Homework Answers
Answer: Cost of goods sold = $50,000
Calculation:
8,000(rent on factory and equipment - manufacturing overhead) + 24,000(payment to factory workers-direct labor) + 18,000(tomatoes, onions, spices and bottles-direct material) = $50,000
Others can't be included in cost of goods sold since they are indirect costs.
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what dollar amount should the company use for cost of goods
sold?
As in the previous...
As in the previous Participation Exercise, the Khalid Company manufactures and sells Paso-the-Salsa, which is a...
As in the previous Participation Exercise, the Khalid Company manufactures and sells Paso-the-Salsa, which is a bottled condiment used on a variety of foods. Each bottle is sold for $6. The company recently had the following costs to produce 12,000 units of its product during August: A. Rent of $5,000 on a billboard to help advertise the product B. Rent on factory and equipment of $8,000 C. Total payroll for hourly paid, factory workers $24,000 Tomatoes, onions, spices and bottles...
What is the company's net income for the month (as needed , round your final answer...
What is the company's net income for the month (as needed ,
round your final answer to the nearest whole dollar)?
As in the previous Participation Exercise, the Khalid Company manufactures and sells Paso- the-Salsa, which is a bottled condiment used on a variety of foods. Each bottle is sold for $6. The company recently had the following costs to produce 12,000 units of its product during August: A. Rent of $5,000 on a billboard to help advertise the product...
The Khalid Company manufactures and sells Paso-the-Salsa, which is a bottled condiment used on a variety...
The Khalid Company manufactures and sells Paso-the-Salsa, which is a bottled condiment used on a variety of foods. Each bottle is sold for $5. The company recently had the following costs to produce and sell 12,000 units of its product during August: Rent of $5,000 on a billboard to help advertise the product B. Rent on factory and equipment of $8,000 Total payroll for hourly paid, factory workers $24,000 Tomatoes, onions, spices and bottles $18,000 Total payroll for salaried, administrative...
Cost of Goods Manufactured and Sold Income Statement P2-A The following sales and cost data has...
Cost of Goods Manufactured and Sold Income Statement P2-A The following sales and cost data has been accumulated for the Blueberry Company for the year ended June 30, Year 2: Inventories Raw materials Work in process Finished goods $ Beginning 9,000 32,000 17,000 Ending 12,000 30,000 22,000 Advertising expense Utilities, factory mo Depreciation, office equipment Indirect materials Property taxes, office building Purchases of raw materials Rent, office Rent, factory mo Utilities, office Direct labor Sales commissions SMaries Depreciation, factory equipment...
Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that...
Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as either direct or indirect.) 2. Compute the average product cost of one patio set 3. Assume...
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual Inventory updating. Provide calculations for weighted average (AVG). Round your Intermediate calculations to 2 decima places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales 810 $60 Beginning inventory Purchased 610 62 Sold 400 $80 Sold 350 90 Ending Inventory 670 AVG (perpetual) Inventory Cost of Goods Sold...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $ 85,000 $ 43,000 $ 21,400 32,800 $ 54,200 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $ 15,200 24,400 $ 39,600 $ 5,600 28,200 $ 33,800 Required: 1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: Direct materials $ 75,000 Direct labor $ 38,000 Variable manufacturing overhead $ 17,400 Fixed manufacturing overhead 29,800 Total manufacturing overhead $ 47,200 Variable selling expense $ 13,200 Fixed selling expense 20,400 Total selling expense $ 33,600 Variable administrative expense $ 4,600 Fixed administrative expense 26,200 Total administrative expense $ 30,800 Required: 1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $ 85,000 $ 43,000 $ 21,400 32,800 $ 54,200 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $ 15,200 24,400 $ 39,600 $ 5,600 28, 200 $ 33,800 Required: 1. With respect to cost...
only use information for the Birdhouse. This changes some dollar figures in the Cost of Goods Sold...
only use information for the
Birdhouse. This changes some dollar
figures in the Cost of Goods Sold Budget. The cost of the ending
inventory Birdhouse will be $32 x 340 birdhouses
Beginning Finished goods inventory $7,820 Ending FG inventory
$10,880
Beginning WIP $14,500 Ending WIP $17,700
Chapter 22 Budgeting 1113 c. Desired inventories at January 31: Direct materials: Wood Plastic... . . . 32 Finished products: 340 units at $28per unit Y& 200 units at $34 per unit 180 ft. Birdhouse...
