Homework Answers
Answer- $716.00
When we calculate cost of goods sold we need to consider all the
factors regarding the cost components. All these factors are
already appeared in the cost sheet.
Calcualtion of the cost of goods sold -
= Total manufacturing cost + Opening Stock WIP - Closing Stock WIP
+ Opening Stock Finished goods - Closing Stock Finished
Goods
= $686 + $80 - $30 + $90 - $110
= $716.00
For the breif explanation cost is shown below -
| Maclver Company | |
| Cost Sheet | |
| Description | Amount |
| Opening Stock - Raw Material | 75.00 |
| Add: Raw Material ( See WN : 1) | 336.00 |
| Add: Direct Labour/Wages ( See WN : 2) | 225.00 |
| Add: Direct Overhead ( See WN : 2) | 135.00 |
| Less: Closing Stock - Raw Material | 85.00 |
| TOTAL MANUFACTURING COST | 686.00 |
| Add: Opening Stock - Work in Progress | 80.00 |
| Less: Closing Stock - Work in Progress | 30.00 |
| COST OF PRODUCTION | 736.00 |
| Add: Opening Stock - Finished Goods | 90.00 |
| Less: Closing Stock - Finished Goods | 110.00 |
| COST OF GOODS SOLD | 716.00 |
WN :1
Raw Material Purchased = Raw material used + Closing stock of raw material - Opening stock of raw material
= $326 + $85 - $75
= $336
WN : 2
Total Manufacturing Cost = Raw Material used + Direct Labour +
Manufacturing Overhead
$686 = $326 + Direct Labour + Direct Labour * 60 %
$686 - $326 = Direct Labour + Direct Labour * 60 %
Direct Labour = $360/1.60
Direct Labour = $225 Manufacturing Overhead = $135
Add Answer to:
Indirect costs may be ind Indirect costs vary with tl Question Completion Status: QUESTION 16 The...
Question Completion Status: QUESTION 6 The Sun and Moon Corporation reported the following account balances as...
Question Completion Status: QUESTION 6 The Sun and Moon Corporation reported the following account balances as of December 31, 2020. What is their Cost of Goods Manufactured? Beginning work in process inventory Beginning finished goods inventory Beginning raw materials inventory. Ending work in process inventory Ending finished goods inventory Ending raw materials inventory Raw materials purchases Direct labor Indirect labor Factory rent Depreciation on factory equipment Factory supplies used O $135,000 $31.000 $15,000 23,000 7,000 26,000 30,000 15,000 60,000 50,000...
Question 2: Production activities of Company B for the year of 2018 are below: 1. The company purchases 800.000 TL...
Question 2: Production activities of Company B for the year of 2018 are below: 1. The company purchases 800.000 TL worth material during the period. 2. Cost of direct material used in manufacturing is 500.000 TL 3. Cost of indirect material used in manufacturing is 100.000 TL 4. Total labor expenses incurred by the company is 1.000.000 TL and it can be grouped as fallows Direct labor : 800.000 TL Indirect labor : 200.000 TL 5. Predetermined manufacturing overhead rate...
Question Completion Status: QUESTION 18 If y = In(ex?+y?) then y' = 2x (a) x2 +...
Question Completion Status: QUESTION 18 If y = In(ex?+y?) then y' = 2x (a) x2 + y2 - 27 2xx² (b) — e* + y2 - 2y - 2xe* + 2y (c) 5 x + ² (0) xy + 2x Click Save and Submit to save and submit. Click Save All Answers to save all answers. RI " - mul Take Teat r et - Discord
v Question Completion Status: QUESTION 22 Overapplied overhead means that O the estimated overhead cost was...
v Question Completion Status: QUESTION 22 Overapplied overhead means that O the estimated overhead cost was less than the applied overhead cost O the applied overhead cost was greater than the actual overhead cost O the estimated overhead cost was less than the actual overhead cost. the applied overhead cost was less than the actual overhead cost. QUESTION 23 Jones Company had the following inventory balances for the month of Apri Raw Materials $15,000 $5,000 Work In Process $10,000 $11,000...
Jon Completion Status $168.000 QUESTION 41 Given Brush Industries cost information for May shown in the...
