1. How much is the raw materials used in production?2. How much is the total manufacturing cost?3. How much is the cost of goods manufactured?4. How much is the cost of good sold?5. How much is the gross income? San Miguel Beer Manufacturing business reported the following for its first year of operation:Purchases of raw materials540,000Transportation in25,000Raw material insurance5,000Raw materials, beginning inventory15,000Raw materials, ending inventory 10,000Direct Labor415,000Factory overhead210,000Work in process, beginning inventory120,000Work in process, ending inventory100,000Finished goods, beginning inventory60,000Finished goods, ending inventory50,000Sales1,275,000Freight out12,000Sales return25,000

Hi student Since there are multiple subparts, we will answer only first three subparts.

Answered: 1. How much is the raw materials used…

1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3. How much is the cost of goods manufactured?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What are life-cycle costs? How do these costs relate to the production life cycle?

A: Life cycle cost is the summation of all costs related to a product, structure, system, or service…

Q: What are the three categories of manufacturing costs?

A: Manufacturing costs are the costs of materials plus cost to convert the material into products. All…

Q: How does a service company calculate unit cost per service?

A: Unit service cost refers to the cost that is incurred for providing the service. It is a concept…

Q: What are the methods used to determine the cost of goods?

Q: What is Re-order quantity? What is Re-order level? What is Maximum stocklevel? With respect to…

A: Inventory management consist of various levels namely re-order level, re-order quantity, maximum and…

Q: What is the relationship between total carrying cost and totalordering cost at the EOQ?

A: It indicates an inverse relationship between the cost of ordering and the cost of holding at…

Q: calculate the percentages? And how did you calculate the cumulative costs

A: In Order to calculate the cost associated all the cost that are associated or added up any order to…

Q: Throughput margin is equal to revenues minus direct materials and direct labor of the cost of goods…

A: Throughput margin = sales revenue - material cost .

Q: 10. Total of all direct costs is termed as A. prime cost B. works cost C. cost of sales D. cost of…

A: Option a: This option is correct because prime cost in accounting refers to the total direct costs…

Q: What is the difference between Cost-Volume Profit graph and Profit-Volume graph?

A: Introduction:- Cost-Volume Profit graph displays the relationship between the cost of units…

Q: What is the cost measurement? cost accumulation? what is the difference between the two?

A: Cost is the monetary value of an item or a service. While producing an item, there may be various…

Q: what are the differences between the FIFO, LIFO, and the average cost?

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Define cost of goods sold.

A: Cost: It refers to the sum total of economic value to get an asset in place and ready for use.

Q: Why is the basic earning power ratio useful?

A: Basic earning power ratio shows the relationship between earnings before interest and taxes and…

Q: Product costing is the process of: A. accumulating the costs of a production process. B. assigning…

A: Cost accounting is a form under the various available systems of accounting including financial…

Q: What is the difference of price and cost? From (a) point of view of a customer; and (b) point of…

A: For businesses, the term "cost" refers to the expenditure associated with producing a something or…

Q: How do you figure out the inventory on the Variable costing income statement?

A: The Income Statement is prepared by various methods one them is Variable Costing.

Q: Plant property taxes are an example of a cost that would be considered to be: O a. Batch-related. O…

A: Organisation related costs are those costs which are incurred for the entire organisation as a…

Q: The difference between sales and marginal cost is______________ a. Fixed Cost b. Profit c. Sales…

A: Introduction: Sales price: The price for which the goods are sold called as sales price. Total sales…

Q: do you determine the production

Q: What is cost accounting?

A: What is cost accounting?

Q: What is the difference between the methods of calculating cost of goods, periodic vs perpetual?

A: Inventory: Inventory refers to the goods purchased or material purchased and manufactured which is…

Q: What is the gross profit and how do i calculate it

A: Manufacturing department profit is also known as gross profit. This profit includes only costs…

Q: 1. The amount by which an item contributes towards covering fixed cost and providing for profit is…

Q: What connection exists between unit profit and labor costs?

A: A cost is the amount of money that was expended during the production or delivery of a good or…

Q: What is the formula for gross profit

A: Gross profit is an excess of revenue over the cost of goods sold.it can be calculated by deducting…

Q: what is the cost of goods available for sale

A: The cost of goods available for sale is the sum of beginning inventory and the goods produced during…

Q: How do you calculate costs of goods sold?

Q: How is the cost per equivalent unit of production calculated?

Q: How would you define fixed and variable product costs? How are these costs used in determining the…

A: Cost of production is the total cost involved in producing a particular volume of products. These…

Q: An example of qualitative data is 1.product price 2.production cos 3.product features 4.prime cost

A: Qualitative data: Qualitative data is non-numerical data in nature like characteristics or features…

Question

1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3. How much is the cost of goods manufactured? 4. How much is the cost of good sold? 5. How much is the gross income?

San Miguel Beer Manufacturing business reported the following for its first year of operation:
Purchases of raw materials
540,000
Transportation in
25,000
Raw material insurance
5,000
Raw materials, beginning inventory
15,000
Raw materials, ending inventory 10,000
Direct Labor
415,000
Factory overhead
210,000
Work in process, beginning inventory
120,000
Work in process, ending inventory
100,000
Finished goods, beginning inventory
60,000
Finished goods, ending inventory
50,000
Sales
1,275,000
Freight out
12,000
Sales return
25,000

Definition Definition Total cost of procuring or producing a product or the cost that an individual or business owner undertakes for the manufacturing of goods.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How is gross profit calculated, and what does it represent?
2. Distinguish between product costs and period costs. 6. What is the difference between gross margin and manufacturing margin?
The equation for total costs (Y) is: Y = a+ bX In this equation, “a” represents: Net income Cost of goods sold Total fixed costs The level of activity (e.g., the number of units produced) Total variable costs Variable cost per unit of X Total revenue
What Is Total Cost Reporting?
Which of the following correctly describes the term cost driver? a. The inflation rate which causes costs to rise b. The primary factor which is correlated with the amount of cost incurred to produce a product c. The initial purchase price of direct materials d. The total material, labor, and overhead cost of a completed job
What is the role of Cost Accounting in Price Determination ?
how did you find the cost of goods sold and the net income
25. Which of the following major activities of a business will result in product costs? A. Marketing. B. Customer support. C. General administrative. D. Manufacturing. knowlto
What does the term sales mix mean? How is a weighted-average unit contribution margin computed?
Why are product costs also called inventoriable costs?
What are the Cost Product Cost and External Financial reporting?