Homework Answers
Prime cost = Direct material used + Direct labor
= $264,000 + $300,000
= $564,000
Option d)
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7) Information from the records of the Abel Corporation for July 2018 was as follows: Sales...
7) Information from the records of the Abel Corporation for July 2018 was as follows: Sales...
7) Information from the records of the Abel Corporation for July 2018 was as follows: Sales $ 1,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labor 300,000 Factory overhead 450,000 (variable $205,000; fixed $200,000) Inventories July 1, 2018 July 31, 2018 Direct materials $ 36,000 $ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 The prime costs are: a) $ 210,000 The prime costs are: a) $ 210,000. b) $ 264,000 c) $ 300,000 d)...
8) Information from the records of the Abel Corporation for July 2018 was as follows: Sales...
8) Information from the records of the Abel Corporation for July 2018 was as follows: Sales $ 1,230,000 Selling and administrative expenses 210,000 Direct materials 264,000 405,000 (variable Factory overhead $205,000;fixed $200,000) Inventories Direct materials Work in process Finished goods July 1, 2018 $36,000 75,000 69,000 July 31, 2018 $. 42.000 84,000 57,000 The total product cost is: a) $ 1,179,000. b) $ 969,000 c) $ 615,000. D) $ 764,000.
8) Information from the records of the Abel Corporation for July 2018 was as follows: Sales...
8) Information from the records of the Abel Corporation for July 2018 was as follows: Sales $ 1,230,000 Selling and administrative expenses 210,000 Direct materials 264,000 Factory overhead 405,000 (variable $205,000;fixed $200,000) Inventories July 1, 2018 July 31, 2018 Direct materials $36,000 $ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 The total product cost is: a) $ 1,179,000. b) $ 969,000 c) $ 615,000 D) $ 764,000 Answer: _(3 points)
4. Information from the records of Cain Corporation for December of the current year is as...
4. Information from the records of Cain Corporation for December of the current year is as follows: Sales Selling and administrative expenses Direct materials used Direct labor Factory overhead $1,230,000 210,000 264,000 300,000 405,000 Direct materials Work in process Finished goods Inventories Dec. 1 Dec. 31 $36,000 $42,000 75,000 84,000 69,000 57,000 The conversion costs are: a. $960,000. b. $1,179,000. c. $705,000. d. $564,000. 5. Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials...
4. Information from the records of the Conundrum Company for September 2018 was as follows: Sales...
4. Information from the records of the Conundrum Company for September 2018 was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor75,000 Variable factory overhead 50,000 Factory overhead 51,250 Inventories Sept. 1. 2018 Sept 30, 2018 Direct materials $ 8,000 $10,500 Work in process 18.750 21,000 Finished goods 17.250 14,250 Conundrum Corporation produced 20,000 units. What are the conversion costs per unit? (3 points) $7.05 $8.8125 S12.1125 d. $14.7375
Information from the records of the Conundrum Company for September 2019 was as follows: Sales $307,500...
Information from the records of the Conundrum Company for September 2019 was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor 75,000 Variable factory overhead 50,000 Factory overhead 51,250 Inventories Sept. 1. 2019 Sept 30, 2019 Direct materials $8,000 $10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Conundrum Corporation produced 20,000 units. Refer to Figure 2-12. What are the conversion costs per unit? Inventories Sept. 1, 2019 Sept 30, 2019 Direct materials...
5. The records of Bentler Shoppers, Inc. for December 2018 shows the following information: Sales $2,050,000...
5. The records of Bentler Shoppers, Inc. for December 2018 shows the following information: Sales $2,050,000 Selling and administrative expenses 250,000 Direct materials purchases 205,000 Direct labor 298 000 Factory overhead 350,000 Direct materials, December 1 50,000 Work-in-process, December 1 85,000 Finished goods, December 1 64,000 Direct materials, December 31 41.000 Work-in-process, December 31 72.000 Finished goods, December 31 55,000 The net income for the month of December is: (4 Points) $875,000 $916,000 S884,000 $770,000.
The following information was extracted from the accounting records of Pickin’ and Grinnin’, LLC, a manufacturer...
The following information was extracted from the accounting records of Pickin’ and Grinnin’, LLC, a manufacturer of guitars: Beginning Raw Materials Inventory $375,000 Ending Raw Materials Inventory $435,000 Direct Factory Labor $185,000 Indirect Factory Labor $ 35,000 Factory Utilities $ 44,000 Selling, General, and Administrative Expenses $125,000 Building Depreciation* $300,000 *70% of the building is devoted to production, 30% of the building is devoted to selling and administrative functions. $451,199 in direct materials were purchased during the...
1. Information from the records of the Freya Corporation for the month of April 2019 is...
1. Information from the records of the Freya Corporation for the month of April 2019 is as follows: Direct materials inventory, beginning Direct materials inventory, ending Direct labor Direct material purchases Factory wages Finished goods inventory, beginning Finished goods inventory, ending Indirect materials Rent on factory building Sales Selling and administrative expenses Utilities in the factory WIP inventory, beginning WIP inventory, ending $25,000 28,000 45,000 58,000 18,000 25,000 22,000 11,000 23,000 220,000 21,000 12,000 7,000 15,000 Assume a tax rate...
