The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: (5-Marks) Sales ..................................................$555,000 Costs incurred: Direct labor cost ..............................$66,000
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Q-1: The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: (5-Marks)
- Sales ..................................................$555,000
Costs incurred:
- Direct labor cost ..............................$66,000
- Purchases of raw materials............ $118,000
- Manufacturing
overhead ................ $70,000 - Advertising expense........................ $90,000
- Sales salaries.................................... $55,000
- Depreciation, office equipment......$3,000
Date: ............................1/1/2020 to 31/12/2020
- Inventories:
- Raw materials ......$8,000 ............$26,000
- Work in process ...$15,000.......... $12,000
- Finished goods .....$21,000......... $35,000
Calculate then report the number only:
Step-1: calculate the Cost of goods Manufactured : .............
Step- 2: Calculate the Cost of good available for sale: ...........
Step-3: Calculate the Gross Margin (income before non manufacturing overhead) : ............
Step-4: Calculate the Net Operating Income: .............
Step by step
Solved in 2 steps
- Cost of goods manufactured, cost of goods sold, and income statementGrandSlam, Inc., incurred the following costs during March:Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,340Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,752Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,135Manufacturing overhead, actual. . . . . . . . . . . . . . . . . . . . . . . . 32,760Raw materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61,464Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,675 Required:During the month, 2,600 units of product were manufactured and 1,450 units of product were sold. On March 1, GrandSlam, Inc., carried no inventories. On March 31, there were no inventories for raw materials or work in process.a. Calculate the cost of goods manufactured during March and the average cost per unit of…The following data from the just completed year are taken from the accounting records of Mason Company: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $524,000Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $70,000Raw material purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . $118,000Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $140,000Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . $63,000Manufacturing overhead applied to work in process . . . . $90,000Actual manufacturing overhead costs . . . . . . . . . . . . . . . . $80,000Inventories Beginning EndingRaw materials . . . . . . . . . . . . . . . . . . . . . . . $7,000 $15,000Work in process . . . . . . . . . . . . . . . . . . . . . $10,000 $5,000Finished goods . . . . . . . . . . . . . . . . .…Cost of goods manufactured, cost of goods sold, and income statementRichards, Inc., incurred the following costs during May:Raw materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 662,000Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,304,000Manufacturing overhead, actual. . . . . . . . . . . . . . . . . . . . . 896,000Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 534,000Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 388,000Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,000Required:During the month, 59,625 units of product were manufactured and 54,000 units of product were sold. On May 1, Richards, Inc., carried no inventories. On May 31, there were no inventories other than finished goods.a. Calculate the cost of goods manufactured during May and the average cost per unit of product manufactured.b. Calculate the cost of…
- Selected nominal account balances of Seneca Products Corporation as of December 31, 2010 were as follows: Direct Labor……………………………………………..$362,000 Direct Materials Purchases……………………………… 479,000 Manufacturing (factory) Overhead……………………… 145,000 Inventory Balances were as follows: January 1 December 31 Work In Process $12,100 $11,900 Direct Materials 27,800 26,200 prepare in proper form the SCHEDULE OF COST OF GOODS MANUFACTURED for the year ending December 31, 20CYa manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price........................................................... $100 Units in beginning inventory................................. 0Units produced ...................................................... 2,400Units sold............................................................... 2,100Units in ending inventory...................................... 300 Variable costs per unit:Direct materials.................................................. $31Direct labor......................................................... $11Variable manufacturing overhead ...................... $1Variable selling and administrative.................... $8 Fixed costs:Fixed manufacturing overhead........................... $79,200Fixed selling and administrative ........................ $8,400 What is the total period cost for the month under the absorption costing…The following data pertain to last year's operations at abc Corporation, a company that produces a single product: Units in beginning inventory........................... 0Units produced ................................................ 5,000Units sold......................................................... 4,000Selling price per unit ....................................... $180.00 Variable costs per unit:Direct materials............................................ $20.00Direct labor................................................... $30.00Variable manufacturing overhead ................ $10.00Variable selling and administrative.............. $20.00 Fixed costs per year:Fixed manufacturing overhead..................... $100,000Fixed selling and administrative .................. $300,000 What was the variable costing net operating income last year?
