[The following 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) $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was use for selling and administrative functions. Inventory data: Raw material January 1 December 31 $ 15,800 $ 18,200 25700 63 100

[The following 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) $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was use for selling and administrative functions. Inventory data: Raw material January 1 December 31 $ 15,800 $ 18,200 25700 63 100

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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The following data from the just completed year are taken from the accounting records of Mason Company: $ 653,000 $ 88,000 $ 130,000 $ 100,000 $ 40,000 $ 225,000 $ 202,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning $ 8,900 $ 5,500 $ 73,000 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. Complete this question by entering your answers in the tabs below. Ending $ 10,600 $ 20,100 $ 25,800 Required 1 Required 2 Required 3 Direct materials: Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct…
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ABC Co. produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: corporate executives, $500,000; assembly-line workers, $180,000; security guards, $45,000; and plant supervisor, $110,000. The total of ABC’s direct labor cost was: a. $235,000 b. $110,000 c. $155,000 d. $180,000
(Management Accounting) Davidson Company produces a part that is used in the manufacture of one of its products. The costs associated with the production of 5,000 units of this part are as follows: Direct materials $108,000 Direct labor 156,000 Variable factory overhead 70,000 Fixed factory overhead 168,000 Total costs $502,000 Of the fixed factory overhead costs, $72,000 are avoidable. Assuming there is no other use for the facilities. What is the highest price Davidson Company should be willing to pay for 5,000 units of the part? A) $264,000 B) $334,000 C) $406,000 D) $502,000
The following cost data were taken from the records of A Manufacturing Company: Depreciation on factory equipment, P 1,000; Depreciation on sales office, P 500; Advertising, P 7,000; Freight-out (shipping), P 3,000; Wages of production workers, P 28,000; Raw materials used, P 47,000; Sales salaries and commissions, P 10,000; Factory rent, P 2,000; Factory insurance, P 500; Materials handling, P 1,500; administrative salaries, P 2,000. Required: Total manufacturing costs *
A company produces washers and dryers in an assembly-line process. Labor costs incurred during a recent period were: corporate executives, $500,000; assembly-line workers, $209,000; security guards, $45,000; and plant supervisor, $110,000. The total of company's direct labor cost was: Select one: O a. $754,000 O b. $319,000 O c. $203,000 O d. $209,000 O e. $864,000
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The following data from the just completed year are taken from the accounting records of Mason Company: $ 654,000 $ 89,000 $ 135,000 $ 107,000 $ 46,000 $ 226,000 $ 210,000 Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Raw materials Work in process Finished goods Beginning Ending $8,800 $ 10,100 $5,000 $ 20,800 $77,000 $ 25,400 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Direct…
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.
DJV Corporation incurred the following costs while manufacturing its product. Materials used in product $ 120,000 Advertising expense $45,000 Depreciation on plant 60,000 Property taxes on plant 19,000 Property taxes on store 7,500 Delivery expense 21,000 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was $22,000 at January 1 and $15,500 at December 31. Finished goods inventory was $65,000 at January 1 and $50,600 at December 31. Instructions Compute cost of goods manufactured. Compute cost of goods sold.
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