Jon Completion Status $168.000 QUESTION 41 Given Brush Industries cost information for May shown in the table below, what is their operating income for ay under absorption conting Sales $900,000 Fixed cost of goods sold $100,000 Variable cost of goods sold $250,000 Fixed selling and administrative costs $100,000 Variable selling and administrative costs $125,000 5650.000 $325,000 5525.000 $550.000 allow to Click Save and Submit to save and submit Cliol San. All
Question 2: Production activities of Company B are below: 1. The company purchases 1.600.000 TL worth...
Question 2: Production activities of Company B are below: 1. The company purchases 1.600.000 TL worth material during the period. 2. Cost of direct material used in manufacturing is 1.000.000 TL 3. Cost of indirect material used in manufacturing is 200.000 TL 4. Total labor expenses incurred by the company is 2.000.000 TL and it can be grouped as fallows Direct labor 1.600.000 TL Indirect labor 400.000 TL 5. Predetermined manufacturing overhead rate is 150% of direct labor expense. 6....
Question Completion Status: QUESTION 36 Copy of Suppose a market basket consists of the following goods:...
Question Completion Status: QUESTION 36 Copy of Suppose a market basket consists of the following goods: 50 pens 100 notepads 200 paper clips Also assume that price per unit for these goods is as follows for the years noted, and 2010 is the base year. What is the value of the cost of the basket in 2011? PRICE IN PRICE IN 2010 2011 PENS $ 0.25 $0.30 Save All Answe Click Save and Submit to save and submit. Click Save...
Force Completion This test can be all Question Completion Status: QUESTION 1 A decision involving a...
Force Completion This test can be all Question Completion Status: QUESTION 1 A decision involving a choice between internal and external production is what kind of decision? O relevant O keep-or-drop O sell-or-process-further O special-order O make-or-buy QUESTION 2 A decision that focuses on whether a specially priced order should be accepted or rejected is what kind decision? Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Remaining Time 56 Question completion Status Which of the following is nie direct labor cost? wages...
Remaining Time 56 Question completion Status Which of the following is nie direct labor cost? wages of a factory supervisor Wages of assembly-line I workers NO (A)/No Yes B) Yes Yos /c/No NO 10i/res ant Option A Option B Option Option D QUESTION 2 Indirect labor is a(n): Prime cost Conversion cost Period cost Stop sharing Hide Click Save and Submit to sat il auto,proctoru.com is sharing your screen. s
ul Live Strea Inutes, 33 seconds Question Completion Status: QUESTION 1 The IMA's Statement of Ethical...
ul Live Strea Inutes, 33 seconds Question Completion Status: QUESTION 1 The IMA's Statement of Ethical Professional Practice includes all of the following standards except O Confidentiality O Integrity Independence Competence QUESTION 2 Overhead in more likely to be over-applied if (select one): e 1.Control over actual overhead costs is poor. O 2. The actual amount of the overhead allocation base (like labor hours) is more than estimated QUESTION 3 Select the appropriate classification of quality cost for each activity....
Question Completion Status: QUESTION 6 The Sun and Moon Corporation reported the following account balances as of December 31, 2020. What is their Cost of Goods Manufactured? Beginning work in process inventory Beginning finished goods inventory Beginning raw materials inventory. Ending work in process inventory Ending finished goods inventory Ending raw materials inventory Raw materials purchases Direct labor Indirect labor Factory rent Depreciation on factory equipment Factory supplies used O $135,000 $31.000 $15,000 23,000 7,000 26,000 30,000 15,000 60,000 50,000...
Question 2: Production activities of Company B for the year of 2018 are below: 1. The company purchases 800.000 TL worth material during the period. 2. Cost of direct material used in manufacturing is 500.000 TL 3. Cost of indirect material used in manufacturing is 100.000 TL 4. Total labor expenses incurred by the company is 1.000.000 TL and it can be grouped as fallows Direct labor : 800.000 TL Indirect labor : 200.000 TL 5. Predetermined manufacturing overhead rate...
Question Completion Status: QUESTION 18 If y = In(ex?+y?) then y' = 2x (a) x2 + y2 - 27 2xx² (b) — e* + y2 - 2y - 2xe* + 2y (c) 5 x + ² (0) xy + 2x Click Save and Submit to save and submit. Click Save All Answers to save all answers. RI " - mul Take Teat r et - Discord
v Question Completion Status: QUESTION 22 Overapplied overhead means that O the estimated overhead cost was less than the applied overhead cost O the applied overhead cost was greater than the actual overhead cost O the estimated overhead cost was less than the actual overhead cost. the applied overhead cost was less than the actual overhead cost. QUESTION 23 Jones Company had the following inventory balances for the month of Apri Raw Materials $15,000 $5,000 Work In Process $10,000 $11,000...
