Intrusions: • Compares and contrasts the accounting used in both methods and includes such comparison as...
Intrusions:
• Compares and contrasts the accounting used in both methods and
includes such comparison as part of the solution provided.
• Explain in which senses they are related to the cost-benefit
analysis and cost-per-volume analysis.
The accounting records indicate certain balances in the inventory
accounts for the 20xx:
Other data (applies to the period from 1/1 / xx to 31/12 /
xx)
• The primary costs were $ 393,000.
• Materials were purchased 10 times the amount of material
inventory at the beginning of the year.
• Direct labor costs represent 40% of the conversion costs that
were $ 325,000.
• The company generates, on average, a 20% gross profit (Gross
Margin).
Required:
1. Calculate the following items for the 20xx:
to. Cost of used materials (Direct Materials Used)
b. Cost of direct labor (Direct Labor)
c. Indirect factory costs incurred (Manufacturing Overhead)
d. Cost of manufactured goods (Cost of Goods Manufactured)
and. Unit cost (20 units are produced)
F. Sales of the period
g. Cost of goods sold
Note: You can prepare the State of the cost of manufactured goods
as a basis for your answer, but it is not necessary.
Homework Answers
Add Answer to:
Intrusions:
• Compares and contrasts the accounting used in both methods and
includes such comparison as...
Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts...
Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 25,000 Materials inventory Inventory of products in process (Work in Process ) Inventory of finished products 31/12/xx S 12.000 $ 23,000 $ 10,000 $ 25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) The prime costs were $ 393,000. 10 times the amount of what was in stock inventory at the beginning of the year was purchased in...
accounting
An analysis of the accounts of Coronado Company reveals the following manufacturing cost data for the month ended September 30, 2020.InventoriesBeginningEndingRaw materials$ 14,000$ 13,300Work in process9,5007,000Finished goods12,00014,000Costs incurred: raw materials purchases $ 64,500, direct labor $ 53,000, manufacturing overhead $ 37,650. The specific overhead costs were: indirect labor $ 8,500, factory insurance $ 7,000, machinery depreciation $ 8,000, machinery repairs $ 4,800, factory utilities $ 5,600, miscellaneous factory costs $ 3,750. Assume that all raw materials used were direct materials.(a)Prepare the cost of goods manufactured schedule for the month ended September 30, 2020.Coronado Co.Cost of Goods Manufacturing Schedulechoose...
GRA the previous controller left the company with little notice and left the accounting records in...
GRA the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first quarter numbers. For the previous month (March 2011) Ron was able to piece together the following information: Direct materials purchased Work-in-process inventory, 3/1/2011 Direct materials inventory, 3/1/2011 Finished goods inventory, 3/1/2011 Conversion Costs Total manufacturing costs added during the period $840,000 Cost of goods manufactured Gross margin as a percentage of revenues Revenues (Q3)...
Please complete the table with explanation. ACC 228 Managerial Accounting Test 1 Examples Schedule of Cost...
Please complete the table with explanation.
ACC 228 Managerial Accounting Test 1 Examples Schedule of Cost of Goods Manufactured Beg Balance End Balance Raw Materials Inventory Work in Process Inventory Finished Goods Inventory 7,500 13,700 25,000 4,000 14,825 28,000 Labor Overhead 325,000 98,000 Raw Materials Purchased 168,000 Schedúle of Cost of Goods Manufactured Beginning raw materials inventory Total manufacturing costs Cost of goods manufactured Cost of goods sold
Beginning work in process inventory Ending work in process inventory Direct materials used Direct labor used...
Beginning work in process inventory Ending work in process inventory Direct materials used Direct labor used Total factory overhead $ 37,900 39,300 167,000 105,000 83,100 Stellar Corporation's cost of goods manufactured for the year is: Multiple Choice O $355,100. 3055,100 $356,500 O 8 O $393,000 O O $315,800 O $353,700
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 660,000 Direct labor cost $ 81,000 Raw material purchases $ 140,000 Selling expenses $ 103,000 Administrative expenses $ 43,000 Manufacturing overhead applied to work in process $ 201,000 Actual manufacturing overhead costs $ 225,000 Inventories Beginning of Year End of Year Raw materials $ 8,500 $ 10,500 Work in process $ 6,000 $ 21,000 Finished goods $ 79,000...
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the...
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2010, follows: Sales equal $500,000. Direct materials used total $51,000. Manufacturing overhead is 150 percent of direct labor dollars. The beginning inventory of finished goods is 20 percent of the cost of goods sold. The ending inventory of finished goods is twice the beginning inventory. The gross profit is 20 percent of sales. There is no beginning or ending work-in-process....
Erickson Industries is calculating its Cost of Goods Manufactured at year-end. Erickson's accounting records show the...
Erickson Industries is calculating its Cost of Goods Manufactured at year-end. Erickson's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $12,000 and an ending balance of $18,000. During the year, the company purchased $70,000 of direct materials. Direct labor for the year totaled $124,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $25,000 and an ending balance of $21,000. Assume that Raw Materials Inventory...
required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production...
required:1. Prepare a schedule of cost of goods manufactured.
Assume all raw materials used in production were direct
materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the...
Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $13,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. Assume that Raw Materials Inventory...
Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 25,000 Materials inventory Inventory of products in process (Work in Process ) Inventory of finished products 31/12/xx S 12.000 $ 23,000 $ 10,000 $ 25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) The prime costs were $ 393,000. 10 times the amount of what was in stock inventory at the beginning of the year was purchased in...
GRA the previous controller left the company with little notice and left the accounting records in disarray. Ron needs the ending inventory balances to report first quarter numbers. For the previous month (March 2011) Ron was able to piece together the following information: Direct materials purchased Work-in-process inventory, 3/1/2011 Direct materials inventory, 3/1/2011 Finished goods inventory, 3/1/2011 Conversion Costs Total manufacturing costs added during the period $840,000 Cost of goods manufactured Gross margin as a percentage of revenues Revenues (Q3)...
Please complete the table with explanation.
ACC 228 Managerial Accounting Test 1 Examples Schedule of Cost of Goods Manufactured Beg Balance End Balance Raw Materials Inventory Work in Process Inventory Finished Goods Inventory 7,500 13,700 25,000 4,000 14,825 28,000 Labor Overhead 325,000 98,000 Raw Materials Purchased 168,000 Schedúle of Cost of Goods Manufactured Beginning raw materials inventory Total manufacturing costs Cost of goods manufactured Cost of goods sold
Beginning work in process inventory Ending work in process inventory Direct materials used Direct labor used Total factory overhead $ 37,900 39,300 167,000 105,000 83,100 Stellar Corporation's cost of goods manufactured for the year is: Multiple Choice O $355,100. 3055,100 $356,500 O 8 O $393,000 O O $315,800 O $353,700
Erickson Industries is calculating its Cost of Goods Manufactured at year-end. Erickson's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $12,000 and an ending balance of $18,000. During the year, the company purchased $70,000 of direct materials. Direct labor for the year totaled $124,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $25,000 and an ending balance of $21,000. Assume that Raw Materials Inventory...
required:1. Prepare a schedule of cost of goods manufactured.
Assume all raw materials used in production were direct
materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $13,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. Assume that Raw Materials Inventory...
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