none. The company began operations in 2016. It manufactured a singleproduct and sold 8,000 units for $160 each. The following information isfor 2016:Units produced9,200Direct materials purchased $524,348Direct materials usedDirect labor costsOverhead costsSelling and admin. costs$505,448$235,428$118,956$146,004There was no beginning balance in any inventory account. There was noclosing balance in the Work in Process inventory account.What was the Cost of Goods Sold for the year?

Step 1: Definition of Manufacturing CompaniesIn business and finance, manufacturing companies…

Answered: The company began operations in 2016.…

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 14E: For each of the following independent situations, calculate the missing values: 1. The Belen plant...

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What was the cost of goods sold for 2018 general accounting
There was no beginning balance in any inventory account?
Please solve this general accounting question
Topanga Group began operations early in 2016. Inventory purchase information for the quarter ended March 31, 2016, for Topanga's only product is provided below. The unit costs include the cost of freight. The company uses a periodic inventory system. Date of Purchase Units Total Cost Unit Cost $ 20,000 5,000 12,000 17,000 $4.00 Jan. 7 Feb. 16 March 22 4.50 54,000 85,000 5.00 Totals $159,000 34,000 Sales for the quarter, all at $7.00 per unit, totaled 20,000 units leaving 14,000 units on hand at the end of the quarter. Required: 1. Calculate the Topanga's gross profit ratio for the first quarter using: a. FIFO b. LIFO c. Average cost 2. Comment on the relative effect of each of the three inventory methods on the gross profit ratio.
Palmer Corporation is a manufacturing concern that uses a perpetual inventory system.The following data on the material inventory account is provided for 2009. Material balance P 275,000Other debits to the materials account during the year 825,000Increase of ending over beginning inventory 55,000 How much is the cost of materials issued to production
Metro Computer Company had the following balances and transactions during 2014.Beginning inventory 100 units at $75March 10 Sold 50 unitsJune 10 Purchased 200 units at $80October 30 Sold 150 unitsWhat would the company's Inventory amount be on the December 31, 2014 balance sheet if the perpetual Last-In, First-Out costing method is used?(Answers are rounded to the nearest dollar.)
Inventory balances for the Jameson Company in October 2018 are as follows: October 1, 2018 October 31, 2018 Raw materials $ 20,000 $21,000 Work in process 48,000 37,200 Finished goods 108,000 90,000 During October, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively. What is the cost of materials used in production?
The FY 2016 beginning Work in progress inventory
Assume General Electric Company reports the following footnote in its 10-K report. December 31 (In millions) 2016 2015 Raw materials and work in process $5,527 $5,042 Finished goods 5,152 4,806 Unbilled shipments 333 402 11,012 10,250 Less revaluation to LIFO (697) (661) $10,315 $9,589 The company reports its inventories using the LIFO inventory costing method.Assume GE has a 35% income tax rate. As of the 2016 year-end, how much has GE saved in taxes by choosing LIFO over FIFO method for costing inventory?
Scott Manufacturing makes only one product with total unit manufacturing costs of $54, of which $40 is variable. No units were on hand at the beginning of 2019. During 2019 and 2020, the only product manufactured was sold for $65 per unit, and the cost structure did not change. Scott uses the first in, first out inventory method and has the following production and sales for 2019 and 2020. Units Manufactured Units Sold 2019 110,000 90,000 2020 110,000 120,000 a) Prepare gross profit computations for 2019 and 2020 using absortion costing b) Prepare gross profit compuations for 2019 and 2020 using variable costing c) Explain how your answers illustrate the impact of differences between production and sales volumes on the gross profits reported each year under absortion and variable costing.
Richard Company was formed on December 1, 2016. The following information is availble from Richard's inventory record for product X. Units Unit Cost Jan 1, 2017 beginning iventory 2,400 $18 Purchases Jan 5, 2017 3,900 $20 Jan 25, 2017 3,600 $21 Feb 16, 2017 1,500 $22 March 15,2017 2,700 $23 Physical inventory on March 31, 2017 shows 3,000 units on hand. Prepare schedules to compute the ending inventory at March 31, 2017, using the following inventory methods FIFO, LIFO, Weighted avg
Marietta Company began operations early in 2017. The below information relates to inventory it purchased for its only product for the quarter ended March 31, 2017. The units costs provided include the cost of freight. The unit costs include the freight-in expenses. Marietta uses a periodic inventory system Date of Purchases Units Unit Cost Total Cost January 6 15,000 $6.00 $ 90,000 February 15 36,000 6.75 243,000 March 21 51,000 7.5 382,500 Totals 102,000 $ 715,500 Marietta sold 60,000 units at $14.00 per unit during the period. Ending inventory on hand amounted to 42,000 units. REQUIRED: Calculate Asman’s gross profit ratio for the first quarter using: FIFO LIFO

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