What is the amount of cost of goods manufactured for March 2016?
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Q: Calculate Manufacturing Cost?
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A: Solution.. Units sold = Total sales revenue ÷ selling price per unit = P636,400 ÷ P74 per unit =…
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A:
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Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: Cost of goods manufactured means total cost incurred in manufacturing or production of goods. Income…
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A: Given the following information: Raw material inventory August 1: $58,000 (Opening)August 31:…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: Cost of goods manufactured: It is a term used to show the total production costs of a company for a…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: A cost sheet is a method of allocating total cost into different categories such as direct material…
Q: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…
A: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…
Q: JRM Inc., which has only one product, provided the following data for April: Sales @ P74/unit…
A: SOLUTION- FORMULA- 1-CONTRIBUTION MARGIN = SALES - VARIABLE COST. 2-GROSS MARGIN = SALES - COGS .…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A:
Q: The Assembly Department of GigaGo, Inc., manufacturer of computers, had 1,000 units of beginning…
A: Total number of units to account for is calculated by adding the beginning inventory and units…
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A: The question is based on the concept of Cost Accounting.
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Q: Reed Production has provided the following information for the year 2015: Direct Labor $153,000…
A:
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Q: e Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: 1) Statement of cost of goods manufactured is shown below: Zoe Corporation Income Statement…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: Raw material consumed means opening stock of raw material plus purchases less closing stock of raw…
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A: Absorption costing includes anything that is a direct cost in producing a good in its cost basis.…
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A: Direct labor incurred = Total manufacturing costs - Manufacturing overhead incurred - Raw materials…
Q: urchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor…
A: Solution: Cost of Goods sold means the carrying value of goods sold during a particular period.…
Q: The Assembly Department of Interface, Inc., manufacturer of computers, had 500 units of beginning…
A: Total Number of Units to account for = Beginning Inventory + Transferred units.
Q: Krazy Kayaks manufactures kayaks. The company has automated production, so it allocates…
A: Journal entries are prepared to record the financial and non financial transactions of the business…
Q: Fagan Manufacturing uses an absorption costing system. In 2009 it manufactured 25,000 units and sold…
A: Absorption costing is a method of costing in which fixed overhead costs is allocated to a product…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: A cost sheet is a method of allocating total cost into different categories such as direct material…
Q: company uses a perpetual inventory system and has a highly labour-intensive production process, so…
A: The sales revenue is calculated as sum of cost of goods sold and gross profit. The overhead…
Q: unit product cost for the month under variable costing
A: Variable costing is a cost accounting method which uses variable costs only for product costing.
Q: The following data refers to one month for Talmidge Company. Fill in the blanks. Direct materials…
A: Cost accounting helps to calculate cost per unit and also profit and sale price of per unit. It is…
Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: The following transactions relate to the SHAINA CORP. for the month of November 2015: Product…
A: Manufacturing Cost = Direct material cost + Direct labour cost + Factory Overhead Cost
Q: a. Prepare a statement of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods…
A:
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- Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?Alexander Gentles Ltd manufactures a single product. For the month of November 2016, the company sold 6,000 units of the product at $500 each. At the start of November there were 460 units in store, while on November 30, 2016 inventory on hand was counted to be 630 units. The company has a budgeted capacity of 6,800 units. The following table shows cost information for the product that was extracted from the company’s accounting records. Cost per unit Details $ Direct materials 90 Direct labour 80 Production overheads 60 230 Administrative and selling overheads for November 2016 were budgeted at $350,000 and 280,000 respectively. The company’s records also revealed that sixty percent (60%) of the production overheads were fixed. Required: Calculate profit for November 2016 using absorption costing techniques. Give two (2) reasons for the difference in profit shown by the above methods.…
- Alexander Gentles Ltd manufactures a single product. For the month of November 2016, the company sold 6,000 units of the product at $500 each. At the start of November there were 460 units in store, while on November 30, 2016 inventory on hand was counted to be 630 units. The company has a budgeted capacity of 6,800 units. The following table shows cost information for the product that was extracted from the company’s accounting records. Cost per unit Details $ Direct materials 90 Direct labour 80 Production overheads 60 230 Administrative and selling overheads for November 2016 were budgeted at $350,000 and 280,000 respectively. The company’s records also revealed that sixty percent (60%) of the production overheads were fixed. Required: What was the marginal cost per unit for November 2016? Find the contribution margin per unit for November 2016. Calculate profit for November 2016 using…Krazy Kayaks manufactures kayaks. The company has automated production, so it allocates manufacturing overhead based on machine hours. Krazy expects to incur $240,000 of manufacturing overhead costs and to use 4,000 machine hours during 2015. At the end of 2014, Krazy reported the following inventories: Raw Materials Inventory $20,000 Work-in-Process Inventory $17,000 Finished Goods Inventory $11,000 During January 2015, Krazy used 300 machine hours and recorded the following transactions: Purchased materials on account, $31,000 Used direct materials, $39,000 Manufacturing wages incurred totaled $40,000, of which 90% was direct labor and 10% was indirect labor. Used indirect materials, $3,000 Incurred other manufacturing overhead for January 2015, $13,000 Allocated manufacturing overhead for January 2015 Cost of completed motor scooters, $100,000 Sold scooters on account, $175,000; cost of scooters sold, $95,000 Requirements: Compute Krazy Kayak’s…Kris GmbH has provided the following information regarding their inventories: Total Manufacturing Costs: $781,227 Work-in-Process inventory, Jan 1: $52,821 Work-in-Process inventory, Dec 31: $70,682 Finished Goods inventory, Jan 1: $176,432 Finished Goods inventory, Dec 31: $146,452 What is Cost of Goods Sold for the year?
