High Return Manufacturing company has a beginning finished goods inventory of $19,600, raw material purchases of $28,000, cost of goods manufactured of $36,500, and an ending finished goods inventory of $22,800. The cost of goods sold for this company is?
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High Return Manufacturing company has a beginning finished goods inventory of $19,600, raw material purchases of $28,000, cost of goods manufactured of $36,500, and an ending finished goods inventory of $22,800. The cost of goods sold for this company is?
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- Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods is 42,500, and ending inventory of finished goods is expected to be 34,000. Required: 1. Prepare a statement of cost of goods sold in good form. 2. What if the beginning inventory of finished goods decreased by 5,000? What would be the effect on the cost of goods sold?The following information is included below for Golden Gadgets: Raw Materials Inventory $7,500, COGS(Product) $42,140, Depreciation $11,253, Work-in-Process inventory $13,489, Cash $19,710, Revenues (Product) $105,328, SG&A $6,840, Finished Goods Inventory $18,190, Accounts Receivable $7,140. Compute the Gross Margin for Golden GadgetsHernando Manufacturing, Inc. reported the following information for the year: Number of Units Produced $152,000 Number of Units Sold 62,000 Cost of Goods Manufactured 268,000 Cost of Goods Sold 52,900 Sales Revenue 130,000 Gross Profit 72,940 Operating Expense 727,000 What was the unit product cost? (Round your answer to the nearest cent.) A. $1.76 B. $0.85 C. $0.86 D. $4.32
- The Lyons Company's cost of goods manufactured was $120,000 when its sales were $360,000 and its gross margin was $220,000. If the ending inventory of finished goods was $30,000, the beginning inventory of finished goods must have been: a. $20,000 b. $50,000 c. $110,000 d. $150,000Stencil Co. reported the following data for the year 2018: Gross Profit P 192,000 Cost of Goods Manufactured P 680,000 Work in process Beginning P 56,000 Finished Goods Beginning P 90,000 Work in process End P 76,000 Finished Goods End P 104,000. How much is total sales for the year 2018?Circetrax, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units Units produced Units sold Ending balance, in units Production costs: Variable manufacturing costs per unit Total fixed manufacturing costs What is the unit product cost for the year using absorption costing? OA. $117 630 1,400 1,500 530 $50 $42,000 W
- Tommy is struggling to determine the company's key costs for this month's income statement. He knows the following: total manufacturing costs $50,000; beginning and ending WIP Inventory, $8,000 and $5,000, respectively; and beginning and ending FG Inventory, $4,600 and $6,200, respectively. How much is Cost of Goods Manufactured and Cost of Goods Sold? Cost of goods manufactured Cost of goods sold $ $The following information pertains to ABC Company: Manufacturing costs: $2,240,000 Units manufactured: 32,000 Price per unit: $110 per unit Beginning inventory: 1,500 units Ending inventory: 4,000 units What is the amount of ABC Company’s gross margin?A firm had beginning finished goods inventory of 20,000; its cost of goods manufactured was 75,000; its gross margin was 80,000; and its sales were 140,000. The ending finished goods inventory was: * a. 60,000 b. 40,000 c. 95,000 d. 35,000
- 4) Pederson Company reported the following: Manufacturing costs Units manufactured Units sold Beginning inventory $480,000 8,000 7,500 units sold for $90 per unit 2,000 units What is the average manufacturing cost per unit? (Round the answer to the nearest dollar.) 4) Pederson Company reported the following: Manufacturing costs $480,000 8,000 7,500 units sold for $90 per unit 2,000 units What is the average manufacturing cost per unit? (Round the answer to the nearest dollar.) Units manufactured Units sold Beginning inventoryCircetrax, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units 600 Units produced 2,800 Units sold 2,900 Ending balance, in units 500 Production costs: Variable manufacturing costs per unit $60 Total fixed manufacturing costs $42,000 What is the unit product cost for the year using absorption costing? A. $84 B. $75 C. $130 D. $743. CONCEPTUAL CONNECTION Suppose 200,000 EERES WEIC pro sold) but that the company had a beginning finished goods inventory of 10,000 tents produced in the prior year at $40 per unit. The company follows a first-in, first-out policy for its inventory (meaning that the units produced first are sold first for purposes of cost flow). What effect does this have on the income statement? Show the new statement. Problem 2-55 Cost of Goods Manufactured, Cost of Goods Sold Hayward Company, a manufacturing firm, has supplied the following information from its ac- counting records for the month of May: Direct labor cost $10,500 Material handling $ 3,750 Purchases of raw materials 3,475 Materials inventory, May 1 Work-in-process inventory, May 1 Finished goods inventory, May 1 Materials inventory, May 31 Work-in-process inventory, May 31 Finished goods inventory, May 31 15,000 Supplies used Factory insurance Commissions paid Factory supervision Advertising 675 12,500 350 6,685 2,500 9,500 2,225…
