Summit Manufacturing has the following data: Beginning raw materials inventory = $95,000 Materials purchased = $65,000 Ending raw materials inventory = $80,000 Calculate the cost of raw materials used.

Summit Manufacturing has the following data: Beginning raw materials inventory = $95,000 Materials purchased = $65,000 Ending raw materials inventory = $80,000 Calculate the cost of raw materials used.

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 13E: Wyandotte Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Related questions

Q: General accounting

A: Key InformationPrincipal (Loan Amount): $43,000Monthly Interest Rate: 2% (0.02)Loan Period: 4 years…

Q: Hi teacher please help me this question general accounting

A: Step 1: Define Average Accounts ReceivableThe average accounts receivable is a metric that shows how…

Q: Financial accounting

A: Explanation: In the given case, we are required to calculate Jersey's markup on cost percentage from…

Q: Hello tutor please provide correct answer general Accounting

A: Step 1: Define Uncollectible accountsReceivables, loans, or other obligations with essentially zero…

Q: What is the stock's current price on these financial accounting question?

A: To calculate the stock's current price using the Price-to-Earnings (P/E) ratio, use the formula:…

Q: provide solution. financial account tutor

A: To calculate Tascon Corporation's inventory using the lower-of-cost-or-market (LCM) rule, we compare…

Q: Please give me answer general accounting question

A: Calculation for the project's Year 4 cash flow. Given:Sales Revenues = $38,500Operating Costs =…

Q: Get correct answer general accounting question

A: Purchase price of bonds = $9,500Par value of bonds = $12,000Coupon rate = 9%Sale price of bonds =…

Q: Financial Accounting

A: As per CAPM, Cost of Equity Capital = Risk-free rate + Beta*Market Risk Premium Cost of Equity…

Q: Need help with this accounting questions

A: Step 1: Definition of Interest PayableInterest payable is the amount of interest that accrues on a…

Q: Your firm has an average collection period of 27 days. The current practice is to factor all…

A: The effective cost of borrowing for factoring receivables can be calculated using the formula for…

Q: Do fast answer of this general accounting question

A: Step 1: Definition of Manufacturing Overhead CostsManufacturing overhead costs are all indirect…

Q: D Company had cash sales of $89,275, credit sales of $93,450, sales returns and allowances of…

A: Explanation of Net Sales: Net sales represent the total revenue a company generates from its sales…

Q: A company produces a single product. Variable production costs are $13.50 per unit and variable…

A: To calculate the dollar value of the ending inventory under variable costing: Variable Production…

Q: Crane Home Improvement Company installs replacement siding, windows, and louvered glass doors for…

A: To determine the proper balance in the Allowance to Reduce Inventory to NRV at May 31, 2017, we need…

Q: Step by step answer

A: Detailed explanation:Step 1: Understand the ProblemDoctor E is considering purchasing a blood…

Q: Need help with this question solution general accounting

A: Step 1: Identify the Formula:• Average Collection Period (days) = (Average Accounts Receivable ÷ Net…

Q: I won't to this question answer financial Accounting question

A: Step 1: Define Accounts PayableAccount payable is the total of a business's short-term commitments…

Q: Calculate the average collection period in days ?

A: Step 1: Recall the formula for the Average Collection Period (ACP).= (Average accounts receivable /…

Q: Allowance for Doubtful Accounts has a debit balance of $2,900 at the end of the year, before…

A: To calculate the adjusting entry for the Allowance for Doubtful Accounts, we need to adjust the…

Q: Windsor contribution company uses the percentage solve this accounting questions

A: To calculate the gross profit recognized in 2014 under the percentage-of-completion method, follow…

Q: EFM Company

A: Explanation of Accounts Payable:Accounts Payable represents the amount a company owes to its…

Q: OLX Enterprises purchased a machine for $325,000 on October 1, 2010. The estimated service life is…

A: Explanation of Depreciable Amount:Depreciable amount is the total cost that will be allocated as…

Q: Teacher of general account answer asap correct.

