The company began operations in 2016. It manufactured a single product and sold 8,000 units for $160 each. The following information is for 2016: Units produced 9,200 Direct materials purchased $524,348 Direct materials used Direct labor costs Overhead costs Selling and admin. costs $505,448 $235,428 $118,956 $146,004 There was no beginning balance in any inventory account. There was no closing balance in the Work in Process inventory account. What was the Cost of Goods Sold for the year?

The company began operations in 2016. It manufactured a single product and sold 8,000 units for $160 each. The following information is for 2016: Units produced 9,200 Direct materials purchased $524,348 Direct materials used Direct labor costs Overhead costs Selling and admin. costs $505,448 $235,428 $118,956 $146,004 There was no beginning balance in any inventory account. There was no closing balance in the Work in Process inventory account. What was the Cost of Goods Sold for the year?

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...

See similar textbooks

Similar questions

What was the cost of goods sold for the year?
provide correct answer please
Scott Manufacturing makes only one product with total unit manufacturing costs of $57, of which $39 is variable. No units were on hand at the beginning of 2015. During 2015 and 2016, the only product manufactured was sold for $89 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 2015 and 2016 Units Manufactured Units Sold 2015 120,000 90,000 2016 120,000 130,000 Prepare gross profit computations for 2015 and 2016 using absorption costing. Absorption Costing 2015. 2016 Sales Cost of goods sold: Beginning inventory Production Goods available Less: Ending inventory Cost of goods sold Gross profit
Scott Manufacturing makes only one product with total unit manufacturing costs of $59, of which $41 is variable. No units were on hand at the beginning of 2015. During 2015 and 2016, the only product manufactured was sold for $93 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 2015 and 2016 Units Manufactured Units Sold 2015 120,000 90,000 2016 120,000 130,000 a. Prepare gross profit computations for 2015 and 2016 using absorption costing.Do not use negative signs with your answers. Absorption Costing 2015 2016 Sales Answer Answer Cost of goods sold: Beginning inventory Answer Answer Production Answer Answer Goods available Answer Answer Less: Ending inventory Answer Answer Cost of goods sold Answer Answer Gross profit Answer Answer b. Prepare gross profit computations for 2015 and 2016 using…
Equivalent units, zero beginning inventory. Candid, Inc. is a manufacturer of digital cameras. It has two departments: assembly and testing. In January 2017, the company incurred $800,000 on direct materials and $805,000 on conversion costs, for a total manufacturing cost of $1,605,000.
Please Provide this financial account query's solution.
Please solve this general accounting question
Zaria Inc. provides the following cost information for producing 10,000 units of inventory during the current period: Cost Information Accounts Amounts Direct materials costs $30,000 Direct labor costs 55,000 Variable manufacturing overhead costs 20,000 Fixed manufacturing overhead costs 25,000 Variable Selling and Administrative expenses 15,000 Fixed Selling and Administrative expenses 10,000 There was no inventory at the beginning of the period. If 1,500 units of inventory remain unsold at the end of the period, compute the amount of inventory to be reported in the balance sheet at the end of the current month under absorption costing. Group of answer choices $15,750 $19,500 $23,250 $18,000
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?
Jelly Bros. Tools, Inc. had the following layers in its LIFO tablesaw inventory at january 1, 2018. The company sets its selling price at 200% of relacement cost at the time of sale. Replacement cost as of January 1, 2018 was $850 per unit and remained unchanged throughout 2018. During 2018, the company puchased 650 units and sold 1,150 units. Yeaar LIFO layer added Units Unit Cost 2015 200 $740 2016 190 $780 2017 170 $820 Required: 1. Calculate the difference between Jelly Bros. Tools, Inc.'s current cost gross margin (on a replacement cost basis) and the LIFO gross margin as reported by the company in 2018. 2. What does the difference represent?
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.