Homework Answers
TOTAL MANUFACTURING COST=48500
COST OF GOOD MANUFACTURED=49500
COST OF GOOD SOLD=54000
WORKINGS
STATEMENT SHOWING TOTAL MANUFACTURING COST,COST OF GOOD MANUFACTURED AND COST OF GOOD SOLD
| DETAILS | AMOUNT($) | AMOUNT($) |
| DIRECT MATERIAL | ||
| BEG. MATERAIL | 10000 | |
| PURCHASED OF RAW MATERAILS | 20000 | |
| ENDING MATERAIL | (5000) | |
| DIRECT MATERIAL | 25000 | |
| DIRECT LABOUR | 10000 | |
| MANUFACTURING OH | 13500 | |
| TOTAL MANUFACTURING COST | 48500 | |
| BEG. WIP | 18000 | |
| ENDING WIP | (17000) | |
| COST OF GOOD MANUFACTURED | 49500 | |
| BEG. FINSHED GOODS | 21000 | |
| ENDING FINSHED GOODS | (16500) | |
| COST OF GOOD SOLD | 54000 |
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Sales ........ Direct labor ....... Selling & administrative costs Raw materials purchased Manufacturing overhead $72,000 10,000...
Sales Less operating expenses: $450,000 Direct labor cost Raw materials purchased Manufacturing overhead Selling/ admin. expenses...
Sales Less operating expenses: $450,000 Direct labor cost Raw materials purchased Manufacturing overhead Selling/ admin. expenses $70,000 165,000 85,000 142,000 462,000 ($12,000 Net operating loss ) ー Inventory balances: Raw Materials Work in process Finished goods August 1August 31 $8,000 $13,000 $16,000$21,000 $40,000 $60,000 That's not right! Something is wrong. Can you correct this income statement? Nutini Shoes Company Income Statement Raw material used For the Month Ending August 31 Cost of Goods Manufactured Cost of Goods Sold
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Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 82,000 $ 136,000 $ 104,000 $ 45,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,600 $ 20,300 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare...
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The following costs were incurred in May. Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expense $39,100 $30,400 $18,000 $14,500 $34,700 01:03:56 Prime costs during the month totaled: Multiple Choice 0 O $69.500 0 $48.400 0 $36.700 0 $27500
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Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $4,300 $480 $520 $620 $730 $210 $220 $420 $490 $310 $200 What was the cost of direct materials used? O A. $690 OB. $480 OC. $470 OD. $430 Click to select your answer
Sales Less operating expenses: $450,000 Direct labor cost Raw materials purchased Manufacturing overhead Selling/ admin. expenses $70,000 165,000 85,000 142,000 462,000 ($12,000 Net operating loss ) ー Inventory balances: Raw Materials Work in process Finished goods August 1August 31 $8,000 $13,000 $16,000$21,000 $40,000 $60,000 That's not right! Something is wrong. Can you correct this income statement? Nutini Shoes Company Income Statement Raw material used For the Month Ending August 31 Cost of Goods Manufactured Cost of Goods Sold
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 655, eee $ 86, eee $ 140, eee $ 102, eee $ 44, eee $ 207, eee $ 226, eee Inventories Raw materials Work in process Finished goods Beginning $ 8,eee $ 5,400 $ 73,eee Ending $ 11, eee $ 20,800 $ 25, 120 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 656,000 $ 82,000 $ 136,000 $ 104,000 $ 45,000 $ 204,000 $ 225,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,400 $ 5,600 $ 74,000 Ending $ 10,600 $ 20,300 $ 25,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare...
Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $652,000 $ 82,000 $137,000 $102,000 $ 49,000 $208,000 $227,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,900 $10,300 $5,300 $20,600 $ 74,000 $25,500 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...
Sales revenue Purchases of direct materials Direct labor Manufacturing overhead Operating expenses Beginning raw materials inventory Ending raw materials inventory Beginning work in process inventory Ending work in process inventory Beginning finished goods inventory Ending finished goods inventory $5,000 $490 $450 $660 $720 $250 S260 $410 $460 S280 $200 What was operating income? O A. $2,900 O B. $5,000 O c. $2,660 O D. $4,280
Variable costs per unit: Manufacturing Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative Fixed costs per year: Fixed manufacturing overhead Fixed selling and administrative $ $ $ $ 10 4 1 1 $231,000 $141, eee During the year, the company produced 21,000 units and sold 17,000 units. The selling price of the company's product is $40 per unit. Required: 1. Assume that the company uses absorption costing: a. Compute the unit product cost. b. Prepare an income...
The following costs were incurred in September Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $42.700 $29.400 $27.300 $23.600 $33.700 Conversion costs during the month totaledi O $56,700 $72.100 O $156,700 O $70,000
Chapter 2 Pl: Murdock Company has the following information from last yea Costs Incurred Raw materials purchased Direct labor Indirect labor Equipment Maintenance Insurance on Factory Rent on factory Equipment depreciation Factory supplies Advertising expenses Selling and administrative expenses Dollars 125,000 75,000 40,000 10,000 12,000 30,000 20,000 11,000 15,000 21,000 Ending Inventories Raw materials Work in process Finished goods Beginning Balance($ 10,000 20,000 30,000 Balance($) 17,000 31,000 25,000 1. 2. Determine the cost of goods manufactured. Determine the cost of...
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