Cullumber Corporation incurred the following costs while manufacturing its product:Materials used in productDepreciation on plantProperty taxes on warehouseLabour costs of assembly-line workersFactory supplies usedCalculate the cost of goods manufactured.Cost of goods manufactured$120,100$65,0008,430110,00025,500Advertising expenseProperty taxes on plantDelivery expenseSales commissionsSalaries paid to sales clerks$45,25019,30021,700Work in process inventory was $10,600 at January 1 and $14,600 at December 31. Finished goods inventory was $60,600 at January1 and $51,300 at December 31.35,30050,100

Lets understand the basics.The term COGM (cost of goods manufactured) refers to a schedule or…

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FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Schedule of Activity Costs Quality Control Activities Process audits Training of machine operators Processing returned products Scrap processing (disposal) Rework Preventive maintenance Product design Warranty work Finished goods inspection Activity Cost $50,000 28,000 19,000 25,000 8,000 30,000 46,000 12,000 23,000 From the provided schedule of activity costs, determine the value-added costs. A.$177,000 B.$191,000 C.$156,000 D.$104,000
The following information relates to the Bell Tower Company: $120,000 40,000 85,000 310,000 395,000 83,000 Direct Material - used Sunk Costs Factory Overhead Conversion Costs Cost of Goods Sold Finished Goods - Beginning Cost of Goods Manufactured Work-in-Process - Beginning Question 5.4 The ending WIP is: O $64,000 O $23,000 O $122,000 O $21,000 372,000 64,000
A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results: Sales (units) Labor (hours) Raw materials (currency) Capital equipment (hours) (FC) Foreign Currency unit U.S. 90,000 20,105 $19,550 (US) 63,000 LDC 20,010 15,120 21,000 (FC) 5,120
Problems Problem 1 The following information pertains to Mimi's Mini Treats Manufacturing Company: January 1, 20x7 December 31, 20x7 $13,000 41,000 175,000 Inventories Raw Materials Work in Process Finished Goods Other information pertaining to 20x7 Raw materials used Indirect materials used Factory wages and salaries Utilities Depreciation $59,000 6,000 120,000 16,000 26,000 $10,000 28,000 104,000 • The sales price is determined by adding a 40% mark-up to the cost of inventory. • For the expenses above, 80% of the wages relate to hands-on labour in the factory, and half (50%) of the utilities and depreciation relate to the factory. Required - a) How much raw material was purchased during 20x7? b) Prepare a schedule of cost of goods manufactured for 20x7, using actual manufacturing overhead. c) What amount of gross profit would show on Mimi's income statement for 20x7? Please show your work.
Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expens than the home consoles. The company only recently began producing the home model. Since the introduction of the new product. profits have been steadily declining. Management believes that the accounting system is not accurately allocating costs to products particularly because sales of the new product have been increasing Management has asked you to investigate the cost allocation problem. You find that manufacturing overhead is currently assigned to products based on their direct labor costs. For your investigation, you have data from last year. Manufacturing overhead was $1,366,000 based on production of 340.000 handheld consoles and 89,000 home consoles. Direct labor and direct materials costs were as follows. Direct labor Materials Handheld $1,294, 500 790,000 Cost Driver Number of production runs Quality tests performed Shipping orders processed Total overhead…
Cost & Management Accounting AC336 Question 3 (13 Marks) Krypton Inc. manufactures two products, Vintex and Bromal. The company estimated it would incur $160,690 in manufacturing overhead costs during the current period. Overhead currently is applied to the products on the basis of direct labour hours. Data concerning the current period's operations appear below: Estimated Volume Direct labour hours per unit Direct labour cost per unit Direct material cost per unit Activity cost pool Material acquisition costs Machine costs General factory costs Required: Activity cost pool Material acquisition costs Machine costs General factory costs Vintex 4,700 units 2.1 hours Estimated overhead costs $33.60 $4.80 The company is considering using an activity-based costing system to compute unit product costs instead of its traditional single plant-wide system based on direct labour hours. The activity- based costing system would use three activity cost pools and drivers: Driver Purchase orders…
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Beginning direct materials Beginning finished goods Beginning work in process Selling & administrative expenses Gross profit Cost of goods manufactured Factory overhead Direct labor $20,900 32,000 21,200 17,000 42,000 328,000 ? Direct materials purchases Ending direct materials Ending work in process Ending finished goods 124,100 24,800 16,500 40,000 Manufacturing costs incurred =
West Co.'s manufacturing costs are as follows: Direct material and direct labor Other variable manufacturing costs $700,000 $100,000 Depreciation of factory building and manufacturing equipment $80,000 Other fixed manufacturing overhead $18,000 What amount should be considered product costs for external reporting purposes if the company uses absorption costing? A. $700,000 B. $800,000 C. $880,000 D. $898,000
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Question 3 Ashale Botwe Ltd has the following cost and expense data for the year ending December 31, 2022. Direct materials (GHC) Work in process (GH¢) Finished goods (GH¢) Insurance factory Property taxes on factory building Materials purchases Sales Indirect materials Delivery expenses Sales commissions Indirect labour 1/1/22 Factory machinery rent Factory utilities Direct labour 30,000 80,000 110,000 Other items of revenue and cost during the year are as follows: (GHC) 31/12/22 20,000 50,000 120,000 Direct materials used b) Total manufacturing cost c) Statement of cost of goods manufactured d) Prime cost e) Conversion cost f) Cost of goods available for sale g) Cost of goods sold h) Gross profit i) Period cost j) Net income 14,000 6,000 205,000 1,500,000 15,000 100,000 150,000 90,000 40,000 ARI 65,000 350,000 24,000 35,000 300,000 Depreciation, factory building Factory manager's salary Administrative expenses For the year 2022, you are required to compute the following:
Determine the missing amount for each letter. Total ifacturing Costs 431600 (a) 567,000 333,900 363,800 Tauthook and Media Work in Process Jan. 1 $40,200 541800 (d) 75,600 EA $ Work in Process Dec. 31 (b) 50,400 100,800 Cost of Goods Manufactured $453,600 592,200 176400 (f) 56,700 283500 (h) 340,200

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P Materials used in p Depreciation on pla Property taxes on Labour costs of ass Factory supplies us Work in process inve 1 and $51,300 at De Calculate the cost