Question:Financial Account - 21-69The following absorption costing income statement and additional dataare available from the accounting records of Bernon Co. for the monthended May 31, XXXX. During the accounting period, 17,000 units weremanufactured and sold at a price of $60 per unit. There were nobeginning inventories.Bernon Co.Absorption Costing Income StatementFor the Month Ended May 31, XXXXSales (17,000 @ $60)Cost of goods sold$ 10,20,0006,12,000$ 4,08,000Selling and administrative expenses66,000Income from operations$ 3,42,000Gross profitAdditional Information:CostTotal Cost Number ofUnit CostManufacturingcosts:Variable$ 4,42,00017,000$26Fixed1,70,00017,00010Total$ 6,12,000$36Selling and administrative expenses:Variable ($2 per unit sold)Fixed$ 34,00032,000$ 66,000TotalPrepare a new income statement for the year using variable costing.

To prepare a new Variable Costing Income Statement, we need to account for the following key…

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Financial Accounting Intro Concepts Meth/Uses

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Chapter9: Working Capital

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Cost of Direct Materials Used in Production for a Manufacturing Company Sepulveda Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased $572,400 Materials inventory, November 1 75,700 Materials inventory, November 30 94,800 Determine the cost of direct materials used in production by Sepulveda during the month ended November 30.$fill in the blank 1
Cost per FIFO EUP In October, Pedraza Corp.'s production was 96,480 equivalent units for direct material, 87,840 equivalent units for direct labor, and 75,600 equivalent units for overhead. During October, direct material, conversion, and overhead costs incurred were as follows: Direct material $285,638 Conversion Overhead 303,437 153,360 Beginning WIP Inventory costs for October were $47,218 for direct material, $35,107 for direct labor, and $37,152 for overhead. The company had 12,960 EUP for direct material in October's beginning WIP Inventory, 14,400 EUP for direct labor, and 12,672 EUP for overhead. What was the October FIFO cost per EUP for direct material, direct labor, and overhead? Note: Round your answers to two decimal places. DM cost per EU S DL cost per EUS OH cost per EU S
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Statement of cost of goods manufactured; income statement; balance sheet The adjusted trial balance for Rochester Electronics, Inc. on November 30, the end of its first month of operation, is as follows: The general ledger reveals the following additional data: a. There were no beginning inventories. b. Materials purchases during the period were 33,000. c. Direct labor cost was 18,500. d. Factory overhead costs were as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of November. 2. Prepare an income statement for the month of November. (Hint: Check to be sure that your figure for Cost of Goods Sold equals the amount given in the trial balance.) 3. Prepare a balance sheet as of November 30. (Hint: Do not forget Retained Earnings.)
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.
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.

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