Need answer Question:Cost Flow Relationships The following information is available for the firstmonth of operations of Zahorik Company, a manufacturer of mechanicalpencils:Sales $333,390Gross profit 194,370Cost of goods manufactured 166,700Indirect labor 72,350Factory depreciation 11,000Materials purchased 102,680Total manufacturing costs for the period 191,700Materials inventory, ending 13,670Using the above information, determine the following missing amounts :a) Cost of goods soldb) Finished goods inventory at the end of the month

Explanation of Cost of Goods Sold (COGS): Cost of Goods Sold (COGS) represents the direct costs of…

Answered: Question: Cost Flow Relationships The…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Robstown Corporation for 20Y8: Instructions 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement.
Summarized data for Walrus Co. for its first year of operations are: A. Prepare an income statement under absorption costing B. Prepare an income statement under variable costing
Statement of cost of goods manufactured and income statement for a manufacturing company The following information is available for Shanika Company for 20Y6: Instructions 1. Prepare the 20Y6 statement of cost of goods manufactured. 2. Prepare the 20Y6 income statement.
Inventory Valuation under Absorption Costing Refer to the data for Judson Company above. Required: 1. How many units are in ending inventory? 2. Using absorption costing, calculate the per-unit product cost. 3. What is the value of ending inventory under absorption costing? Use the following information for Brief Exercises 3-21 and 3-22: During the most recent year, Judson Company had the following data associated with the product it makes:
Webster Company uses backflush costing to account for its manufacturing costs. The trigger points for recording inventory transactions are the purchase of materials, the completion of products, and the sale of completed products. Required: 1. Prepare journal entries, if needed, to account for the followingtransactions. a. Purchased raw materials on account, 135,000. b. Requisitioned raw materials to production, 135,000. c. Distributed direct labor costs, 20,000. d. Incurred manufacturing overhead costs, 80,000. (Use Various Credits for the credit part of the entry.) e. Cost of products completed, 235,000. f. Completed products sold for 355,000, on account. 2. Prepare any journal entries that would be different from theabove, if the only trigger points were the purchase of materialsand the sale of finished goods.
Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes through two processes. During November, equivalent units were calculated using the weighted average method: The costs that Byford had to account for during the month of November were as follows: Required: 1. Using the weighted average method, determine unit cost. 2. Under the weighted average method, what is the total cost of units transferred out? What is the cost assigned to units in ending inventory? 3. CONCEPTUAL CONNECTION Bill Johnson, the manager of Byford, is considering switching from weighted average to FIFO. Explain the key differences between the two approaches and make a recommendation to Bill about which method should be used.
Absorption-Costing Income Statement Refer to the data for Osterman Company above. Required: 1. Calculate the cost of goods sold under absorption costing. 2. Prepare an income statement using absorption costing. Use the following information for Brief Exercises 3-23 and 3-24: During the most recent year, Osterman Company had the following data:
Use the following information for Exercises 2-47 through 2-49. Jasper Company provided the following information for last year: Last year, beginning and ending inventories of work in process and finished goods equaled zero. Exercise 2-49 Income Statement Refer to the information for Jasper Company on the previous page. Required: 1. Prepare an income statement for Jasper for last year. Calculate the percentage of sales for each line item on the income statement. (Note: Round percentages to the nearest tenth of a percent.) 2. CONCEPTUAL CONNECTION Briefly explain how a manager could use the income statement created for Requirement 1 to better control costs.
Cost of goods sold, profit margin, and net income for a manufacturing company The following information is available for Bandera Manufacturing Company for the month ending January 31: For the month ended January 31, determine Bandera Manufacturings (A) cost of goods sold, (B) gross profit, and (C) net income.
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period $1,337,000 361,000 120,300 49,500 22,700 681,900 1,476,000 49,500 Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: Sales $1,261,700 340,700 Gross profit Indirect labor 113,600 Indirect materials 46,700 Other factory overhead 21,400 Materials purchased 643,500 1,392,900 46,700 Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost

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