answer Sluggo, a slot machine manufacturer, paid and incurred the following expenses duringthe year:Raw materialsMaterials and suppliesFreight-in on raw materials$50,00010,0003,500Freight on shipments of finished slot machines 5,000Direct laborIndirect labor35,00015,00020,000Allocable overhead expenses for productionThe beginning inventory of finished goods was $35,000, and the ending inventory was$20,000.What is the amount of Sluggo's cost of goods sold for the year?a. $133,500b. $148,500c. $150,000d. $168,500

To determine the cost of goods sold for Sluggo, let's first understand what constitutes the cost of…

Answered: Sluggo, a slot machine manufacturer,…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold for 52 each. The actual unit cost is as follows: The selling expenses consisted of a commission of 1.30 per unit sold and advertising copayments totaling 95,000. Administrative expenses, all fixed, equaled 183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 132,600 for 3,400 easels. Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 2. Prepare a cost of goods sold statement. 3. Prepare an absorption-costing income statement. Add a column for percentage of sales.
General accounting
Pink Company incurred the following costs during the month: direct labor, P120,000; factory overhead, P108,000, and direct materials purchases, P160,000 inventories show the following costs: Beginning Ending Finished goods P27,000 P30,000 Work in process P61,500 P57,500 Direct materials P37,500 P 43,500 How much is the cost of goods manufactured?
Johansen company has the following estimated..accounting questions
Please solve all questions
The following cost data relate to the manufacturing activities of Newberry Company during the just completed year: Actual manufacturing overhead costs incurred $558,000 Direct materials Direct labor cost Inventories: Work in process, beginning Work in process, ending $230,000 $145,000 $10,000 $30,000 The company uses a predetermined overhead rate to apply manufacturing overhead costs to production. The predetermined overhead rate for the year was $18 per machine hour. A total of 26,000 machine hours was recorded for the year. Required: a. Compute the amount of underapplied or overapplied overhead cost for the year. b. Prepare a Schedule of the Cost of Goods Manufactured for the year.
Walter company uses a predetermined overhead rate based on direct labor hours to apply manufacturing overhead to jobs. The company's estimated costs for the next year are: Direct materials $3,000 Direct labor $20,000 Depreciation on factory equipment $6,000 Rent on factory $12,000 Sales salaries $29,000 Factory utilities $15,000 Indirect labor $5,000 It is estimated that 5,000 direct labor hours will be worked during the year. The predetermined overhead rate will be: $3.90 $5.90 $7.80 $7.60 None of the above Please show the work.
Please help me
Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $650,000; direct labor costs, $3,000,000; and factory overhead costs applied, $1,800,000. 1. Determine the company’s predetermined overhead rate for the year. 2. Assuming that the company’s $71,000 ending Work in Process Inventory account for the year had $20,000 of direct labor costs, determine the inventory’s direct materials costs.

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS