PROBLEM 2-18 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behavior [LO2,LO3, LO4, LO5, LO6]Various cost and sales data for Meriwell Company for the just completed year appear in the work-sheet below:E Hicrosoft ExcelEle Edt Vew rcert Fgrmat Iools Rata Wndow elp12- BIU2E17B$20,000$40,000$110,000$105,000$125,000$9,000$6,000$70,000S17,000$30,000$500,000S80,000A1 Finished goods inventory, beginning2 Finished goods inventory, ending3 Administrative expenses4 Manufacturing overhead5 Purchases of raw materials6 Raw materials inventory, beginning7 Raw materials inventory, ending8 Direct labor9 Work in process inventory, beginning10 Work in process inventory, ending11 Sales12 Selling expenses13N MSheeti/Sheet2 / Sheets /Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed.Required:1. Prepare a schedule of cost of goods manufactured.2. Prepare an income statement.3. Assume that the company produced the equivalent of 10,000 units of product during thejust completed. What was the average cost per unit for direct materials? What was the averagecost per unit for fixed manufacturing overhead?4. Assume that the company expects to produce 15,000 units of product during the coming year.What average cost per unit and what total cost would you expect the company to incur fordirect materials at this level of activity? For fixed manufacturing overhead? Assume that directmaterials is a variable cost.As the manager responsible for production costs, explain to the president any difference in theaverage costs per unit between (3) and (4) above.уcar5.

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Microsoft Excel Ele Edit New Insert Format Tools Date Window Help ✔n. Σ 100% BIUR E%-A- E17 A B 1 Finished goods inventory, beginning $20,000 2 Finished goods inventory, ending $40,000 3 Administrative expenses $110,000 4 Manufacturing overhead $105,000 5 Purchases of raw materials $125,000 $9,000 6 Raw materials inventory, beginning 7 Raw materials inventory, ending Direct labor $6,000 8 $70,000 $17,000 9 Work in process inventory, beginning 10 Work in process inventory, ending 11 Sales $30,000 $500,000 12 Selling expenses $80,000 GD f x

Microsoft Excel Ele Edit New Insert Format Tools Date Window Help ✔n. Σ 100% BIUR E%-A- E17 A B 1 Finished goods inventory, beginning $20,000 2 Finished goods inventory, ending $40,000 3 Administrative expenses $110,000 4 Manufacturing overhead $105,000 5 Purchases of raw materials $125,000 $9,000 6 Raw materials inventory, beginning 7 Raw materials inventory, ending Direct labor $6,000 8 $70,000 $17,000 9 Work in process inventory, beginning 10 Work in process inventory, ending 11 Sales $30,000 $500,000 12 Selling expenses $80,000 GD f x

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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My Home * CengageNOWv2 | Online teachin- X m/takeAssignment/takeAssignmentMain.do?invoker=8ttakeAssignmentSessionLocator=&inprogress=false High-Low Method The manufacturing costs of Rosenthal Industries for the first three months of the year follow: Total Costs Production January $72,000 1,120 units February 84,640 1,690 March 112,000 2,720 Using the high-low method, determine (a) the varnable cost per unit and (b) the total fixed.cost. a. Variable cost per unit b. Total fixed cost All work saved. 44 °F
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eBook Print Item Question Content Area A company has the following transactions during the week. Purchase of $1,100 raw materials inventory Assignment of $400 of raw materials inventory to Job 5 Payroll for 25 hours with $1,250 assigned to Job 5 Factory utility bills of $760 Overhead applied at the rate of $10 per hour What is the cost assigned to Job 5 at the end of the week? $fill in the blank 1
tab es lock esc QUESTION 8 Deja Brew Company reported the following for the most recently completed fiscal year: Raw Materials Purchased Direct Labor Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Calculate cost of goods sold for the year. ! Click Save and Submit to save and submit. Click Save All Answers to save all answers. 1 Q A @ 2 W S # M $63,500 58,200 31,600 31,500 3 E Manufacturing Overhead Cost of Goods Manufactured $ 4 R % 07 dº 5 MacBook Pro D F $109,600 180,800 95,900 391,200 T 6 G 7 Y * 00 O H 8 U
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royalty-free image X A Login Homework i X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducati... A Question 11 - Ch 17-18 Homew X Cost Data: Bonding Department Direct materials costs in beginning inventory, September 1 Conversion costs in beginning inventory, September 1 Direct materials costs incurred in September Conversion costs incurred in September Physical Units: Bonding Department Units in process, September 1 Units transferred out during September Units in process, September 30 Percentages of Completion: Bonding Department Direct materials, September 1 Conversion, September Direct materials, September 30 Conversion, September 30 Cost per equivalent unit Direct Materials Required information [The following information applies to the questions displayed below.] Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department.…
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eBook Print Item Question Content Area During the year, a company purchased raw materials of $77,323, and incurred direct labor costs of $125,800. Overhead is applied at the rate of 70% of the direct labor cost. These are the inventory balances: Beginning Ending Raw materials inventory $17,433 $16,426 Work in process inventory 241,439 234,425 Finished goods inventory 312,840 342,384 Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold. Cost of materials used in production $fill in the blank 1 Cost of goods manufactured $fill in the blank 2 Cost of goods sold $fill in the blank 3
Required information [The following information applies to the questions displayed below.] The following data is provided for Garcon Company and Pepper Company. Garcon Pepper Company Company Beginning finished goods inventory $ 13,400 $ 19,300 Beginning work in process inventory 17,800 23,700 Beginning raw materials inventory (direct materials) 11,300 10,950 Rental cost on factory equipment Direct labor 32,000 24,100 23,600 37,400 Ending finished goods inventory 20,000 17,000 Ending work in process inventory 25,000 19,000 7,600 9,800 Ending raw materials inventory Factory utilities 13,950 17,500 Factory supplies used (indirect materials) 8,500 5,100 General and administrative expenses 21,500 45,000 Indirect labor 2,000 9,580 7,580 2,200 Repairs-Factory equipment Raw materials purchases Selling expenses 36,000 58,000 58,000 58,900 Sales 223,530 310,010 Cash 25,000 18,700 Factory equipment, net 222,500 121,825 Accounts receivable, net 14,600 21,950 Required: 1. Complete the table to find…