Cost of Manufacturing
The following is Whitman Itée's partial trial balance as of December 31, 2021:
Advertising 30,000
Direct labour 192,000
Administrative expenses125,520
Indirect labour 70,000
Raw materials used 128,000
Finished goods inventory - January 1, 2021 14,000
Plant maintenance 12,200
Tooling repairs 8,800
Vendor Commissions 15,000
Property Taxes - Plant 11,800
Plant Supplies 14,800
Insurance - Plant 12,400
You are also provided with the following information:
1.Manufacturing records indicate that 30,000 units were manufactured during the year.
Work to be done
1. Present the company's manufacturing cost statement for the year 2021 using the full cost method.
2. Calculate the unit cost of manufacturing.
3. Calculate the cost of finished goods inventory as of December 31, 2021 and the cost of goods sold during 2021 knowing that 2,000 units were not sold.
4. Present the company's income statement for the year 2021 assuming that sales are 800,000.
Homework Answers
Unimart Precision Manufacturing $ 292,000 $584.000 points 520,000 Beginning inventory Merchandise Finished goods Cost of purchases...
Unimart Precision Manufacturing $ 292,000 $584.000 points 520,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 810,000 192,000 186,000 eBook Compute cost of goods sold for each of these two companies for the year ended December 31, 2017. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business References Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART...
2-28 Computing cost of goods manufactured and cost of goods sold. The following are account be...
2-28 Computing cost of goods manufactured and cost of goods sold. The following are account be NINTRODUCTION TO COST TERMS AND PURPOSES R 200 800 ances relating to 2019 (in thousands): Property tax on plant building Marketing, distribution, and customer-service costs Finished goods inventory, January 1, 2019 Plant utilities Work-in-process inventory, December 31, 2019 Depreciation of plant building General and administrative costs (nonplant) Direct materials used $ 4,200 44,400 37,400 20,400 32,200 14,700 51,600 106,800 44,800 14,700 19,200 25,000 38,400...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $81,910 $103,210 Materials inventory, December 31 (a) 116,630 Materials purchased 208,050 (a) Cost of direct materials used in production 219,520 (b) Direct labor 308,800 232,220 Factory overhead 95,830 115,600 Total manufacturing costs incurred in December (b) 667,770 Total manufacturing...
Precision Manufacturing Unimart $253,000 $506,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods...
Precision Manufacturing Unimart $253,000 $506,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 470,000 760,000 153,000 147,000 Merch Business Mfg Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business Mfg Business Compute cost of goods sold for...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statem...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December. On Company Off Company Materials inventory, December 1 $81,910 $103,210 Materials inventory, December 31 (a) 116,630 Materials purchased 208,050 (a) Cost of direct materials used in production 219,520 (b) Direct labor 308,800 232,220 Factory overhead 95,830 115,600 Total manufacturing costs incurred in December (b) 667,770 Total manufacturing...
Hollywood Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000. Advertising...
Hollywood Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000. Advertising expense $45,000. Depreciation on plant $60,000. Property taxes on plant $19,000. Property taxes on store $7,500. Delivery expense - sales $21,000. Labour costs of assembly line workers $110,000. Sales commission $35,000. Salaries paid to sales clerks Factory supplies used $25,000. $50,000. Work in process inventory was $10,000 on January 1 and $14,000 at December 31. Finished goods inventory was $60,000 at Jahuary 1 and...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December: On Company Off Company Materials inventory, December 1 $56,220 $75,330 Materials inventory, December 31 (a) 85,120 Materials purchased 142,800 169,490 Cost of direct materials used in production 150,670 (a) Direct labor 211,950 (b) Factory overhead 65,780 84,370 Total manufacturing costs incurred in December (b) 487,390 Total manufacturing...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December On Company Off Company $89,560 $114,640 (a) 129,540 (a) 227.480 240,020 (b) 257,940 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred December Total manufacturing costs Work in process inventory, December...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different cor On Off Company Company $82,130 $107,590 (a) 121,580 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of...
Precision Unimart Manufacturing Beginning inventory Merchandise Finished goods $312,000 $624,000 Cost of purchases 570,000 Cost of...
Precision Unimart Manufacturing Beginning inventory Merchandise Finished goods $312,000 $624,000 Cost of purchases 570,000 Cost of goods manufactured Ending inventory 900,000 212,000 Merchandise Finished goods 206,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Mfg Merch Business Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For...
Unimart Precision Manufacturing $ 292,000 $584.000 points 520,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 810,000 192,000 186,000 eBook Compute cost of goods sold for each of these two companies for the year ended December 31, 2017. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business References Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART...
2-28 Computing cost of goods manufactured and cost of goods sold. The following are account be NINTRODUCTION TO COST TERMS AND PURPOSES R 200 800 ances relating to 2019 (in thousands): Property tax on plant building Marketing, distribution, and customer-service costs Finished goods inventory, January 1, 2019 Plant utilities Work-in-process inventory, December 31, 2019 Depreciation of plant building General and administrative costs (nonplant) Direct materials used $ 4,200 44,400 37,400 20,400 32,200 14,700 51,600 106,800 44,800 14,700 19,200 25,000 38,400...
Precision Manufacturing Unimart $253,000 $506,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 470,000 760,000 153,000 147,000 Merch Business Mfg Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business Mfg Business Compute cost of goods sold for...
Hollywood Corporation incurred the following costs while manufacturing its product. Materials used in product $120,000. Advertising expense $45,000. Depreciation on plant $60,000. Property taxes on plant $19,000. Property taxes on store $7,500. Delivery expense - sales $21,000. Labour costs of assembly line workers $110,000. Sales commission $35,000. Salaries paid to sales clerks Factory supplies used $25,000. $50,000. Work in process inventory was $10,000 on January 1 and $14,000 at December 31. Finished goods inventory was $60,000 at Jahuary 1 and...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December On Company Off Company $89,560 $114,640 (a) 129,540 (a) 227.480 240,020 (b) 257,940 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred December Total manufacturing costs Work in process inventory, December...
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different cor On Off Company Company $82,130 $107,590 (a) 121,580 Materials inventory, December 1 Materials inventory, December 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred in December Total manufacturing costs Work in process inventory, December 1 Work in process inventory, December 31 Cost of...
Precision Unimart Manufacturing Beginning inventory Merchandise Finished goods $312,000 $624,000 Cost of purchases 570,000 Cost of goods manufactured Ending inventory 900,000 212,000 Merchandise Finished goods 206,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Mfg Merch Business Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For...
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