The following information pertains to the Candy Corporation: Beginning finished goods, 1/1/2020 $0, Ending finished goods, 31/12/2020 $ 70,000, Cost of goods sold $270,000, Sales revenue $500,000 and Operating expenses $145,000. Cost of goods :manufactured for 2020 is: Select one .a $200,000 .b $425,000 .C $355,000 .d $340,000

The following information pertains to the Candy Corporation: Beginning finished goods, 1/1/2020 $0, Ending finished goods, 31/12/2020 $ 70,000, Cost of goods sold $270,000, Sales revenue $500,000 and Operating expenses $145,000. Cost of goods :manufactured for 2020 is: Select one .a $200,000 .b $425,000 .C $355,000 .d $340,000

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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4. A manufacturing organization had 6000 Kg. of direct material with total cost of Rs. 600,000 as at April 1, 2019. During the month two times direct material was purchased. On Aprol 5, 2019 10,000 Kg. of direct material was purchased @ Rs. 104.8 per Kg. and on April 20, 2019 12000 Kg. of direct material was purchased at a total cost of Rs. 1320,000. During the month 25000 Kg. of direct material was used in production (Assume only one type of material is used in production) and direct labour cost of Rs. 1250,000 and factory overhead cost of Rs. 1100,000 was incurred. On April 1, 2019 cost of work in process inventory was Rs. 500,000 and on April 30, 2019 cost of work in process inventory was Rs. 400,000. Required: Calculate cost of direct material used during April 2019, cost of direct material inventory as at April 30, 2019, cost of goods manufactured during April 2019 assuming periodic inventory system under each of the following methods separately:…
The net operating income reported by Erin Company in March 2021 amounted to $10,000, however, it decreased by $40,000 in April 2021, ending up with a loss. Besides, Erin Company is a retail company, and its management has provided the following-additional information for April 2021. tem Amsunt Sales Volume 75.000 unita Unit Selling Price Tetal Coribution Margin $1.500,000 Variable Cot of Goods Sed S00.000 Variable Selling Expenses per Unit Variahle Administrative Epees $9 per unit Fisod Selling Expon Fixed Administrative Expenses 25% of Total Administrative Expenses) 77 Contribution Margin Ratie 40% 17. What is the unit selling price? $20 per unit $30 per unit $41 per unit O $50 per unit O None of the above 18. What is the amount of variable administrative expenses for April 2021? * O $225,000 O $675,000 O $900,000 $1,305,000 O None of the above O O O O O
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Numbers Company manufactures 3 consumer products, namely One, Two, and Three. Sales and other information related to the said products are as follows: 2019 = Product One: Units sold - 15,000Unit Price - P10, Unit Cost - ; Product Two: Units sold - 20,000, Unit Price - Unit Cost - P7; Product Three: Units Sold - 5, 000 , Unit Price - P6, Unit Cost - 4.50 2020 = Product One: Units Sold - 20,000Total Price - P240,000, Total Cost - P180,000 ; Product Two: Units Sold - 20,000 Total Price - P180,000 Total Cost - P150,000 ; Product Three: Units Sold - 4,000 , Total Price - P20,000 Total Cost - P16,000. The Sales-mix Factor shows a variance of? A. 2500F B. 4000U C. 5750 F D. 5750 U
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19. How much is the total distribution (selling) costs? a. 48,000 b. 56,000 C. 64,000 d. 108,000 20. How much is the total administrative expenses? a. 24,000 b. 132,000 C. 226,000 d. 668,000
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Choose the correct answers . D.Materials ( 150 000 )$. D.Wages ( 250 000 )$. D.Expencess ( 150 000 )$. Ind.Expencess ( 125000 )$. Marketing cost ( v. ) ( 75000 )$. Ind.Marketing ( f. ) ( 85000 )$.?. Production cost ( using total cost ) . * ( 675000)$ (- 670000)$. ( another option ). ( 835000 )$
Unit Produced and Sold -50000, Opening FG worth 65000 , Closing FG 2000 Units Stock of RM -10000 on 1/1/2020 Stock of RM -20000 on 31/12/2020 RM Purchases -160000 Direct Wages – 75000 Direct Expenses – 25000 Factory Expenses -37500 Office Expenses -62500 Selling Expenses -25000 Prepare Cost sheet and find out cost per unit.
For each total fixed cost listed below, determine the fixed cost per unit when sales are 50, 100, and 200 units. Store rent $ 5,000 Manager’s salary 3,000 Equipment lease 500 Depreciation on fixtures 250
Current Attempt in Progress The following information is for Sheridan Inc. for the year 2022: Manufacturing costs Number of gloves manufactured Beginning inventory (a) Sales in 2022 were 308,400 pairs of gloves for $22 per pair. Cost of goods sold $ $3,007,000 What is the cost of goods sold for 2022? (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to O decimal places, e.g. 125.) eTextbook and Media 310,000 pairs 0 pairs Save for Later Attempts: 0 of 2 used Submit Answer