The following data are from BBC Inc. accounting records at December 31, 2018. Sales 500,000 Raw...
The following data are from BBC Inc. accounting records at December 31, 2018. Sales 500,000 Raw materials inventory, beginning 8,000 Raw material ending 4,000 Purchase of raw materials (To be determined) Direct labour 30,000 Prime cost (total) 110,000 Indirect materials 20,000 Commissions 36,000 Work in process beginning inventory 8000 Work in process ending inventory 6000 Depreciation - equipment 20,000 Depreciation - factory 22,000 Finished good inventory beginning 10,000 Finished good inventory ending (To be determined) Maintenance expense 8,000 General office...
7) Information from the records of the Abel Corporation for July 2018 was as follows: Sales $ 1,230,000 Selling and administrative expenses 210,000 Direct materials used 264,000 Direct labor 300,000 Factory overhead 450,000 (variable $205,000; fixed $200,000) Inventories July 1, 2018 July 31, 2018 Direct materials $ 36,000 $ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 The prime costs are: a) $ 210,000 The prime costs are: a) $ 210,000. b) $ 264,000 c) $ 300,000 d)...
8) Information from the records of the Abel Corporation for July 2018 was as follows: Sales $ 1,230,000 Selling and administrative expenses 210,000 Direct materials 264,000 405,000 (variable Factory overhead $205,000;fixed $200,000) Inventories Direct materials Work in process Finished goods July 1, 2018 $36,000 75,000 69,000 July 31, 2018 $. 42.000 84,000 57,000 The total product cost is: a) $ 1,179,000. b) $ 969,000 c) $ 615,000. D) $ 764,000.
8) Information from the records of the Abel Corporation for July 2018 was as follows: Sales $ 1,230,000 Selling and administrative expenses 210,000 Direct materials 264,000 Factory overhead 405,000 (variable $205,000;fixed $200,000) Inventories July 1, 2018 July 31, 2018 Direct materials $36,000 $ 42,000 Work in process 75,000 84,000 Finished goods 69,000 57,000 The total product cost is: a) $ 1,179,000. b) $ 969,000 c) $ 615,000 D) $ 764,000 Answer: _(3 points)
4. Information from the records of Cain Corporation for December of the current year is as follows: Sales Selling and administrative expenses Direct materials used Direct labor Factory overhead $1,230,000 210,000 264,000 300,000 405,000 Direct materials Work in process Finished goods Inventories Dec. 1 Dec. 31 $36,000 $42,000 75,000 84,000 69,000 57,000 The conversion costs are: a. $960,000. b. $1,179,000. c. $705,000. d. $564,000. 5. Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials...
4. Information from the records of the Conundrum Company for September 2018 was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor75,000 Variable factory overhead 50,000 Factory overhead 51,250 Inventories Sept. 1. 2018 Sept 30, 2018 Direct materials $ 8,000 $10,500 Work in process 18.750 21,000 Finished goods 17.250 14,250 Conundrum Corporation produced 20,000 units. What are the conversion costs per unit? (3 points) $7.05 $8.8125 S12.1125 d. $14.7375
Information from the records of the Conundrum Company for September 2019 was as follows: Sales $307,500 Selling and administrative expenses 52,500 Direct materials used 66,000 Direct labor 75,000 Variable factory overhead 50,000 Factory overhead 51,250 Inventories Sept. 1. 2019 Sept 30, 2019 Direct materials $8,000 $10,500 Work in process 18,750 21,000 Finished goods 17,250 14,250 Conundrum Corporation produced 20,000 units. Refer to Figure 2-12. What are the conversion costs per unit? Inventories Sept. 1, 2019 Sept 30, 2019 Direct materials...
5. The records of Bentler Shoppers, Inc. for December 2018 shows the following information: Sales $2,050,000 Selling and administrative expenses 250,000 Direct materials purchases 205,000 Direct labor 298 000 Factory overhead 350,000 Direct materials, December 1 50,000 Work-in-process, December 1 85,000 Finished goods, December 1 64,000 Direct materials, December 31 41.000 Work-in-process, December 31 72.000 Finished goods, December 31 55,000 The net income for the month of December is: (4 Points) $875,000 $916,000 S884,000 $770,000.
1. Information from the records of the Freya Corporation for the month of April 2019 is as follows: Direct materials inventory, beginning Direct materials inventory, ending Direct labor Direct material purchases Factory wages Finished goods inventory, beginning Finished goods inventory, ending Indirect materials Rent on factory building Sales Selling and administrative expenses Utilities in the factory WIP inventory, beginning WIP inventory, ending $25,000 28,000 45,000 58,000 18,000 25,000 22,000 11,000 23,000 220,000 21,000 12,000 7,000 15,000 Assume a tax rate...
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