On April 1, 2024, Metro Inc.'s beginning WIP inventory had 4,800 units, 40% complete. They started 26,000 units during April. By April 30, there were 10,200 units in ending WIP, 20% complete. Metro uses the weighted average method. Calculate the equivalent units for conversion costs.
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- Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are 70% complete and the Units are 30% complete with respect to conversion.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?Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
- Can you solve this general accounting problem using accurate calculation methods?At the end of April 2022 PT Rajawali presented the company's cost data. Raw material inventory is Rp. 15,000,000. The purchase of raw materials is Rp. 35,000,000, the cost to the warehouse is 10%, and the purchase return is 10%. Indirect raw materials used amounted to Rp. 6,000,000.00. The use of direct raw materials and indirect raw materials uses one account, and on July 31, 2021, there is still a raw material inventory of Rp. 5,000,000,00 Requested: Make it with the cost information above, the amount of raw materials that are ready to be used, and the direct materials used. Note: write down along with the complete way of workingAxel Ltd. began operations on October 1 of the current year. Its production requires that direct materials be added at the beginning of the process, and conversion costs are incurred uniformly. Direct materials costs for October were $380,000, and conversion costs were $1,750,000. There were 80,000 units started during the month. The ending inventory was 25,000 units, which were 60% complete. What was the cost per equivalent unit for conversion? Round to the nearest cent. OA. $70.00 OB. $25.00 OC. $21.88 O D. $16.67 OE. $116.67
- On June 1, Turner Corp. had 1,200 units of Product 33 on hand, at a cost of $12.25 per unit. On June 13, it purchased 3,000 more units at a cost of $12.75 each, and on June 22, it purchased 2,800 more units at a cost of $13.00 each. 3,600 units were sold during the month of June. Turner uses a last-in, first-out cost flow assumption. What is cost of goods sold for June? $46,600 $45,300 $42,750 O $44,050A company manufactures a product with the following specifications: Units required annually = 1,200 . Holding cost per unit per year = $0.75 • Order preparation cost = $12 a) Compute the optimum lot size (EOQ). b) Compute the annual inventory cost (holding cost). c) Compute the annual order cost. d) Compute the total cost.Crane Inc. had sales of $2,390,000 for the first quarter of 2022 (it sold 239,000 units). In making the sales, the company incurred the following costs and expenses. Cost of goods sold Selling expenses Administrative expenses Sales Prepare a CVP income statement for the quarter ended March 31, 2022. (Round per unit answers to 2 decimal places, e.g. 15.25.) Variable Costs Contribution Margin Fixed Costs Variable $976,000 116,000 103,000 Net Income/(Loss) Fixed $488,000 95,000 129,000 CRANE INC. CVP Income Statement For the Quarter Ended March 31, 2022 V Total $ Per Unit Percent of Sales 100 % % %
- Adelphi Company provides the following information for their first year of operations in 2018: Sales, 8,000 units @ $17 each Total production, 13,000 units Production costs per unit: Direct materials $ 4.00 Direct labor $ 3.00 Variable overhead $ 1.00 Fixed manufacturing overhead $ 9,000 Adelphi Company uses absorption costing. Use this information to determine for Adelphi Company the FY 2018 Cost of Goods Sold.In Sheridan Company, total materials costs are $37,600, and total conversion costs are $61,560 for June. Equivalent units of production are materials 10,000 and conversion costs 12,000. (a1) Your answer is correct. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit Conversion cost per unit eTextbook and Media (a2) $ tA LA 3.76 Total manufacturing cost per unit $ 5.13 Compute the unit cost for total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Attempts: 1 of 4 usedrez Company began operations this year. During this year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Income Statement (Absorption Costing) Sales (80,000 units \times $45 per unit) $ 3,600,000 Cost of goods sold 2,000,000 Gross profit 1,600,000 Selling and administrative expenses 580,000 Income $ 1,020,000 Additional Information Selling and administrative expenses consist of $400,000 in annual fixed expenses and $2.25 per unit in variable selling and administrative expenses. The company's product cost of $25 per unit consists of the following. Direct materials $ 4 per unit Direct labor $10 per unit Variable overhead $ 2 per unit Fixed overhead ($900,000 / 100,000 units) $ 9 per unit Required: Prepare an income statement for the company under variable costing.
