Question:Given below is the manufacturing data:Direct material inventoryBeginning Ending$90,000 $110,000Work-in progress inventory $180,000 $120,000Finished goods inventory$300,000$400,000Purchased direct material $300,000Direct laborFactory overheadNet sales$170,000$190,000$1,000,000Period costWhat is the net profit?$280,000

Explanation of Direct Materials Used:Direct materials used represent the raw materials consumed in…

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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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Assume the following information for a product line: Sales $700,000 Variable cost of goods sold 185,000 Direct fixed overhead 115,000 Variable selling and administrative expenses 70,000 Direct fixed selling and admin. expenses 90,000 What is the segment margin of the product line? a. $200,000 b. $325,000 c. $350,000 d. $240,000
Pederson Company reported the following: Manufacturing costs Units manufactured Units sold sold for $75 per unit Beginning inventory Select one: $2,000,000 50,000 47,000 units What is the amount of ending finished goods inventory? a. $1,880,000 b. they are all wrong c. $225,000 O d. $105,000 0 units
Sales volume (units) Revenue Variable costs Direct materials Direct labor Contribution margin Fixed costs Profit $30,000 $2.00 $45,000 Use direct labor dollars as the cost driver. Compute allocated fixed costs for Product X: O $20,000 Product X 400 $60,000 $50,000 $25,000 $15,000 $20,000 Product Y 600 $60,000 $15,000 $10,000 $35,000 Total 1,000 $120,000 $40,000 $25,000 $55,000 $50,000 $5,000
Pederson Company reported the following: Manufacturing costs $2,000,000 Units manufactured 50,000 Units sold 47,000 units sold for $75 per unit Beginning inventory 0 units What is the an of ending finished goods inventory? Select one: a. $1,880,000 b. $225,000 C. $120,000 d. $105,000 hp
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Edmiston Company reported the following vear-end information: beginning work in process inventory, s80,000; cast of goods manufactured, $750,000; beginning finished goods inventory, $50,000, endng work in process inventory, $70,000; and ending finished goods inventory, 40,000. How much is Edmiston's cost of goods sold for the year? O 3740,000 O S770,000 • s760,000 O 750,000
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Assume the following information for a company that produced 10,000 units and sold 8,000 units during its first year of operations and produced 8,000 units and sold 10,000 units during its second year of operations: Per Unit $ 200 $75 $ 50 $ 10 $8 Per Year Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Using absorption costing, what is the cost of goods sold for the second year of operations? $ 300,000
26.Determine the total manufacturing costs 27.What is the amount of direct materials used?
The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materials Manufacturing overhead Selling and administrative expense P 435,000 215,000 190,000 185,000 1. What is Antonio's prime cost for last quarter? a. P460,000 b. P410,000 c. P405,000 d. P 375,000 2. Antonio's total manufacturing cost is a. P460,000 b. P 645,000 . P 650,000 d. P 840,000
Revenue Variable costs: Direct labor Direct materials Contribution margin Fixed costs Profit margin $0 O $10,000 ($25,000) ($10,000) product X $50,000 O $50,000 $20,000 $30,000 ? ? ? product Y $80,000 $30,000 $20,000 ? ? ? a total $130,000 The company allocates fixed costs based on direct labor dollars. Compute the profit margin for product line X. $50,000 $50,000 $30,000 $25,000 $5,000
Given that the cost of goods completed was $57 000, sales $80 000, finished goods at start $3 200 and finished goods at the end of the period $1 595, what will be the gross profit? A. $19 800B. $21 395C. $23 000 D. $24 595

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