Windsor Corporation incurred the following costs during 2022. Direct materials used in product $120,000 Advertising expense $45,000 Depreciation on factory 60,000 Property taxes on factory 14,200 Property taxes on store 7,500 Delivery expense 20,800 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,400 Salaries paid to sales clerks 50,000 Work in process inventory was $12,100 at January 1 and $15,400 at December 31. Finished goods inventory was $60,000 at January 1 and $45,500 at December 31. * Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured $ 323300 eTextbook and Media * Your answer is incorrect. Compute cost of goods sold. Cost of goods sold $ 33790

Windsor Corporation incurred the following costs during 2022. Direct materials used in product $120,000 Advertising expense $45,000 Depreciation on factory 60,000 Property taxes on factory 14,200 Property taxes on store 7,500 Delivery expense 20,800 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,400 Salaries paid to sales clerks 50,000 Work in process inventory was $12,100 at January 1 and $15,400 at December 31. Finished goods inventory was $60,000 at January 1 and $45,500 at December 31. * Your answer is incorrect. Compute cost of goods manufactured. Cost of goods manufactured $ 323300 eTextbook and Media * Your answer is incorrect. Compute cost of goods sold. Cost of goods sold $ 33790

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 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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An examination of Buckhorn Fabricators records reveals the following transactions: a. On December 31, the physical inventory of raw material was 9,950 gallons. The book quantity, using the weighted average method, was 10,000 gal @ .52 per gal. b. Production returned to the storeroom materials that cost 775. c. Materials valued at 770 were charged to Factory Overhead (Repairs and Maintenance), but should have been charged to Work in Process. d. Defective material, purchased on account, was returned to the vendor. The material returned cost 234. e. Goods sold to a customer, on account, for 5,000 (cost 2,500) were returned because of a misunderstanding of the quantity ordered. The customer stated that the goods returned were in excess of the quantity needed. f. Materials requisitioned totaled 22,300, of which 2,100 represented supplies used. g. Materials purchased on account totaled 25,500. Freight on the materials purchased was 185. h. Direct materials returned to the storeroom amounted to 950. i. Scrap materials sent to the storeroom were valued at an estimated selling price of 685 and treated as a reduction in the cost of all jobs worked on during the period. j. Spoiled work sent to the storeroom valued at a sales price of 60 had production costs of 200 already charged to it. The cost of the spoilage is to be charged to the specific job worked on during the period. k. The scrap materials in (i) were sold for 685 cash. Required: Record the entries for each transaction.
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?
Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May: Required: 1. Calculate the costs transferred out of each department. 2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. 3. What if the Grinding Department had an ending WIP of 12,000? Calculate the cost transferred out and provide the journal entry that would reflect this transfer. What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?
Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product $115,200 Advertising expense $43,200 Depreciation on factory 57,600 Property taxes on factory 13,600 Property taxes on store 7,200 Delivery expense 20,000 Labor costs of assembly-line workers 105,600 Sales commissions 33,600 Factory supplies used 22,400 Salaries paid to sales clerks 48,000 Work in process inventory was $11,600 at January 1 and $14,800 at December 31. Finished goods inventory was $57,600 at January 1 and $43,700 at December 31.
Loring Company incurred the following costs last year: Direct materials$216,000Sales salaries$65,000Factory rent24,000Advertising37,000Direct labor120,000Depreciation on the headquarters building10,000Factory utilities6,300Salary of the corporate receptionist30,000Supervision in the factory50,000Other administrative costs175,000Indirect labor in the factory30,000Salary of the factory receptionist28,000Depreciation on factory equipment9,000Sales commissions27,000 Required: Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, $216,000. Product CostPeriod CostCostsDirect MaterialsDirect LaborManufacturing OverheadSelling ExpenseAdministrative ExpenseDirect materials$216,000 What was the total product cost for last year? What was the total period cost for last year? If 30,000 units were produced last year, what was the unit product cost?
Pina Corporation incurred the following costs while manufacturing its product. $122.400 Materials used in product $ 45,900 Advertising expense 61,200 Depreciation on plant 14,500 Property taxes on plant Property taxes on store 7,650 21,200 Delivery expense Labor costs of assembly-line workers112,200 Sales commissions 35,700 23.900 Factory supplies used 51,000 Salaries paid to sales clerks Work in process inventory was $12,350 at January 1 and $ 15,700 at December 31. Finished goods inventory was $61,200 at Ja 1 and $46,400 at December 31. ( a) Compute cost of goods manufactured. Cost of goods manufactured
Windsor Corporation incurred the following costs during 2022. Direct materials used in product $120,000 Advertising expense $45,000 Depreciation on factory 60,000 Property taxes on factory 14,200 Property taxes on store 7,500 Delivery expense 20,800 Labor costs of assembly-line workers 110,000 Sales commissions 35,000 Factory supplies used 23,400 Salaries paid to sales clerks 50,000 Work in process inventory was $12,100 at January 1 and $15,400 at December 31. Finished goods inventory was $60,000 at January 1 and $45,500 at December 31. Compute cost of goods manufactured. Cost of goods manufactured $enter the cost of goods manufactured in dollars Compute cost of goods sold. Cost of goods sold $enter the cost of goods sold in dollars
Carla Vista Corporation incurred the following costs while manufacturing its product: Materials used in product $121,200 Advertising expense $45,050 Depreciation on plant 61,600 Property taxes on plant 19,200 Property taxes on warehouse 7,710 Delivery expense 22,000 Labour costs of assembly-line workers 111,000 Sales commissions 35,100 Factory supplies used 26,000 Salaries paid to sales clerks 50,400 Work in process inventory was $10,900 at January 1 and $14,800 at December 31. Finished goods inventory was $60,500 at January 1 and $50,800 at December 31. (a) Calculate the cost of goods manufactured. Cost of goods manufactured $enter the cost of goods manufactured in dollars
Splish Brothers Corporation has the following cost records for June 2025. Indirect factory labor $4,300 Factory utilities $370 Direct materials used 18,800 Depreciation, factory equipment 1,310 Work in process, 6/1/25 2,820 Direct labor 37,600 Work in process, 6/30/25 3,560 Maintenance, factory equipment 1,680 Finished goods, 6/1/25 4,700 Indirect materials used 2,150 Finished goods, 6/30/25 7,050 Factory manager's salary 2,820
Loring Company incurred the following costs last year:Direct materials $ 216,000Factory rent 24,000Direct labor 120,000Factory utilities 6,300Supervision in the factory 50,000Indirect labor in the factory 30,000Depreciation on factory equipment 9,000Sales commissions 27,000Sales salaries $ 65,000Advertising 37,000Depreciation on the headquartersbuilding 10,000Salary of the corporate receptionist 30,000Other administrative costs 175,000Salary of the factory receptionist 28,000Required:1. Classify each of the costs using the following table format. Be sure to total the amounts ineach column. Example: Direct materials, $216,000. 2. What was the total product cost for last year?3. What was the total period cost for last year?4. If 30,000 units were produced last year, what was the unit product cost?
Tom Corporation Tom Corporation incurred the following costs while manufacturing its product. Materials used in production P120,000 Advertising expense P45,000 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 25,000 Salaries paid to sales clerks 50,000 Work-in-process inventory was P10,000 at January 1 and P14,000 at December 31. Finished goods inventory was P60,500 at January 1 and P50,600 at December 31. Note: Assume all materials were direct. Requirement: Using the given information, compute for: Cost of goods manufactured Cost of goods sold
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.