Jon Completion Status $168.000 QUESTION 41 Given Brush Industries cost information for May shown in the table below, what is their operating income for ay under absorption conting Sales $900,000 Fixed cost of goods sold $100,000 Variable cost of goods sold $250,000 Fixed selling and administrative costs $100,000 Variable selling and administrative costs $125,000 5650.000 $325,000 5525.000 $550.000 allow to Click Save and Submit to save and submit Cliol San. All
Question 2: Production activities of Company B are below: 1. The company purchases 1.600.000 TL worth material during the period. 2. Cost of direct material used in manufacturing is 1.000.000 TL 3. Cost of indirect material used in manufacturing is 200.000 TL 4. Total labor expenses incurred by the company is 2.000.000 TL and it can be grouped as fallows Direct labor 1.600.000 TL Indirect labor 400.000 TL 5. Predetermined manufacturing overhead rate is 150% of direct labor expense. 6....
Question Completion Status: QUESTION 36 Copy of Suppose a market basket consists of the following goods: 50 pens 100 notepads 200 paper clips Also assume that price per unit for these goods is as follows for the years noted, and 2010 is the base year. What is the value of the cost of the basket in 2011? PRICE IN PRICE IN 2010 2011 PENS $ 0.25 $0.30 Save All Answe Click Save and Submit to save and submit. Click Save...
Force Completion This test can be all Question Completion Status: QUESTION 1 A decision involving a choice between internal and external production is what kind of decision? O relevant O keep-or-drop O sell-or-process-further O special-order O make-or-buy QUESTION 2 A decision that focuses on whether a specially priced order should be accepted or rejected is what kind decision? Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Remaining Time 56 Question completion Status Which of the following is nie direct labor cost? wages of a factory supervisor Wages of assembly-line I workers NO (A)/No Yes B) Yes Yos /c/No NO 10i/res ant Option A Option B Option Option D QUESTION 2 Indirect labor is a(n): Prime cost Conversion cost Period cost Stop sharing Hide Click Save and Submit to sat il auto,proctoru.com is sharing your screen. s
ul Live Strea Inutes, 33 seconds Question Completion Status: QUESTION 1 The IMA's Statement of Ethical Professional Practice includes all of the following standards except O Confidentiality O Integrity Independence Competence QUESTION 2 Overhead in more likely to be over-applied if (select one): e 1.Control over actual overhead costs is poor. O 2. The actual amount of the overhead allocation base (like labor hours) is more than estimated QUESTION 3 Select the appropriate classification of quality cost for each activity....
Most questions answered within 3 hours.
-
3) What are the typical social structures in a global city?
asked 15 seconds from now -
Luther Corporation
Consolidated Balance Sheet
December 31, 2019 and 2018 (in $ millions)
Assets
2019
2018...
asked 1 minute ago -
(Expected rate of return and risk) Carter Inc. is evaluating a
security. Calculate the investment’s expected...
asked 2 hours ago -
What specific indicators can point to lack of progress for
African Americans in American society?
asked 3 hours ago -
1-The Electrons in a beam are moving at 2.7×108 m/s in an
electric field of 15000...
asked 4 hours ago -
A gas tank is a vertical cylinder. It has a radius of 1m, a
height of...
asked 4 hours ago -
Accent Software faces the following conditions. All of these
support Accent’s use of a market-penetration pricing...
asked 5 hours ago -
A mathematically inclined friend emails you the following
instructions: "Meet me in the cafeteria the first...
asked 5 hours ago -
A monopoly sells in two countries . The demand curves in the two
countries are p1...
asked 6 hours ago -
A .15kg rubber ball is bounced off a wall. Before hitting the
wall, the ball moves...
asked 7 hours ago -
A manufacturing company preparing to build a new plant is
considering three potential locations for it....
asked 7 hours ago -
B. If compound Y has approximately the same values of solubility
in toluene as compound X,...
asked 7 hours ago