Please solve this problem with correct solution Given below is the manufacturing data:Beginning EndingDirect material inventory$90,000 $110,000Work-in progress inventory $180,000 $120,000Finished goods inventory+$300,000 $400,000Purchased direct material | $300,000Direct laborFactory overheadNet salesPeriod cost$170,000$190,000$1,000,000$280,000What is the net profit?A. 120,000B. 180,000C. 300,000D. Insufficient information to determine the gross profitE. None of all above

Step 1: Introduction to the Net Profit:Net profit or net income is the ultimate profit generated by…

Answered: Given below is the manufacturing data:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

If the net sales 159 150 ID , beginning -1 finished goods inventory 16 500 ID „Cost of goods manufactured 121 050 ID, ending finished goods inventory *.(. .) 9000 ID , the gross profit are 60 600 90 600 30 600 If the prime cost 70 700 ID ,- 2 manufacturing overhead 12 000 ID, beginning work inproces inventory 4 000 ID ,ending work inproces inventory 6 000 ID ,the cost of goods .(. .) manufactured are 80 700 ID. O 100 700 ID. 60 700 ID.
Sales revenue is $725,700; allocated manufacturing overhead is $95,100; actual manufacturing overhead is $120,500; and cost of goods sold before adjustment is $380,300. What is the actual gross profit? Question 47 options: $224,900 $320,000 $370,800 $345,400
If the beginning finished goods inventory 250 000 ID. prime cost 250 000 ID, ending finished goods inventory 160 000 ID, manufacturing overhead expenses 180 000 ID cost of goods manufactured 1224 000 ID, the cost of goods *-: sold are
Pederson Company reported the following: Manufacturing costs Units manufactured Units sold sold for $75 per unit Beginning inventory Select one: $2,000,000 50,000 47,000 units What is the amount of ending finished goods inventory? a. $1,880,000 b. they are all wrong c. $225,000 O d. $105,000 0 units
Assume the following information for a company that produced 10,000 units and sold 9,000 units during its first year of operations: transcript Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead $ 300,000 Using absorption costing, what is the cost of the company's ending inventory? Multiple Choice $141000 $28,000 $63.000 Per Unit $ 200 $75 $ 50 $8 $8 $133,000 Per Year
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 135000 Direct labor 87000 Factory overhead 60 % of purchases Administrative expenses 28500 Purchases 120000 Select one: a. 294000 b. 335000 c. 367300 d. 322500
Pederson Company reported the following: Manufacturing costs $2,000,000 Units manufactured 50,000 Units sold 47,000 units sold for $75 per unit Beginning inventory 0 units What is the an of ending finished goods inventory? Select one: a. $1,880,000 b. $225,000 C. $120,000 d. $105,000 hp
Garfield Company has the following information for the current year: Beginning fixed manufacturing overhead in inventory Fixed manufacturing overhead in production Ending fixed manufacturing overhead in inventory $210,000 800,000 70,000 Beginning variable manufacturing overhead in inventory Variable manufacturing overhead in production Ending variable manufacturing overhead in inventory What is the difference between operating incomes under absorption costing and variable costing? OA. $10,000 OB. $80,000 O C. $100,000 O D. $140,000 $30,000 100,000 30,000
Assume the following information for a company that produced 10,000 units and sold 9,000 units during its first year of operations: Per Unit Per Year $ 200 $ 74 $ 50 $ 12 $ 8 Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead $ 300,000 Using absorption costing, what is the cost of the company's ending inventory? Multiple Cholce $136,000 $166,000 O $144,000 $31,000
Given the following: Units in beginning inventory........ Units produced. Units sold Units in ending inventory. 7,000 6,900 100 ******* Variable costs per unit: Direct materials.. $46 Direct labor... $41 Variable manufacturing overhead Variable selling and administrative... Fixed costs: Fixed manufacturing overhead... Fixed selling and administrative... $3 ***** S9 $28,000 $75,900 What is the variable costing unit product cost? Multiple Choice $103 $90 $99 $94
(a) Calculate Economic Order Quantity from the following information: Annual Consumption Ordering Cost Carrying Cost Per Unit Cost 1,00,000 units $. 50 per order 8% of Average Stock $. 20 (b) Find out the cost of raw materials purchased from the data $ given below: 2,00,000 20,000 1,00,000 10,000 Prime cost Closing stock of raw material Direct labour cost Expenses on purchases
Sales volume (units) Revenue Variable costs Direct materials Direct labor Contribution margin Fixed costs Profit $30,000 $2.00 $45,000 Use direct labor dollars as the cost driver. Compute allocated fixed costs for Product X: O $20,000 Product X 400 $60,000 $50,000 $25,000 $15,000 $20,000 Product Y 600 $60,000 $15,000 $10,000 $35,000 Total 1,000 $120,000 $40,000 $25,000 $55,000 $50,000 $5,000

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS