The following information relates to Ajax Widgets during the year. There was no beginning inventory. Units produced Units sold Units in ending inventory 11,000 10,000 1,000 Fixed manufacturing overhead $220,000 How much fixed manufacturing overhead will be expensed during the year (included in Cost of Goods Sold) using full costing? a. $220,000 b. $200,000 c. $20,000 d. $10,000

The following information relates to Ajax Widgets during the year. There was no beginning inventory. Units produced Units sold Units in ending inventory 11,000 10,000 1,000 Fixed manufacturing overhead $220,000 How much fixed manufacturing overhead will be expensed during the year (included in Cost of Goods Sold) using full costing? a. $220,000 b. $200,000 c. $20,000 d. $10,000

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter7: Inventory Cost Flow Assumptions (fifolifo)

Section: Chapter Questions

Problem 9R: Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a...

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Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs: Fixed overhead per unit = 280,000/40,000 units produced = 7. Total fixed factory overhead is 280,000 per month. During October, 38,400 units were sold at a price of 24, and fixed marketing and administrative expenses were 130,500. Required: 1. Calculate the cost of each unit using absorption costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?
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Gurtner Corporation has provided the following data concerning last month’s operations. Cost of goods manufactured $170,000 Underapplied overhead $ 4,000 Beginning Ending Finished goods inventory $33,000 $40,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? Multiple Choice A. $170,000 B. $167,000 C. $203,000 D. $163,000
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