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* $175,000 254,000 109,000 133,000 80,000 Other selling and administrative expenses 195,000 Other factory costs Sales revenue ($130 per unit) 343,000 1,195,000 *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 $16,000 $18,200 Work in process 35,900 62,100 Finished goods" 113,100 97,900 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. Determine the number of completed units manufactured during the year.

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* $175,000 254,000 109,000 133,000 80,000 Other selling and administrative expenses 195,000 Other factory costs Sales revenue ($130 per unit) 343,000 1,195,000 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 $16,000 $18,200 Work in process 35,900 62,100 Finished goods" 113,100 97,900 The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 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,...

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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

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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
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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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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) *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 $ 15,800 35,700 111,100 December 31 $ 18,200 62,100 97,900 Cost of goods sold 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 3. Compute the company's cost of goods sold. $ Raw material Work in process Finished goods* *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.
5. Payton Corporation provided the following information for the year: Beginning Balance-Work-in-Process Inventory $26,000 Ending Balance-Work-in-Process Inventory 55,000 Beginning Balance- Direct Materials 81,000 Ending Balance- Direct Materials 59,000 Purchases Direct Materials 360,000 Direct Labor 471,000 Indirect Labor 19,000 Depreciation on Factory Plant and Equipment 24,000 Plant Utilities and Insurance 268,000 What was the amount of the cost of goods manufactured for the year? A $1,363,000 B $1164,000 S1,193,000 $1135,000