- Ozone Products provided the following information for 2004:Materials:Materials inventory, January 1........................ $ 75,000Purchases......................................................... 526,000Direct materials issued .................................... 525,000Indirect materials issued.................................. 27,000Labor:Direct labor cost (22,000 hours)..................... $150,000Indirect labor................................................... 35,000Other factory costs:Depreciation.................................................... $175,000Maintenance .................................................... 85,000Supervision...................................................... 46,000Planning and control ....................................... 44,000Miscellaneous.................................................. 12,000Work in process:Beginning inventory........................................ $ 25,000Ending inventory.............................................…The S&S Corporation produces and sells one product. The following data refer to the year just completed: Beginning Inventory 0 units Units produced........................... 20,000 Units sold...................................... 12,500 Sales price per unit.................... $550 Variable selling and administrative expenses per unit $ 50 Fixed Selling and administrative expenses (Total) $500,000 Manufacturing Costs: Direct materials cost per unit..................................................$ 150 Direct labor cost per unit..........................................................$ 95 Variable manufacturing overhead cost per unit..............$ 40 Fixed manufacturing overhead (Total).................................$300,000 Required:a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption…Problem 1. (40%) The EG Company produces and sells one product. The following data refer to the year just completed:Units in beginning inventory ..........................0Units produced................................................8,900Units sold........................................................8,500Units in ending inventory ...............................400Variable costs per unit:Direct materials ...........................................$26Direct labor..................................................$25Variable manufacturing overhead ...............$4Variable selling and administrative expense.................................................................$4Fixed costs:Fixed manufacturing overhead ....................$249,200Fixed selling and administrative expense....$17,000Sales Price is $100 per unit.Required: b. Prepare an income statement for the year using absorption costing.c. Prepare a contribution format income statement for the year using variable costing.d.…
- Hatfield Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price ............................ $123 Units in beginning inventory ............. 0 Units produced ........................... 6,400 Units sold ............................... 6,100 Units in ending inventory ................ 300 Variable costs per unit: Direct materials ....................... $45 Direct labor ........................... 30 Variable manufacturing overhead ........ 1 Variable selling and administrative .... 8 Fixed costs: Fixed manufacturing overhead ........... $140,800 Fixed selling and administrative ....... 91,500 What is the net income for the month under variable costing?Hatfield Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price ............................ $123 Units in beginning inventory ............. 0 Units produced ........................... 6,400 Units sold ............................... 6,100 Units in ending inventory ................ 300 Variable costs per unit: Direct materials ....................... $45 Direct labor ........................... 30 Variable manufacturing overhead ........ 1 Variable selling and administrative .... 8 Fixed costs: Fixed manufacturing overhead ........... $140,800 Fixed selling and administrative ....... 91,500 What is the total period cost for the month under the variable costing approach?Identify the errors in the following income statement: Curbstone Company Income Statement For the Year Ended August 31, 20Y5 Sales . . . . . . . . . . . . . . . . . . . . . 8,595,000 Cost of merchandise sold . . . . . . . . . . . . . . . . . . . . . . . 6,110,000 Income from operations . . .. . . . . . . . . . . . . . . . . . $2,485,000 Expenses: Selling expenses . . . . . . . . . . . . . . . . . . . . . . 800,000 Administrative expenses . . . . . . . . . . . . . . .575,000 Delivery expense . . . . . . . . . . . . . . . . . . . . . .425,000 Total expenses . . . . . . . . . . . . . . . . . . . . . 1,800,000 $685,000 Other expense: Interest revenue . . . . . . . . . . . . . . . . . . . . . . . 45,000 Gross…
