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Work-in-process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Direct labour cost Direct materials cost Manufacturing overhead cost a) What was the prime cost for the last year? b) What was the conversion cost for the last year? c) What was the cost of goods manufactured for the last year? $100 $150 $180 $200 $300 $500 $400

Work-in-process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Direct labour cost Direct materials cost Manufacturing overhead cost a) What was the prime cost for the last year? b) What was the conversion cost for the last year? c) What was the cost of goods manufactured for the last year? $100 $150 $180 $200 $300 $500 $400

FINANCIAL ACCOUNTING
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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Bing Inc., reported the following data for last year: Work-in-process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Direct labour cost Direct materials cost Manufacturing overhead cost a) What was the prime cost for the last year? b) What was the conversion cost for the last year? c) What was the cost of goods manufactured for the last year? At a sales volume of 32,000 units, Green Company's total fixed costs are $60,000 and total variable costs are $64,000. The relevant range is 30,000 to 55,000 units. a) If Green Company sells 43,000 units, what is the total expected cost? b) If Green Company sells 50,000 units, what is the total expected cost per unit? Central Perk has provided the following data for the second quarter of the most recent year: Sales Fixed Manufacturing Over Direct Labour Fixed Selling Expenses Variable Manufacturing Overhead Variable Administrative Expenses $100 $150 $180 $200 $300 $500 $400 Direct Materials Fixed Administrative Expenses Variable Selling Expenses Assume that direct labour is a variable cost and that there was no beginning or ending inventories. a) What was the total contribution margin of Central Perk for the second quarter? b) What was the gross margin(loss) for Central Perk for the second quarter? $300,000 55,000 72,500 46,250 41,000 48,000 51,500 44,500 49,750
Transcribed Image Text:Bing Inc., reported the following data for last year: Work-in-process inventory, beginning Work-in-process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Direct labour cost Direct materials cost Manufacturing overhead cost a) What was the prime cost for the last year? b) What was the conversion cost for the last year? c) What was the cost of goods manufactured for the last year? At a sales volume of 32,000 units, Green Company's total fixed costs are $60,000 and total variable costs are $64,000. The relevant range is 30,000 to 55,000 units. a) If Green Company sells 43,000 units, what is the total expected cost? b) If Green Company sells 50,000 units, what is the total expected cost per unit? Central Perk has provided the following data for the second quarter of the most recent year: Sales Fixed Manufacturing Over Direct Labour Fixed Selling Expenses Variable Manufacturing Overhead Variable Administrative Expenses $100 $150 $180 $200 $300 $500 $400 Direct Materials Fixed Administrative Expenses Variable Selling Expenses Assume that direct labour is a variable cost and that there was no beginning or ending inventories. a) What was the total contribution margin of Central Perk for the second quarter? b) What was the gross margin(loss) for Central Perk for the second quarter? $300,000 55,000 72,500 46,250 41,000 48,000 51,500 44,500 49,750
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