Homework Answers
Finished goods ending inventory cost = ($104,100 + $28,500 + $21,000) X 1,300 / 9,600
= $20,800
Fixed Manufacturing overhead not allocated under absorption costing = $38,400 X 1,300 / 9,600
= $5,200
Absorption costing method would show a higher net income by $5,200
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Langdon Company produced 9,600 units during the past year, but only 8,300 of the units were...
Exercise 6-18 Langdon Company produced 9,600 units during the past year, but only 8,500 of the...
Exercise 6-18 Langdon Company produced 9,600 units during the past year, but only 8,500 of the units were sold. The following additional information is also available. Direct materials used Direct labor incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $93,500 $30,000 $20,500 $48,000 $72,000 $9,000 There was no work in process inventory at the beginning and end of the year, nor did Langdon have any beginning finished goods inventory. What would...
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Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
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Sales (80,000 units × $40 per unit)
$
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Cost of goods sold
Beginning inventory
$
0
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Cost of goods available for sale
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Pandora Pillow Company's planned production for the year just ended was 22,300 units. This production level was achieved, but only 19,500 units were sold. Other data follow: Direct material used Direct labor incurred Fixed manufacturing overhead Variable manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses Finished-goods inventory, January 1 $660,080 356,800 472,760 205,160 394, 710 125,995 None The cost per unit remained the same in the current year as in the previous year. There were no...
Carr Company produces a single product. During the past year, Carr manufactured 32,210 units and sold 26,700 units. Production costs for the year were as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead $241,575 $157,829 $251,238 $418,730 Sales were $1,241,550 for the year, variable selling and administrative expenses were $138,840, and fixed selling and administrative expenses were $199,702 There was no beginning inventory. Assume that direct labor is a variable cost. Under absorption costing, the ending inventory...
Trez Company began operations this year. During this first year,
the company produced 100,000 units and sold 80,000 units. The
absorption costing income statement for this year follows.
Sales (80,000 units × $40 per unit)
$
3,200,000
Cost of goods sold
Beginning inventory
$
0
Cost of goods manufactured (100,000 units × $20 per unit)
2,000,000
Cost of goods available for sale
2,000,000
Ending inventory (20,000 × $20)
400,000
Cost of goods sold
1,600,000
Gross margin
1,600,000
Selling and administrative...
Exercise 17.25 Skysong Co. made 4,000 units of a product during its first year of operations and sold 3,000 units for $586,100. There was no ending work-in-process inventory. Total costs were $576,000, consisting of the following: Direct materials and direct labour Manufacturing overhead (45% fixed) Selling and administrative $250,000 170,000 156,000 Calculate the cost of the 1,000 units of finished goods ending inventory under actual variable costing. (Round variable manufacturing cost per unit to 3 decimal places, e.g. 15.125 and...
Exercise 17.25 Flint Co. made 4,000 units of a product during its first year of operations and sold 3,000 units for $583,200. There was no ending work-in-process inventory. Total costs were $573,000, consisting of the following: Direct materials and direct labour Manufacturing overhead (45% fixed) Selling and administrative $230,000 200,000 143,000 Calculate the cost of the 1,000 units of finished goods ending inventory under actual variable costing. (Round variable manufacturing cost per unit to 3 decimal places, e.g. 15.125 and...
Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80.000 units. The absorption costing Income statement for this year follows Sales (80,000 units 550 per unit) $4,000,000 Cost of goods sold Beginning inventory $ e Cost of goods manufactured (100,000 units * $38 per unit) 3, eee,eee Cost of goods available for sale 3,600,000 Ending inventory (20,000 $30) 600,000 Cost of goods sold 2,480,ce Gross margin 1,680,000 Selling and administrative expenses 560,...
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