Goods are transferred to the warehouse at cost plus 33%. What is the value of opening inventory at market value?
Forester Company has five products in its inventory. Information about the December 31, 2021, inventory follows. Product Quantity UnitCost UnitReplacementCost UnitSellingPrice A 600 $ 30 $ 32 $ 36 B 1,000 35 31 38 C 900 23 22 28 D 800 27 24 26 E 700 34 32 33 The cost to sell for each product consists of a 10 percent sales commission. The normal profit for each product is 25 percent of the selling price.Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.2. Determine the carrying value of inventory at December 31, 2021, assuming the LCM rule is applied to the entire inventory.3. Assuming inventory write-downs are common for Forester, record any necessary year-end adjusting entry based on the amount calculated in requirement 2.
Brambie Corp. has 240000 of ending finished goods inventory as of December 31, 2019. If beginning finished goods inventory was 18000 and costs of goods sold was 53000, how much would Brambie report for cost of goods manufactured?
Debra King Company was formed on December 1, 2019. The following information is available from King’s inventory records for Product BAP. Units Unit Cost January 1, 2020 (beginning inventory) 1,740 $ 8 Purchases: January 5, 2020 3,480 9 January 25, 2020 3,770 10 February 16, 2020 2,320 11 March 26, 2020 1,740 12 A physical inventory on March 31, 2020, shows 4,640 units on hand. Prepare schedule to compute the ending inventory at March 31, 2020, under FIFO inventory method. DEBRA KING COMPANYCOMPUTATION OF INVENTORY FOR PRODUCTBAP UNDER FIFO INVENTORY METHODMarch 31, 2020 Units Unit Cost Total Cost Beginning InventoryEnding InventoryPurchases January 5, 2020Purchases January 25, 2020Purchases February 16, 2020Purchases March 26, 2020 $ $ Beginning InventoryEnding InventoryPurchases January 5,…
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Total Cost TotalReplacement Cost Total NetRealizable Value 101 $ 163,000 $ 148,700 $ 135,100 102 120,800 114,000 147,600 103 80,400 53,600 67,900 104 41,100 38,400 69,000 The normal profit is 40% of total cost. Required:1. Determine the carrying value of inventory at December 31, 2021, assuming the lower of cost or market (LCM) rule is applied to individual products.2. Assuming that inventory write-downs are common for Tatum Company, record any necessary year-end adjusting entry.