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Exercise 17.25 Flint Co. made 4,000 units of a product during its first year of operations...
Exercise 17.25 Skysong Co. made 4,000 units of a product during its first year of operations...
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 $250,000 170,000 156,000 Calculate the cost of the 1,000 units of finished goods ending inventory under actual variable costing. (Round variable manufacturing cost per unit to 3 decimal places, e.g. 15.125 and...
Exercise 17.30 Asian Iron began last year with no inventories. During the year, 10,500 units were...
Exercise 17.30 Asian Iron began last year with no inventories. During the year, 10,500 units were produced, of which 9,400 were sold. Data concerning last year's operations appear here (in New Taiwanese dollars, NT$): Revenue Variable direct materials costs Variable direct labour costs Variable manufacturing overhead Variable selling Fixed manufacturing overhead Fixed selling and administrative costs NT$ 32,900 2,300 3,300 2,800 940 8,250 14,560 Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable...
In its first month of operations, Sandhill Co. made three purchases of merchandise in the following...
In its first month of operations, Sandhill Co. made three
purchases of merchandise in the following sequence: 200 units at
$15; 250 units at $14; and 300 units at $13. There are 490 units on
hand at the end of the period. Sandhill uses a periodic inventory
system.
Calculate the cost of the ending inventory and cost of goods sold under FIFO. FIFO Ending inventory " Cost of goods sold " Calculate the cost of the ending inventory and cost...
Exercise 17.30 Splish Iron began last year with no inventories. During the year, 10,700 units were...
Exercise 17.30 Splish Iron began last year with no inventories. During the year, 10,700 units were produced, of which 9,500 were sold. Data concerning last year's operations appear here in New Taiwanese dollars, NTS): Revenue NT$ 33,820 Variable direct materials costs 2,247 Variable direct labour costs 3,638 Variable manufacturing overhead 2,782 Variable selling 950 Fixed manufacturing overhead 8,300 Fixed selling and administrative costs 14,858 Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable...
Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 80,900 units during its first...
Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 80,900 units during its first year of operations and sold 77,100 at $21.60 per unit. The company chose practical activity—at 80,900 units—to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $457,085 Direct labor 87,372 Expected and actual variable overhead 300,139 Expected and actual fixed overhead 432,006 Required: If required, round unit cost answers to the nearest cent. 1. Calculate the unit cost and the cost...
Candle Enterprises provided the below information for this year (its first year of operations). 15 per...
Candle Enterprises provided the below information for this year (its first year of operations). 15 per unit 16 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units 4 per unit $160,000 per year 20,000 units 14,000 units 6,000 units 1. Compute the product cost per unit using variable costing. Cost per unit of finished goods using: Variable costing + Cost...
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...
Summarized data for Walrus Co. for its first year of operations are: $5,400,000 Sales (90,000 units)...
Summarized data for Walrus Co. for its first year of operations are: $5,400,000 Sales (90,000 units) Production Costs (108,000 units): Direct Material 1,512,000 1,350,000 Direct Labor Manufacturing Overhead: Variable 756,000 270,000 Fixed Selling and Administrative Expenses: Variable 234,000 396,000 Fixed A. Prepare an income statement under absorption costing. Wirus Co. Absorption Costing Income Statement Sales Cost of Goods Sold Direct Material B. Prepare an income statement under variable costing. Walrus Co. Variable Costing Income Statement Variable Cost of Goods Sold...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations,...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials $8.70 Direct labor $4.00 Variable manufacturing overhead $6.73 Variable selling and administrative expenses $4.52 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $266,800 $243,716 Siren Company sells the fishing lures for $29.00. During 2020, the company sold 82,000 lures and produced 92,000 lures. Your answer is incorrect....
Amiens Company produced 20,000 units during its first year of operations and sold 18,900 at $17...
Amiens Company produced 20,000 units during its first year of operations and sold 18,900 at $17 per unit. The company chose practical activity-at 20,000 units-to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $ 80,000 Direct labor 101,400 Variable overhead 15,600 Fixed overhead 54,600 Required: 1. Calculate the unit cost for each of these four costs. Round your answers to the nearest cent. Direct Materials Cost $ Direct Labor Cost $ Variable Overhead Cost $ Fixed...
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 $250,000 170,000 156,000 Calculate the cost of the 1,000 units of finished goods ending inventory under actual variable costing. (Round variable manufacturing cost per unit to 3 decimal places, e.g. 15.125 and...
Exercise 17.30 Asian Iron began last year with no inventories. During the year, 10,500 units were produced, of which 9,400 were sold. Data concerning last year's operations appear here (in New Taiwanese dollars, NT$): Revenue Variable direct materials costs Variable direct labour costs Variable manufacturing overhead Variable selling Fixed manufacturing overhead Fixed selling and administrative costs NT$ 32,900 2,300 3,300 2,800 940 8,250 14,560 Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable...
In its first month of operations, Sandhill Co. made three
purchases of merchandise in the following sequence: 200 units at
$15; 250 units at $14; and 300 units at $13. There are 490 units on
hand at the end of the period. Sandhill uses a periodic inventory
system.
Calculate the cost of the ending inventory and cost of goods sold under FIFO. FIFO Ending inventory " Cost of goods sold " Calculate the cost of the ending inventory and cost...
Exercise 17.30 Splish Iron began last year with no inventories. During the year, 10,700 units were produced, of which 9,500 were sold. Data concerning last year's operations appear here in New Taiwanese dollars, NTS): Revenue NT$ 33,820 Variable direct materials costs 2,247 Variable direct labour costs 3,638 Variable manufacturing overhead 2,782 Variable selling 950 Fixed manufacturing overhead 8,300 Fixed selling and administrative costs 14,858 Variable manufacturing costs reflect the variable cost to produce the number of units manufactured. However, variable...
Candle Enterprises provided the below information for this year (its first year of operations). 15 per unit 16 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Units produced this year Units sold this year Ending finished goods inventory in units 4 per unit $160,000 per year 20,000 units 14,000 units 6,000 units 1. Compute the product cost per unit using variable costing. Cost per unit of finished goods using: Variable costing + Cost...
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...
Summarized data for Walrus Co. for its first year of operations are: $5,400,000 Sales (90,000 units) Production Costs (108,000 units): Direct Material 1,512,000 1,350,000 Direct Labor Manufacturing Overhead: Variable 756,000 270,000 Fixed Selling and Administrative Expenses: Variable 234,000 396,000 Fixed A. Prepare an income statement under absorption costing. Wirus Co. Absorption Costing Income Statement Sales Cost of Goods Sold Direct Material B. Prepare an income statement under variable costing. Walrus Co. Variable Costing Income Statement Variable Cost of Goods Sold...
Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs. Variable Costs per Unit Direct materials $8.70 Direct labor $4.00 Variable manufacturing overhead $6.73 Variable selling and administrative expenses $4.52 Fixed Costs per Year Fixed manufacturing overhead Fixed selling and administrative expenses $266,800 $243,716 Siren Company sells the fishing lures for $29.00. During 2020, the company sold 82,000 lures and produced 92,000 lures. Your answer is incorrect....
Amiens Company produced 20,000 units during its first year of operations and sold 18,900 at $17 per unit. The company chose practical activity-at 20,000 units-to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials $ 80,000 Direct labor 101,400 Variable overhead 15,600 Fixed overhead 54,600 Required: 1. Calculate the unit cost for each of these four costs. Round your answers to the nearest cent. Direct Materials Cost $ Direct Labor Cost $ Variable Overhead Cost $ Fixed...
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