Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials ? Direct labor $71,000 Variable overhead 19,000 Fixed overhead 180,000 Next year, Pietro expects to purchase $122,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $7,000 $11,700 Ending $6,900 $13,700 Required: Question Content Area 1. Prepare a statement of cost of goods manufactured. Pietro Frozen Foods, Inc. Statement of Cost of Goods Manufactured For the Coming Year Direct materials $- Select - - Select - Materials available $fill in the blank 518a60ff502205f_5 - Select - Direct materials used in production $fill in the blank 518a60ff502205f_8 - Select - - Select - Total manufacturing costs added $fill in the blank 518a60ff502205f_13 - Select - - Select - Cost of goods manufactured $fill in the blank 518a60ff502205f_18 Question Content Area 2. What if the ending inventory of direct materials increased by $1,900? Indicate the affect that this would have on the items listed below: Direction of change Amount Direct materials used by $fill in the blank c1844300cfbafbe_2 Total manufacturing costs by $fill in the blank c1844300cfbafbe_4 Cost of goods manufactured by $fill in the blank c1844300cfbafbe_6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials ? Direct labor $71,000 Variable overhead 19,000 Fixed overhead 180,000 Next year, Pietro expects to purchase $122,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory Work-in-Process Inventory Beginning $7,000 $11,700 Ending $6,900 $13,700 Required: Question Content Area 1. Prepare a statement of cost of goods manufactured. Pietro Frozen Foods, Inc. Statement of Cost of Goods Manufactured For the Coming Year Direct materials $- Select - - Select - Materials available $fill in the blank 518a60ff502205f_5 - Select - Direct materials used in production $fill in the blank 518a60ff502205f_8 - Select - - Select - Total manufacturing costs added $fill in the blank 518a60ff502205f_13 - Select - - Select - Cost of goods manufactured $fill in the blank 518a60ff502205f_18 Question Content Area 2. What if the ending inventory of direct materials increased by $1,900? Indicate the affect that this would have on the items listed below: Direction of change Amount Direct materials used by $fill in the blank c1844300cfbafbe_2 Total manufacturing costs by $fill in the blank c1844300cfbafbe_4 Cost of goods manufactured by $fill in the blank c1844300cfbafbe_6

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions