FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264899180
Author: Wild
Publisher: MCG
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Answer Problem #4 : items 13 & 14
Answer Problem #4 item 15
Cost Flow Methods
The following three identical units of Item K113 are purchased during April:
Cost
April 2
April 15
April 20
Total
Item Beta
a. First-in, first-out (FIFO)
b. Last-in, first-out (LIFO)
c. Weighted average cost
Purchase
Purchase
Purchase
Units
1
1
1
3
$
$504
Average cost per unit
$168 ($504 + 3 units)
Assume that one unit is sold on April 27 for $210. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in,
first-out (LIFO); and (c) weighted average cost method.
Gross Profit
$165
168
171
Ending Inventory
$
Chapter 14 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 14 - Prob. 1QSCh. 14 - QS 14-4 Direct and indirect costs C2
Diez Company...Ch. 14 - Classifying product costs C2 Identify each of the...Ch. 14 - QS 14-6 Product and period costs C3
Identify each...Ch. 14 - Prob. 6QSCh. 14 - Exercise 14-1 Sources of accounting information C1...Ch. 14 - Prob. 5ECh. 14 - Prob. 10ECh. 14 - Prob. 13ECh. 14 - Prob. 14E
Ch. 14 - Prob. 15ECh. 14 - Prob. 16ECh. 14 - Exercise 14-17 Lean business practice C6 Many...Ch. 14 - Prob. 3PSACh. 14 - Problem 14-3B Schedule of cost of goods...Ch. 14 - Describe the managerial accountant’s role in...Ch. 14 - Distinguish between managerial and financial...Ch. 14 - Prob. 3DQCh. 14 - Prob. 4DQCh. 14 - Distinguish between (a) factory overhead and (b)...Ch. 14 - Prob. 6DQCh. 14 - What product cost is both a prime cost and a...Ch. 14 - APPLE Assume that we tour Apple’s factory where it...Ch. 14 - Prob. 9DQCh. 14 - Prob. 10DQCh. 14 - Prob. 11DQCh. 14 - Prob. 12DQCh. 14 - Prob. 13DQCh. 14 - Prob. 14DQCh. 14 - Prob. 15DQCh. 14 - Prob. 16DQCh. 14 - What are the three categories of manufacturing...Ch. 14 - List several examples of factory overhead.Ch. 14 - Prob. 20DQCh. 14 - GOOGLE Prepare a proper title for the annual...Ch. 14 - Prob. 22DQCh. 14 - Prob. 23DQCh. 14 - Prob. 24DQCh. 14 - Prob. 2BTN
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- What is the unit cost of inventory transferred out from Department B? P10.20 P12.70 P 6.10 P11.10 What is the unit cost of inventory transferred out from Department C? P18.41 P18.31 P18.82 P18.38arrow_forwardPROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…arrow_forwardQUESTION 44 Cost AccountingChoose the answer from the choicesarrow_forward
- Direct materials: Beginning inventory Purchases Ending inventory Direct manufacturing labor Manufacturing overhead Beginning work-in-process inventory Ending work-in-process inventory Beginning finished goods inventory Ending finished goods inventory P 40,000 123,200 20,800 32,000 24,000 8,000 1,600 48,000 32,000 Required: A. What is the cost of direct materials used during 2022? B. What is cost of goods manufactured for 2022? C. What is cost of goods sold for 2022? D. What amount of prime costs was added to production during 2022? E. What amount of conversion costs was added to production during 2022?arrow_forwardA2arrow_forwardAnswer Problem #8 : items 27 & 28arrow_forward
- Exercise 18-26B (Algo) Computing absorption costing income LO P4 A manufacturer reports the information below for three recent years. Year 1 $ 126,000 Variable costing income Beginning finished goods inventory (units) Ending finished goods inventory (units) Fixed overhead per unit Variable costing income Fixed overhead in ending inventory Fixed overhead in beginning inventory Absorption costing income 0 2,000 $ 4.10 Year 1 $ 126,000 2,000 0 Year 2 $ 130,400 1,500 2,000 $ 128,000 $ 133,900 $ Compute income for each of the three years using absorption costing. (Amounts to be deducted should be indicated by a minus sign.) $ Year 3 Year 2 $ 130, 400 134,950 1,600 1,500 138,050 2,000 1,500 $ 4.10 Year 3. $ 134,950 1,500 1,600 $ 4.10arrow_forwardCost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta. Units Cost April 2 April 15 April 20 Total Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Purchase 1 1 1 3 $76 80 84 $240 $80 Average cost per unit ($240 + 3 units) Assume that one unit is sold on April 27 for $106. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventoryarrow_forwardProblem 12 Compute the Cost of Goods Sold for 2020 of Pillows Company considering the followinginformation: Raw materials purchased was P2,500,000 with freight-in of P120,000 Purchase returns was P50,000 and purchase discount is 60% of purchase returns Raw materials beginning was P460,000 Raw materials end was P40,000 more than the beginning inventory Direct labor is P1,000,000 Factory overhead is 50% of direct labor Total goods placed in process is 150% of manufacturing cost WIP, end is 75% of WIP, beg Finished goods beginning balance is lesser by P100,000 than the ending balance whichwas P600,000arrow_forward
- EA 10. LO 2.3 This cost data from Hickory Furniture is for the year 2017. Number of Tables Produced Month January February March April May June July August September October November December 550 710 650 470 512 625 805 750 675 525 875 685 Factory Utility Expenses $2,063 2,663 2,438 1,823 1,920 2,344 3,019 2,813 2,531 1,969 3,281 2,569 A. Using the high-low method, express the company's utility costs as an equation where X represents number of tables produced. B. Predict the utility costs if 800 tables are produced. C. Predict the utility costs if 600 tables are produced.arrow_forwardProblem 2. FAB Manufacturing Company had the following purchases and usage of materials X for the month of August: Units Unit Cost Inventory, 8/1 5,000 P2.00 Purchases: 8/7 2.50 2.30 6,000 8,000 9,000 10,000 10,000 12 2.25 15 22 2.40 29 2.35 Issuance: 8/7 9,000 9,000 9,000 9,000 14 21 28 Required: Compute for raw materials usage and inventory using FIFO periodic.arrow_forwardprovide the cost of good sold statement for may 2022arrow_forward
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