The following selected information was extracted from the 20x1 accounting records of Lansbury Manufacturing: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* $160,000 240,000 95,000 120,000 72,000 Other selling and administrative expenses 180,000 Other factory costs Sales revenue ($125 per unit) 325,000 1,375,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 December 31 Raw material $14,500 Work in process 32,400 Finished goods* 108,500 $17,300 58,900 94,200 *The January 1 and December 31 finished-goods inventory consisted of 1,280 units and 1,140 units, respectively. Determine the number of completed units manufactured during the year.

The following selected information was extracted from the 20x1 accounting records of Lansbury Manufacturing: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* $160,000 240,000 95,000 120,000 72,000 Other selling and administrative expenses 180,000 Other factory costs Sales revenue ($125 per unit) 325,000 1,375,000 Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 December 31 Raw material $14,500 Work in process 32,400 Finished goods 108,500 $17,300 58,900 94,200 *The January 1 and December 31 finished-goods inventory consisted of 1,280 units and 1,140 units, respectively. Determine the number of completed units manufactured during 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 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
The following selected information was extracted from the 20x3 accounting records of Farrina Products: Raw materials used Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs $ 324,000 238,000 55,000 350,000 530,000 100,000 605,000 *Eighty percent of the company's building was devoted to production activities; the remaining 20% was used for selling and administrative functions. Farrina's beginning and ending work-in-process inventories amounted to $366,000 and $285,000, respectively. The company's beginning and ending finished-goods inventories were $490,000 and $460,000, respectively. Required: A. Calculate Farrina's manufacturing overhead for the year. B. Calculate Farrina's cost of goods manufactured. C. Compute Farrina's cost of goods sold.
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs $27,000 $35,000 $104,000 $19,000 $100,000 $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Work in process inventory (1/1) Cost of goods manufactured Cost of goods available for sale Selling and administrative expenses $125,000 Income tax expense Ex Required: Compute the following: a. Manufacturing overhead. b Work-in-process est of goods sold. 13/31 $18,000 遊

The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases $ 175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Other selling and administrative expenses 195,000 Other factory costs 344,000 Sales revenue ($130 per unit) 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 December 31 Raw material $ 15,800 $ 18,200 Work in process 35,700 62,100 Finished goods* 111,100 97,900 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. Compute the company’s cost of goods sold
Financial accounting
The following data from the just completed year are taken from the accounting records of Kenton Company: Sales $ 975,000 Direct labor cost 2$ 165,000 Raw material purchases Selling expense Administrative expenses Manufacturing overhead applied to work in process $ Actual manufacturing overhead costs Inventories: 2$ 229,000 $ 48,750 2$ 146,250 180,000 $ 175,050 Beginning 18,000 $ 20,000 $ 9,000 $ Ending 17,500 14,750 11,000 Raw materials $ Work in process Finished goods $ Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.
please answer if you know , give correct answer
Required information [The following information applies to the questions displayed below.] The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) $ 18,200 62,100 97,900 $ 175,000 254,000 109,000 133,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Raw material January 1 December 31 $ 15,800 Work in process 35,700 111,100. Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. 2. Calculate Lone Oak's cost of goods manufactured. 80,000 195,000 344,000 1,495,000
Need answer to this question
2. The selected amounts that follow were taken from Sharon Corporation's accounting records: Raw material used P 27,000Direct labor 35,000Total manufacturing costs 104,000Work-in-process inventory, 1/1 19,000Cost of goods manufactured 100,000Cost of goods available for sale 175,000Finished-goods inventory, 12/31 60,000Sales revenue 300,000Selling and administrative expenses 125,000Income tax expense 18,000 Required:Compute the following:A. Manufacturing overhead.B. Work-in-process inventory, 12/31.C. Finished-goods inventory, 1/1.D. Cost of goods sold. E. Gross margin.F. Net income.
The following information was extracted from the accounting records of Roosevelt Manufacturing Company: Direct materials purchased 80,000 Direct materials used 76,000 Direct manufacturing labor costs 10,000 Indirect manufacturing labor costs 12,000 Sales salaries 14,000 Other plant expenses 22,000 Selling and administrative expenses 20,000 What was the cost of goods manufactured?