- The GH company uses a cost accounting system by process and presents the following information for the month of July 2017: Its products are electronic components, manufactured in series for which its Elaboration is paid for by work cards. 37,000 units were started, the Material requisitions were $ 83,000, conversion costs were $ 98,000 and 33,000 units were completed. Starting inventory as of July 1 was 8,500 units with a cost of $ 31,000 of raw material and $ 39,000 conversion costs (100% material advance premium and 80% conversion costs). The ending inventory is 12,500 units, which have 100% raw material and the 40% conversion costs. Based on previous information: a) Evaluate with the three inventory valuation methods (FIFO, LIFO and CPP) and determine the unit cost of productionCerrone Inc. has provided the following data for the month of July. The balance in the Finished Goods inventory account at the beginning of the month was $52,900 and at the end of the month was $43,300. The cost of goods manufactured for the month was $259,000. The actual manufacturing overhead cost incurred was $154,800 and the manufacturing overhead cost applied to Work in Process was $143,000. The adjusted cost of goods sold that would appear on the income statement for July is: $280,400 S249,400 S268,600 $256,800Fagan Manufacturing uses an absorption costing system. In 2009 it manufactured 25,000 units and sold 20,000 units at $45 each. The company’s income statement for year ended December 31 2009 is as follows: FAGAN MANUFACTURING COMPANY INCOME STATEMENT FOR THE YEAR ENDING DECEMBER 31, 2009 Sales $900,000 Cost of goods sold: Finished goods inventory, January 1 $ 0 Cost of goods manufactured 812,500 Goods available for sale $812,500 Finished goods inventory, December 31 162,500 Cost of goods sold 650,000 Gross margin $250,000 Less Operating expenses: Selling $135,000 Administrative 30,000 Total selling and administrative 165,000 Operating profit $85,000 The following additional information is available: Variable costs per unit: Direct materials…
- Morton Inc. has provided the following data for the month of November. The balance in the Finished Goods inventory account at the beginning of the month was $50,500 and at the end of the month was $46,500. The cost of goods manufactured for the month was $241,000. The actual manufacturing overhead cost incurred was $89,000 and the manufacturing overhead cost allocated to Work in Process was $85,000. The adjusted cost of goods sold that would appear on the income statement for November is: $241,000 $245,000 $237,000 $249,000Yasmine Company shows the following data for the month of May: Raw materials inventory May 1 = 0 Raw materials inventory May 31 = $10,000 Work in Process Inventory May 1 = 0 Work in Process Inventory May 31 = $25,000 Finished Goods Inventory May 1 = 0 Finished Goods Inventory May 31 = $22,000 Total manufacturing costs incurred (materials used, direct labour and manufacturing overhead) during month of May = $68,850 Sales Revenue for May = $97,700 Selling and Administrative expenses for May = $4,000 Required 1: Assuming no other transaction happened, what was the Net Income before tax for the month of May? $ Required 2: Assuming no other transaction happened, what was the Cost of Goods Sold for the month of May? $ Required 3: Assuming no other transaction happened, what was the cost of units completed during the month of May? $The GH company uses a cost accounting system by process and presents the following information for the month of July 2017: Its products are electronic components, manufactured in series for which its Elaboration is paid for by work cards. 37,000 units were started, the Material requisitions were $ 83,000, conversion costs were $ 98,000 and 33,000 units were completed. Starting inventory as of July 1 was 8,500 units with a cost of $ 31,000 of raw material and $ 39,000 conversion costs (100% material advance premium and 80% conversion costs). The ending inventory is 12,500 units, which have 100% raw material and the 40% conversion costs. Based on previous information: a) Prepare the certificates of physical units, that of equivalent production and that of cost allocation. b) Evaluate with the three inventory valuation methods (FIFO, LIFO and CPP) and determine the unit cost of production
