The following information is available for Malumi (Pty) Ltd, the manufacturer of a popularfashion accessory, for the months March, April and May 20X1 March 20X1 Opening inventory (units) Production (units) Sales (units) April 20X1 Opening inventory (units) Opening inventory value based on direct costing principles (FIFO) Opening inventory value based on absorption costing principles (FIFO) May 20X1 Production costs - variable (increased by R3 per unit from April 20X1 figures) - fixed Sales (units) Selling price per unit (May only) Additional information • Fixed manufacturing costs remained the same as in March 2011. • Variable manufacturing costs per unit remained the same as in March 2011. • Production units increased by 10% and sales units by 5% from March 2011 figures. Additional information: March May 20X1 Variable sales commission per unit Nil 81 000 ? Required Calculate the closing inventory (in units) at 31 May 20X1. 9 000 R166 500 R209 000 R2 171 500 R 405 515 118 500 R30 R 1,50

The following information is available for Malumi (Pty) Ltd, the manufacturer of a popularfashion accessory, for the months March, April and May 20X1 March 20X1 Opening inventory (units) Production (units) Sales (units) April 20X1 Opening inventory (units) Opening inventory value based on direct costing principles (FIFO) Opening inventory value based on absorption costing principles (FIFO) May 20X1 Production costs - variable (increased by R3 per unit from April 20X1 figures) - fixed Sales (units) Selling price per unit (May only) Additional information • Fixed manufacturing costs remained the same as in March 2011. • Variable manufacturing costs per unit remained the same as in March 2011. • Production units increased by 10% and sales units by 5% from March 2011 figures. Additional information: March May 20X1 Variable sales commission per unit Nil 81 000 ? Required Calculate the closing inventory (in units) at 31 May 20X1. 9 000 R166 500 R209 000 R2 171 500 R 405 515 118 500 R30 R 1,50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Bradley Corporation produces a product with the following costs as of July 1, 20X1: Material Labor Overhead $ 4 per unit 2 per unit 2 per unit Beginning inventory at these costs on July 1 was 3,150 units. From July 1 to December 1, 20X1, Bradley Corporation produced 12,300 units. These units had a material cost of $4, labor of $6, and overhead of $3 per unit. Bradley uses LIFO inventory accounting. a. Assuming that Bradley Corporation sold 13,600 units during the last six months of the year at $18 each, what is its gross profit? Answer is complete but not entirely correct. Gross profit $ 74,800x b. What is the value of ending inventory? Answer is complete but not entirely correct. Ending inventory S 12,800 x
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What is the value of Steele Corporation's ending inventory for February using the absorption-costing method?
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The level of inventory of a manufactured product has increased by 7,741 units during a period. The following data are also available: Fixed Unit manufacturing costs of the period $7.00 Unit operating expenses of the period 4.00 1.00 The effect on operating income if variable costing is used rather than absorption costing would be a[n) O $61.920 decrease Ob. 161.928 increase O$54.187 increase d. 554.107 decrease Variable $10.00
Give typing answer with explanation and conclusion nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?
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