The Weaver Manufacturing Company incurred direct labor costs of $233,000, and manufacturing overhead amounted to $186,000 during the year ended 30 June 2012. Materials purchases for the year were $210,000. Opening and closing inventories were as follows: Item 1 July 2011 30 June 2012 Direct materials $53,000 $47,000 Work-in-process 35,000 41,000 Finished goods 92,000 84,000 Required: 1. Calculate the Cost of Goods Manufactured by Weaver Manufacturing Company. 2. The Cost of Goods Sold by Weaver Manufacturing Company.

The Weaver Manufacturing Company incurred direct labor costs of $233,000, and manufacturing overhead amounted to $186,000 during the year ended 30 June 2012. Materials purchases for the year were $210,000. Opening and closing inventories were as follows: Item 1 July 2011 30 June 2012 Direct materials $53,000 $47,000 Work-in-process 35,000 41,000 Finished goods 92,000 84,000 Required: 1. Calculate the Cost of Goods Manufactured by Weaver Manufacturing Company. 2. The Cost of Goods Sold by Weaver Manufacturing Company.

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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Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
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?
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Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
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Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold for 52 each. The actual unit cost is as follows: The selling expenses consisted of a commission of 1.30 per unit sold and advertising copayments totaling 95,000. Administrative expenses, all fixed, equaled 183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 132,600 for 3,400 easels. Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 2. Prepare a cost of goods sold statement. 3. Prepare an absorption-costing income statement. Add a column for percentage of sales.
Calculate cost of goods sold?
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Opening and closing inventories
At the beginning of 2012, Conway Manufacturing Company had the following account balances: WIP Inventory 2,000 FG Inventory 8,000 Manufacturing O/H During the year, the following transactions took place: Direct materials placed in production: Direct labor incurred: Manufacturing overhead incurred Manufacturing overhead allocated to production: $295,000 Cost of Jobs Completed Selling Price of Jobs Sold Cost of Jobs Sold $80,000 $190,000 $300,000 $500,000 $750,000 $440,000 After these transactions have been recorded, the balance in the Work in process account is a: