Homework Answers
A) Cost of goods sold = Revenue - Gross profit
= 12,725,000 - 5,347,000 = $7,378,000
B) Direct material cost = Material purchased - ending material inventory
= 4,241,600 - 298,200 = $3,943,400
C) Direct labor cost = Total Manufacturing cost during the period - direct material cost - indirect material - indirect labor - other factory overhead
= 8,102,900 - 3,943,400 - 185,100 - 421,600 - 832,900
= $2,719,900
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Dooard C18 Font IH ! 2. $. % Alignment 1 B Cost flow relationships Number The...
Cost Flow Relationships The following information is available for the first year of operations of Creston...
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $1,195,300 Gross profit 322,700 Indirect labor 107,600 Indirect materials 44,200 Other factory overhead 20,300 Materials purchased 609,600 Total manufacturing costs for the period 1,319,600 Materials inventory, end of period 44,200 Using the above information, determine the following amounts: a. Cost of goods sold $ b. Direct materials cost $ c. Direct labor cost $
Cost Flow Relationships The following information is available for the first year of operations of Creston...
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $12,375,000 Gross profit 5,200,000 Indirect labor 410,000 Indirect materials 180,000 Other factory overhead 810,000 Materials purchased 4,125,000 Total manufacturing costs for the period 7,880,000 Materials inventory, end of period 290,000 Using this information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
cost flow relationships the following information is available for the first year of operations of creston...
cost flow relationships the following information is available for the first year of operations of creston inc., a manufacturer of fabricating equipment: sales $1,356,200 gross profit 366,200 indirect labor 122,100 indirect materials 50,200 other factory overhead 23,100 materials purchased 691,700 total manufacturing costs for the period 1,497,200 materials inventory, end of period 50,200 using the above information, determine the following amounts: a. cost of goods sold $ b. direct materials cost $ c. direct labor cost $
b. $3,655,000 SHOW ME HOW Describe each of the five transactions. EX 16-2 Cost flow relationships...
b. $3,655,000 SHOW ME HOW Describe each of the five transactions. EX 16-2 Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufac- Obj. 2 turer of fabricating equipment: Sales $12,375,000 Gross profit 5,200,000 Indirect labor 410,000 Indirect materials 180,000 Other factory overhead 810,000 Materials purchased 4,125,000 Total manufacturing costs for the period 7,880,000 Materials inventory, end of period 290,000 Determine the following amounts: a. Cost of goods sold b. Direct...
Cost Flow Relationships The following information is available for the first year of operations of Creston...
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc, a manufacturer of fabricating equipment Sales $863,300 233,100 Gross profit Indirect labor 77,700 31,900 14,700 Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period 440,300 953,100 31,900 Using the above information, determine the following amounts: a. Cost of goods sold 630,200 b. Direct materials cost 63,800 X c. Direct labor cost
B. $4,425,000 SHOW ME HOW EX 2-2 Cost flow relationships Obj. 2 The following information is...
B. $4,425,000 SHOW ME HOW EX 2-2 Cost flow relationships Obj. 2 The following information is available for the first year of operations of Engle Inc., a manu- facturer of fabricating equipment: Sales $7,270,000 Gross profit 1,450,000 Indirect labor 330,000 Indirect materials 195,000 Other factory overhead 90,000 Materials purchased 5,100,000 Total manufacturing costs for the period 6,170,000 Materials inventory, end of period 480,000 Determine the following amounts: A. Cost of goods sold B. Direct materials cost C. Direct labor cost
The following information is available for the first year of operations of Creston Inc., a manufacturer...
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $12,075,000 Gross profit 5,073,900 Indirect labor 400,000 Indirect materials 175,600 Other factory overhead 790,400 Materials purchased 4,025,000 Total manufacturing costs for the period 7,689,000 Materials inventory, end of period 283,000 Determine the following amounts. Round your answers to the nearest dollar. Cost of goods sold $ Direct materials cost $ Direct labor cost $
The following information is available for the first year of operations of Creston Inc., a manufacturer...
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $ 12,105,000 Gross profit 5,086,500 Indirect labor 401,000 Indirect materials 176,100 Other factory overhead 792,300 Materials purchased 4,035,000 Total manufacturing costs for the period 7,708,100 Materials inventory, end of period 283,700 Determine the following amounts. Round your answers to the nearest dollar. Cost of goods sold $ Direct materials cost $ Direct labor cost $
The following information is available for the first year of operations of Creston Inc, a manufacturer...
The following information is available for the first year of operations of Creston Inc, a manufacturer of fabricating equipment: Sales $ 12,105,000 Gross profit 5,086,500 Indirect labor 401,000 Indirect materials 176,100 Other factory overhead 792,300 Materials purchased 4,035,000 Total manufacturing costs for the period 7,708,100 Materials inventory, end of period 283,700 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. х D110 Open...
Cost Flow Relationships The following information is available for the first year of operations of Engle...
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating e Sales $1,115,000 Gross profit 301,100 Indirect labor 100,400 Indirect materials 41,300 Other factory overhead 19,000 Materials purchased 568,700 Total manufacturing costs for the period 1,231,000 Materials inventory, end of period 41,300 Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost Entries for Materials Cenk Furnishings...
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $12,375,000 Gross profit 5,200,000 Indirect labor 410,000 Indirect materials 180,000 Other factory overhead 810,000 Materials purchased 4,125,000 Total manufacturing costs for the period 7,880,000 Materials inventory, end of period 290,000 Using this information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
b. $3,655,000 SHOW ME HOW Describe each of the five transactions. EX 16-2 Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufac- Obj. 2 turer of fabricating equipment: Sales $12,375,000 Gross profit 5,200,000 Indirect labor 410,000 Indirect materials 180,000 Other factory overhead 810,000 Materials purchased 4,125,000 Total manufacturing costs for the period 7,880,000 Materials inventory, end of period 290,000 Determine the following amounts: a. Cost of goods sold b. Direct...
Cost Flow Relationships The following information is available for the first year of operations of Creston Inc, a manufacturer of fabricating equipment Sales $863,300 233,100 Gross profit Indirect labor 77,700 31,900 14,700 Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period 440,300 953,100 31,900 Using the above information, determine the following amounts: a. Cost of goods sold 630,200 b. Direct materials cost 63,800 X c. Direct labor cost
B. $4,425,000 SHOW ME HOW EX 2-2 Cost flow relationships Obj. 2 The following information is available for the first year of operations of Engle Inc., a manu- facturer of fabricating equipment: Sales $7,270,000 Gross profit 1,450,000 Indirect labor 330,000 Indirect materials 195,000 Other factory overhead 90,000 Materials purchased 5,100,000 Total manufacturing costs for the period 6,170,000 Materials inventory, end of period 480,000 Determine the following amounts: A. Cost of goods sold B. Direct materials cost C. Direct labor cost
The following information is available for the first year of operations of Creston Inc, a manufacturer of fabricating equipment: Sales $ 12,105,000 Gross profit 5,086,500 Indirect labor 401,000 Indirect materials 176,100 Other factory overhead 792,300 Materials purchased 4,035,000 Total manufacturing costs for the period 7,708,100 Materials inventory, end of period 283,700 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. х D110 Open...
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating e Sales $1,115,000 Gross profit 301,100 Indirect labor 100,400 Indirect materials 41,300 Other factory overhead 19,000 Materials purchased 568,700 Total manufacturing costs for the period 1,231,000 Materials inventory, end of period 41,300 Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost Entries for Materials Cenk Furnishings...
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