A: Step 1: Key InformationSales Revenue Sales Revenue=30,000units sold×Units SoldTotal…

Q: Please provide this question solution general accounting

A: Equity Premium = Market Rate - Risk-Free Rate Equity Premium = 12.5%-4.1% Equity Premium = 8.40%

Q: Hi expert please give me answer general accounting question

A: Cash-to-Cash Cycle Time = Days in Inventory + Days in Accounts Receivable − Days in Accounts…

Q: Please provide this question solution general accounting

A: Step 1: Definition of Activity-Based Factory Overhead per UnitActivity-based factory overhead per…

Q: Financial Account

A: Parent's Transaction: When a parent sells stock to a child, the IRS applies "related party…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of Net Cash Flow in Discounted-Cash-Flow AnalysisNet cash flow refers to the…

Q: What is the profit margin and the debit ratio ? General accounting

A: Step 1: Define Profit MarginA company's profitability may be evaluated by looking at its margin of…

Q: Your company csus inc. is considering

A: The question requires the determination of the cash flows for year 4.Cash flow is the movement of…

Q: Hi general account expert please solve it

A: Step 1: Understand Variable CostingUnder variable costing, only variable production costs (direct…

Q: A factory ball bearings for the industry solve this accounting questions

A: Step 1: Definition of Unit CostUnit cost represents the cost to produce a single unit of a product.…

Q: Carla Vista Mortgage Company uses a process costing system to accumulate costs in its loan…

A: (a) Equivalent Units of Production (EUP)Direct Materials:Applications completed during September =…

Q: None

A: Step 1: Define Return on assetsIt is shortened as ROA that depicts the net income obtained from the…

Q: I won't to this question answer general accounting question

A: To find the fixed expenses, we can use the following formula: Break-even point in dollars = Fixed…

Q: John Inc. doubled its amount of assets from the beginning to the end of the year. Liabilities at the…

A: Explanation of Assets: Assets are resources owned by a company that have economic value and are…

Q: I want Answer

A: Explanation of Accrual Accounting:Accrual accounting is a method where revenues and expenses are…

Q: I want to correct answer general accounting

A: Explanation: Following data is given in the question:Cash = $4,500; Other assets = $3,700;…

Q: Calculate this company's gross profit ? General accounting

A: Step 1: Define Gross ProfitGross profit refers to the profit that remains after reducing direct…

Q: Chuman Corporation produces stovetop units. The following per-unit cost information is available:…

A: Step 1: Understand the FormulaThe formula for markup percentage using variable-cost pricing is:…

Q: Cross Collectibles currently fills mail orders from all over the U.S. and receipts come in to…

A: Cross Collectibles is currently handling mail orders nationwide, and the accounts receivable (A/R)…

Q: Financial accounting

A: Step 1: Define Dividend DistributedThe dividend distributed is the amount of profit that is shared…

Q: Boulder Mountain Ski Company has total assets of $599,400,000 and a debt ratio of 0.26. Calculate…

A: Explanation of Debt Ratio:The debt ratio measures the proportion of a company's total assets that…

Q: Financial Accounting

A: Present Value = Future Value/(1+Interest Rate)^No. of years Where,Future Value = $150,000Interest…

Q: I need answer of this accounting questions solution

A: Step 1:First calculate the capital: Capital = Total assets - Liabilities = $25,000 -…

Q: Rose company has a target rate of solve this question general Accounting

A: The formula for ROI (Return on Investment) is: ROI = Sales Margin × Capital Turnover Given:ROI =…

Q: General accounting

A: To calculate Janice's AGI (Adjusted Gross Income), we need to subtract any deductions allowed from…

Q: Subject is financial account

A: Step 1: Calculate Provisional IncomeThe IRS uses provisional income to determine the taxable portion…

Q: Subject. General accoun

A: The weighted-average method in process costing focuses on blending the costs of the beginning…

Question

Don't use ai given answer accounting questions

Summit Manufacturing has the following data:
Beginning raw materials inventory = $95,000 Materials purchased
= $65,000 Ending raw materials inventory = $80,000 Calculate the
cost of raw materials used.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?
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?
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
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.
A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
Assume the following: Purchases of raw materials $ 38,000 Indirect materials used in production $ 6,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 What is the direct materials used in production?
Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Data Table Balances: Beginning Ending Direct Materials $20,000 $32,000 Work-in-Process Inventory 39,000 37,000 Finished Goods Inventory 14,000 23,000 Data Table Other information: Purchases of direct materials $79,000 Direct labor 80,000 Manufacturing overhead 41,000 First, compute cost of goods manufactured. Schedule of Cost of Goods Manufactured Direct Materials Used: Direct Materials Used Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods…
What is the amount of raw materials used?
General accounting
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?