As in the previous Participation Exercise, the Khalid Company manufactures and sells Paso-the-Salsa, which is a bottled condiment used on a variety of foods. Each bottle is sold for $6. The company recently had the following costs to produce 12,000 units of its product during August: A. Rent of $5,000 on a billboard to help advertise the product B. Rent on factory and equipment of $8,000 C. Total payroll for hourly paid, factory workers $24,000 Tomatoes, onions, spices and bottles...
What is the company's net income for the month (as needed ,
round your final answer to the nearest whole dollar)?
As in the previous Participation Exercise, the Khalid Company manufactures and sells Paso- the-Salsa, which is a bottled condiment used on a variety of foods. Each bottle is sold for $6. The company recently had the following costs to produce 12,000 units of its product during August: A. Rent of $5,000 on a billboard to help advertise the product...
The Khalid Company manufactures and sells Paso-the-Salsa, which is a bottled condiment used on a variety of foods. Each bottle is sold for $5. The company recently had the following costs to produce and sell 12,000 units of its product during August: Rent of $5,000 on a billboard to help advertise the product B. Rent on factory and equipment of $8,000 Total payroll for hourly paid, factory workers $24,000 Tomatoes, onions, spices and bottles $18,000 Total payroll for salaried, administrative...
Cost of Goods Manufactured and Sold Income Statement P2-A The following sales and cost data has been accumulated for the Blueberry Company for the year ended June 30, Year 2: Inventories Raw materials Work in process Finished goods $ Beginning 9,000 32,000 17,000 Ending 12,000 30,000 22,000 Advertising expense Utilities, factory mo Depreciation, office equipment Indirect materials Property taxes, office building Purchases of raw materials Rent, office Rent, factory mo Utilities, office Direct labor Sales commissions SMaries Depreciation, factory equipment...
Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling and administrative cost or a product cost. (If the item is a product cost, it should also be classified as either direct or indirect.) 2. Compute the average product cost of one patio set 3. Assume...
Calculate the cost of goods sold dollar value for A67 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual Inventory updating. Provide calculations for weighted average (AVG). Round your Intermediate calculations to 2 decima places and final answers to the nearest dollar amount. Number of Units Unit Cost Sales 810 $60 Beginning inventory Purchased 610 62 Sold 400 $80 Sold 350 90 Ending Inventory 670 AVG (perpetual) Inventory Cost of Goods Sold...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $ 85,000 $ 43,000 $ 21,400 32,800 $ 54,200 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $ 15,200 24,400 $ 39,600 $ 5,600 28,200 $ 33,800 Required: 1. With respect to cost classifications...
Dozier Company produced and sold 1,000 units during its first month of operations. It reported the following costs and expenses for the month: $ 85,000 $ 43,000 $ 21,400 32,800 $ 54,200 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Total manufacturing overhead Variable selling expense Fixed selling expense Total selling expense Variable administrative expense Fixed administrative expense Total administrative expense $ 15,200 24,400 $ 39,600 $ 5,600 28, 200 $ 33,800 Required: 1. With respect to cost...
only use information for the
Birdhouse. This changes some dollar
figures in the Cost of Goods Sold Budget. The cost of the ending
inventory Birdhouse will be $32 x 340 birdhouses
Beginning Finished goods inventory $7,820 Ending FG inventory
$10,880
Beginning WIP $14,500 Ending WIP $17,700
Chapter 22 Budgeting 1113 c. Desired inventories at January 31: Direct materials: Wood Plastic... . . . 32 Finished products: 340 units at $28per unit Y& 200 units at $34 per unit 180 ft. Birdhouse...
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