Sheffield Company has accumulated the following budget data for the year 2022:1.Sales: 32,000 units; unit selling price $822.Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; andmanufacturing overhead, $6 per direct labour hour3.Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg4.Raw materials cost: $5 per kilogram5.Selling and administrative expenses: $200,0006.Income taxes: 30% of income before income taxes(a)Prepare a schedule showing the calculation of the cost of goods sold for 2022.SHEFFIELD COMPANYComputation of Cost of Goods SoldFor the Year Ending December 31, 2022

The objective of the question is to prepare a schedule showing the calculation of the cost of goods…

Answered: Sheffield Company has accumulated the…

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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Carica Company is a manufacturer with two production departments (Machining and Assembly) as well as two support departments (Materials Requisitions and Utility Services). For the last quarter of 2020, Carica’s cost records indicate the following: SUPPORT PRODUCTION Materials Utility Requisitions Services Machining Assembly Total (MR) (US) Budgeted costs before any inter- $200,000 $1,000,000 5,456,000 $7,458,000 $14,114,000 department cost allocations Support work supplied by MR 0% 25%…
Mandy Corporation sells a single product. Budgeted sales for the year are anticipated to be 662,000 units, estimated beginning inventory is 110,000 units, and desired ending inventory is 87,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below. Material A 0.50 lb. per unit @ $0.52 per pound Material D 1.00 lb. per unit @ $2.46 per pound Material C 1.20 lb, per unit @ $1.01 per pound The dollar amount of Material t used in production during the year is O&$1571,940 Ob $1.257.552 O $2,357910 Od $1.886.320
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Sheridan Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2022. Estimated unit sales Unit selling price Direct labor hours per unit Direct labor cost per hour January 10,560 (a) $60 2.0 $6.0 Your Answer Correct Answer February March April 12,320 9,680 $57.5 $57.5 2.0 $6.0 11,440 $57.5 1.5 1.5 May 9,680 $57.5 1.5 Sheridan has a labor contract that calls for a wage increase to $7.0 per hour on April 1. New labor-saving machinery has been installed and will be fully operational by March 1. $6.0 $7.0 $7.0 Sheridan expects to begin the year with 15,488 frames on hand and has a policy of carrying an end-of-month inventory of 100% of the following month's sales, plus 40% of the second following month's sales.
Sheffield, Inc. is planning to produce 2,560 units of product in 2022. Each unit requires 3 pounds of materials at $6 per pound and a half hour of labor at $16 per hour. The overhead rate is 75% of direct labor. (a) Your answer has been saved. See score details after the due date. Compute the budgeted amounts for 2022 for direct materials to be used, direct labor, and applied overhead. Direct Materials $ (b) Direct Labor Overhead Standard Cost Save for Later $ $ $ 46080 Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e.g. 52.75.) 20480 15360 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer
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A9
Use the information below for Mandy Corporation to answer the question that follow. Mandy Corporation sells a single product. Budgeted sales for the year are anticipated to be 696,000 units, estimated beginning inventory is 106,000 units, and desired ending inventory is 89,000 units. The quantities of direct materials expected to be used for each unit of finished product are given below.Material A: 0.50 lb. per unit @ $0.71 per poundMaterial B: 1.00 lb. per unit @ $1.89 per poundMaterial C: 1.20 lb. per unit @ $0.84 per poundThe dollar amount of Material B used in production during the year is
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Sunland Company has accumulated the following budget data for the year 2022: 1. 2. 3. 4. 5. 6. Sales: 29,200 units; unit selling price $82 Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $5 per direct labour hour Inventories (raw materials only): beginning, 9,900 kg; ending, 15,700 kg Raw materials cost: $5 per kilogram Selling and administrative expenses: $219,000 Income taxes: 30% of income before income taxes Prepare a schedule showing the calculation of the cost of goods sold for 2022. SUNLAND COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2022 Cost of goods sold Manufacturing overhead Beginning inventory Direct materials Ending inventory Number of units sold Selling and administrative expenses Direct labour Cost of one unit of finished goods eTextbook and Media $ $ $
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