Subject:- General AccountKhidir Company, which has only one product, has provided thefollowing data concerning its most recent month of operations:Selling price$121Units in beginning inventory300Units produced3,200Units sold3,400Units in ending inventory100Variable costs per unit:Direct materialsDirect laborVariable manufacturing overhead$ 45$ 45$ 1$ 7Variable selling and administrativeFixed costs:Fixed manufacturing overhead$ 70,400Fixed selling and administrative$6,800The company produces the same number of units every month,although the sales of units vary from month to month. The company'svariable costs per unit and total fixed costs have been constant frommonth to month.What is the net operating income for the month under variable costing?A) ($3,400)B) $2,200C) $1,000D) $19,200

Step 1: Identify Key DataSelling price per unit: $121Variable production costs per unit:Direct…

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Cornerstones of Cost Management (Cornerstones Series)

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Chapter2: Basic Cost Management Concepts

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Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
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. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs: Fixed overhead per unit = 280,000/40,000 units produced = 7. Total fixed factory overhead is 280,000 per month. During October, 38,400 units were sold at a price of 24, and fixed marketing and administrative expenses were 130,500. Required: 1. Calculate the cost of each unit using absorption costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?
Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
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.
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SUBJECT-GENERAL ACCOUNT A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $ 135 Units in beginning inventory 0 Units produced 5,000 Units sold 4,900 Units in ending inventory 100 Variable costs per unit: Direct materials $ 33 Direct labor $ 34 Variable manufacturing overhead $ 4 Variable selling and administrative $ 6 Fixed costs: Fixed manufacturing overhead $ 1,85,000 Fixed selling and administrative $ 88,200 What is the total period cost for the month under variable costing?
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