Question 102 ptsKason, Inc., expects to sell22,000 pool cues for $12perunit. Direct materials costs are$2, direct manufacturinglabor is $4 and manufacturingoverhead is $0.80 per pool cue.The following inventory levelsapply to 2016:Beginning Endinginventory inventory(budgeted).Direct24,00024,000 unitsmaterials unitsWork-in-process O unitsO unitsinventoryFinished2,000goods2,500 unitsunitsinventoryRequired: On the 2016budgeted income statement,what amount will be reportedfor cost of goods sold?

Cost of Good Sold: Cost of goods sold (COGS) refers to the direct prices of manufacturing the…

Question 10 2 pts Kason, Ic., expects to sell 22,000 pool cues for $12per unit. Direct materials costs are $2, direct manufacturing labor is $4 and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2016: Beginning Ending inventory inventory(budgetec

Question 10 2 pts Kason, Ic., expects to sell 22,000 pool cues for $12per unit. Direct materials costs are $2, direct manufacturing labor is $4 and manufacturing overhead is $0.80 per pool cue. The following inventory levels apply to 2016: Beginning Ending inventory inventory(budgetec

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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Mark up cost structure example with example of Margin cost structure Sales 125% Sales 100%CoS (100%) CoS (75%)Gross Profit 25%. Gross Profit 25% The draft accounts of Astel Co. for the year ended 31st Jan 2020 include the following: Revenue $80,000 Gross profit $20,000It was subsequently discovered that revenue had been understated by $10,000 and closing inventory overstated by $5,000. 1. After correction of these errors the gross profit percentage margin will be (to 1 d.p.)?
repruary 6,300 6,100 5,500 March April May Wesley's ending finished goods inventory policy is 25 percent of the next month's sales. Suppose each handisaw takes approximately 0.60 hours to manufacture, and Wesley pays an average labor wage of $26 per hour. Each handisaw requires a plastic housing that Wesley purchases from a supplier at a cost of $6.00 each. The company has an ending direct materials inventory policy of 20 percent of the following month's production requirements. Materials other than the housing unit total $4.50 per handisaw. Manufacturing overhead for this product includes $72,000 annual fixed overhead (based on production of 27,000 units) and $1.20 per unit variable manufacturing overhead. Wesley's selling expenses are 7 percent of sales dollars, and administrative expenses are fixed at $18,000 per month. Required: Compute the following for the first quarter: (Round your intermediate calculations to nearest whole dollar.) January February March 1st Quarter total 1.…
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QUESTION 2 Answer the questions from the information provided. 2.1 Use the information provided below to calculate the number of units of Product Tex that must be produced for July and August. INFORMATION 2.2 2.3 The estimated sales volume of Product Tex is 25 000 units for June, 21 000 units for July, 30 000 units for August and 36 000 units for September. The policy of management is to maintain an ending finished goods inventory each month equal to 20% of the current month's budgeted sales and 30% of the following month's budgeted sales. Study the information provided below and calculate the expected value of closing inventory as at 31 December 2022, if the FIFO method of inventory valuation is used. INFORMATION The following information was supplied by Sunbeam Manufacturers for 2022 in respect of its finished goods: Inventory on 01 January Cost of production of finished goods manufactured Cost of goods sold Sales value of the goods sold Use the information provided below to…
QUESTION 21 Kelly Inc. forecasts that production will require 20,000 tons of material over its planning period (250 days). Demand for Kelly's products is stable over time. Ordering costs amount to an average of $5 per order. Holding costs are estimated at $1.25 per ton of material. The EOQ is tons, and the total annual cost of inventory is a. 500; $400 b. 250; $400 c. 400; $250 d. 400; $500
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Required information SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 520 sun shades in May and 340 in June. Each shade sells for $149. Shadee's beginning and ending finished goods inventories for May are 75 and 50 shades, respectively. Ending finished goods inventory for June will be 60 shades. E8-7 (Algo) Preparing Direct Labor and Manufacturing Overhead Budgets [LO 8-3d] Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $12 per hour. Additionally, Shadee's fixed manufacturing overhead is $11,000 per month, and variable manufacturing overhead is $14 per unit produced. Required: 1. Prepare Shadee's direct labor budget for May and June. 2. Prepare Shadee's manufacturing overhead budget for May and June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Shadee's manufacturing overhead budget for May and June. May…
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