Homework Answers
Answer a.
Direct materials inventory = $1,800
Explanation:
Direct material cost per mug = Direct materials total costs / No. of units produced
= $3,600 / 18,000 units = $0.20
1 unit of mugs required 0.4 pounds of direct materials
0.4 pounds of direct materials = $0.20
Direct materials cost per pound = $0.20 / 0.4 pounds = $0.50
Direct materials inventory = Direct materials inventory units * Direct materials cost per pound
= 3,600 pounds * $0.50 = $1,800
Answer b .
Finished Goods inventory = 2,000 units
Explanation:
Manufacturing cost per unit = (Direct material + Direct Labour + Indirect manufacturing cost) / Units Produced
= ($3,600 + $31,500 + $1,140 + $4,260) / 18,000 units
= $2.25
Finished Goods inventory = Finished Goods inventory / Manufacturing cost per unit
$4,500 / $2.25 = 2,000 units
Answer c.
Selling price = $3.85
Explanation :
Units sold = Units produced - units in Finished Goods inventory
= 18,000 units - 2,000 units
= 16,000 units
Selling price per unit = Sales value / Units sold
= $61,600 / 16,000 units
= $3.85
Answer d .
Operating profit (loss) = $11,890
Explanation :
| Sales | $61,600 |
| Less : COGS (16,000 units * $2,25) | ($36,000) |
| Gross profit | $25,600 |
| Less: Administration and marketing ($2,010 + $11,700) | ($13,710) |
| Operating profit | $11,890 |
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Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1 year 1, a...
Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January...
Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1, year 1, and its costs incurred during the year include these Variable costs (based on mugs produced): Direct materials cost Direct manufacturing labor costs Indirect manufacturing costs Administration and marketing s 3,000 12,810 1,000 2,360 Fixed costs Administration and marketing costs Indirect manufacturing costs 11,300 4,190 On December 31. year 1, direct materials inventory consisted of 3,000 pounds of material. Production in that...
Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January...
Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1, year 1, and its costs incurred during the year include the following. Variable costs (based on mugs produced): Direct materials cost Direct manufacturing labor costs Indirect manufacturing costs Administration and marketing Fixed costs: Administration and marketing costs Indirect manufacturing costs $ 6,000 31,670 1,070 2,060 11,600 4,260 On December 31, year 1, direct materials inventory consisted of 6,000 pounds of material. Production in...
Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January...
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Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1, year 1, and its costs incurred during the year include these: Variable costs (based on mugs produced): Direct materials cost $ 2,100 Direct manufacturing labor costs 22,770 Indirect manufacturing costs 1,070 Administration and marketing 2,020 Fixed costs: Administration and marketing costs 12,000 Indirect manufacturing costs 4,160 On December 31, year 1, direct materials inventory consisted of 2,100 pounds of material. Production in...
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the same 200,000 square foot building. The manufacturing plant uses
150,000 square feet. Depreciation is assigned based on building
use. Indirect labor represents 15 percent of the total
manufacturing plant labor.
The financial information for the year just ended is shown as
follows.
.
1. Prepare a cost of goods manufactured and
sold statement.
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Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1, year 1, and its costs incurred during the year include these Variable costs (based on mugs produced): Direct materials cost Direct manufacturing labor costs Indirect manufacturing costs Administration and marketing s 3,000 12,810 1,000 2,360 Fixed costs Administration and marketing costs Indirect manufacturing costs 11,300 4,190 On December 31. year 1, direct materials inventory consisted of 3,000 pounds of material. Production in that...
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Westlake, Inc. produces metal fittings for the aerospace
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follows.
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sold statement.
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