Sales Revenue Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Cost of Goods Sold Gross Margin Direct Materials Used Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Direct Labor Used Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Selling and administrative expenses are calculated to be: Multiple Choice $12,000. $4,000. $ 58,000 9,000 6,000 ? 25,000 10,000 14,000 ? 5,000 9,000 12,000 ? ?

Sales Revenue Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Cost of Goods Sold Gross Margin Direct Materials Used Selling and Administrative Expense Operating Income Work-in-Process Inventory, Beginning Work-in-Process Inventory, Ending Direct Labor Used Factory Overhead Total Manufacturing Cost Cost of Goods Manufactured Selling and administrative expenses are calculated to be: Multiple Choice $12,000. $4,000. $ 58,000 9,000 6,000 ? 25,000 10,000 14,000 ? 5,000 9,000 12,000 ? ?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ces The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials. Work in process Finished goods Beginning $ 7,000 $ 10,000 $ 20,000 Required 1 Required 2 Required 3 Ending $ 15,000 $ 5,000 $ 35,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement. Complete this question by entering your answers in the tabs below. Mason Company Schedule of Cost of Goods Manufactured Beginning work in process inventory Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used…
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: $819,700 221,300 73,800 30,300 13,900 418,000 904,900 30,300 Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Required information [The following information applies to the questions displayed below.] Oak Mart, a producer of solid oak tables, reports the following data from its second year of business. Sales price per unit $ Units produced this year Units sold this year 300 per unit 115,000 units 118,250 units 3,250 units Units in beginning-year inventory Beginning inventory costs Variable (3,250 units x $135) Fixed (3,250 units x $80) $ 438,750 260,000 Total $ 698,750 Manufacturing costs this year Direct materials $ Direct labor $ Overhead costs this year Variable overhead $3,000,000 Fixed overhead $7,400,000 Selling and administrative costs this year Variable $1,300,000 Fixed 4,400,000 2. Prepare the current-year income statement for the company using absorption costing. OAK MART COMPANY S
Urban Company reports the following information regarding its production cost: Units produced Direct labor Direct materials Variable overhead Fixed overhead Compute product cost per unit under variable costing. Multiple Choice O $24.00 $47.46 $54.00 26,000 units $ 19 per unit $ 24 per unit $ 11 per unit $ 116,000 in total $19.00
Data table Units of D4H produced and sold 1. 2. Selling price 3. Direct materials (kilograms) 4. Direct material cost per kilogram 5. Manufacturing capacity (units of D4H) 6. Total conversion costs 7. 8. Selling and customer-service capacity 9. Total selling and customer-service costs 10. Selling and customer-service capacity cost per customer 11. Design staff 12. Total design costs 13. Design cost per employee Conversion cost per unit of capacity Alt+Q Print Done $ $ 210 41,000 $ 310,000 7.25 $ 250 2,125,000 $ 8,500 $ $ $ 2,150,000 8,600 95 customers 90 customers 900,000 10,000 12 1,045,000 $ 11,000 $ 12 1,212,000 $ 101,000 $ $ $ ZUZT $ $ ZUZZ 235 43,000 325,000 7.75 250 1,218,000 101,500 (similar to) Data table HW Score: 3.03%, 0.12 of 4 points Daint 0 10 of 1 Revenue effect of growth Cost effect of growth The company has chosen a product differentiation strategy. The growth, price- recovery, and productivity components of the change in operating income from 2021 to 2022 are as…
Companion Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $57 per unit. The company, which is currently operating below full capacity, charges factory overhead to production at the rate of 46% of direct labor cost. The fully absorbed unit costs to produce comparable carrying cases are expected to be as follows: Direct materials $28 Direct labor 16 Factory overhead (46% of direct labor) 7.36 Total cost per unit $51.36 If Companion Computer Company manufactures the carrying cases, fixed factory overhead costs will not increase and variable factory overhead costs associated with the cases are expected to be 14% of the direct labor costs.
Value- and Non-Value-Added Cost Reporting Cicleta Manufacturing has four activities: receiving materials, assembly, expediting products, and storing goods. Receiving and assembly are necessary activities; expediting and storing goods are unnecessary. The following data pertain to the four activities for the year ending 2014 (actual price per unit of the activity driver is assumed to be equal to the standard price): Activity Activity Driver SQ AQ SP Receiving Receiving orders 10,400 28,500 $18 Assembly Labor hours 117,000 142,500 13 Expediting Orders expedited 0 9,500 43 Storing Number of units 0 19,000 6 Required: 1. Prepare a cost report for the year ending 2014 that shows value-added costs, non-value-added costs, and total costs for each activity. If an amount is zero, enter "0". Cicleta Manufacturing Value and Non-Value-Added Cost Report For the Year Ended 2014 Activity Value-Added…
Requirement 1. Calculate direct materials inventory on August 31, 2022. Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Direct materials available for production Direct materials inventory, August 31, 2022 Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.) Fixed manufacturing overhead costs
Average Cost per Unit Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense $6.55 $3.45 $1.45 $3.80 $1.40 $0.95 $1.35 $0.85 Sales commissions Variable administrative expense If 7,300 units are sold, the variable cost per unit sold is closest to:
The following variable production costs apply to goods made by Zachary Manufacturing Corporation: Cost per unit $ 9.00 Item Materials Labor Variable overhead 2.50 0.75 Total $12.25 Required Determine the total variable production cost, assuming that Zachary makes 6.000, 16,000, or 26,000 units. Units Produced 6,000 16,000 26,000 Total variable cost
Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labor Multiple Choice $133,100 $93,100 Variable manufacturing overhead Variable selling and administrative expense Fixed costs: Fixed manufacturing overhead $ 40,000 Fixed selling and administrative expense $ 73,500 What is the total period cost for the month under the absorption costing? $40,000 $95 $73,500 5,000 4,900 100 $ 26 $ 40 ta ta ta ta $ $ 4
Question 1 options: Answer the following two questions using the information below:Preston Manufacturing uses a normal cost system and had the following actual data available for 20X5:Ending direct materials inventory $10,000Beginning WIP inventory 64,000Beginning finished goods inventory 58,000Direct materials purchased on account $ 70,000Direct materials used or requisitioned 90,000Direct labor cost incurred 130,000Factory overhead incurred (actual) 190,000Overhead is applied at 150 percent (1.5) of direct-labor costCost of goods manufactured 405,000Cost of goods sold 460,000The beginning balance of direct materials inventory must be: (HINT: use T-Accounts to solve)(Include "$" and "," (commas) in your answers.The ending balance of work-in-process inventory (before closing the manufacturing overhead accounts) must be:…