None The following selected information was extracted from the 20x1 accounting records ofLone Oak Products:Raw material purchasesDirect laborIndirect laborSelling and administrative salariesBuilding depreciation*$175,000254,000109,000133,00080,000Other selling and administrative expenses 195,000Other factory costsSales revenue ($130 per unit)343,0001,195,000*Seventy-five percent of the company's building was devoted to production activities; theremaining 25 percent was used for selling and administrative functions.Inventory data:Raw materialJanuary 1 December 31$16,000 $18,200Work in process 35,90062,100Finished goods" 113,100 97,900*The January 1 and December 31 finished-goods inventory consisted of 1,350 units and1,190 units, respectively.Determine the number of completed units manufactured during the year.

Step 1: Define Finished Goods InventoryAside from work-in-process, and raw materials, manufacturing…

Answered: The following selected information was…

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,...

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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)?
Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Subject :- Accounting
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 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
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 Cost of Goods Sold was
The selected amounts that follow were taken from Kandace Corporation's accounting records: Raw material used Direct labor Total manufacturing costs Work in process inventory (1/1) $27,000 $35,000 $104,000 $19,000 Cost of goods manufactured $100,000 Cost of goods available for sale $175,000 Finished goods inventory (12/31) $60,000 Sales revenue $300,000 Selling and administrative expenses $125,000 Income 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.
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
Prepare an Income Statement for the ff data of EH Corporation: Selling Expenses 70,000.00 Raw Materials inventory, Beginning 45,000.00 Raw Materials inventory, end 30,000.00 Work in process beginning 90,000.00 Work in process end 50,000.00 Finished Goods beginning 130,000.00 Finished Goods end 105,000.00 Utilities factory 18,000.00 Direct labor cost 75,000.00 Depreciation, Factory 81,000.00 Purchases of raw materials 375,000.00 Sales 1,250,000.00 Insurance Factory 20,000.00 Supplies, Factory 7,500.00 Administrative expenses 135,000.00 Indirect labor 150,000.00 Maintenance, factory 43,500.00
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The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials$ 16,700Indirect labor147,000Property taxes, factory9, 700Utilities, factory87, 000Depreciation, factory273, 900Insurance, factory 11, 700 Total actual manufacturing overhead costs incurred$ 546, 000Other costs incurred: Purchases of raw materials (both direct and indirect)$ 417,000Direct labor cost$ 77,000Inventories: Raw materials, beginning$ 21, 700Raw materials, ending$ 31, 700 Work in process, beginning$ 41, 700Work in process, ending$ 71, 700 The company uses a predetermined overhead rate of $26 per machine - hour to apply overhead cost to jobs. A total of 21,400 machine - hours were used during the year. Required:1. Compute the amount of underapplied or overapplied overhead cost for the year.2. Prepare a schedule of cost of goods manufactured for the year.

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