1.Sales: 32,000 units; unit selling price $822.Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; andmanufacturing overhead, $6 per direct labour hour3.Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg4.Raw materials cost: $5 per kilogram5.Selling and administrative expenses: $200,0006.Income taxes: 30% of income before income taxes(a)Prepare a schedule showing the calculation of the cost of goods sold for 2022.SHEFFIELD COMPANYComputation of Cost of Goods Sold

Cost of goods sold refers to the total cost of merchandise inventory sold during a particular…

1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg 45 Raw materials cost: $5 per kilogram Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes (a) Prepare a schedule showing the calculation of the cost of goods sold for 2022. SHEFFIELD COMPANY Computation of Cost of Goods Sold

1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg 45 Raw materials cost: $5 per kilogram Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes (a) Prepare a schedule showing the calculation of the cost of goods sold for 2022. SHEFFIELD COMPANY Computation of Cost of Goods Sold

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Oak Ridge Steel Company is $462,800. The conversion cost for the period in the Rolling Department is $286,700. The total equivalent units for direct materials and conversion are 2,600 tons and 4,700 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $fill in the blank 1 per ton Conversion cost per equivalent unit: $fill in the blank 2 per ton
Raw materials consumed =15,000 Direct labour charges =9,000 Machine hours worked =900 hrs Machine hour rate=5 per hr Administrative overheads -20% on works cost Selling overheads=0.50 per unit Units produced=17,100 Units sold= 16,000, Selling price= 4 per unit. Prepare (a) the cost per unit b) profit per unit sold and profit for the period.
Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound S7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100o hours at $7.30 300,030 46.Assume that the company computes variances at the earliest point in time. The direct-material quantity variance is: None of these. $5,750F. $5,750U. $750U. $750F.
Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $187,380. The conversion cost for the period in the Filling Department is $50,400. The total equivalent units for direct materials and conversion are 69,400 ounces and 72,000 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $fill in the blank 1 per ounce Conversion costs per equivalent unit: $fill in the blank 2 per ounce
ware Company reported the following: Manufacturing costs $2,000,000 Units manufactured 50,000 Units sold 47,000 units sold for $75 per unit Beginning inventory 0 units What is the average manufacturing cost per unit? Select one: a. $75.00 b. $0.025 C. $42.55 d. $40.00
1. Information for the month of January concerning Department A, the first stage of Angeles Company's production cycle, is as follows: Materials P 8,000 40,000 P 48,000 100,000 P0.48 Conversion BWIP Current Costs Total Costs P 6,000 32,000 P 38,000 95,000 P 0.40 EUP using weighted average method Average unit costs Goods completed -90,000 units 10,000 units --- EWIP ---- Materials are added at the beginning of the process. The ending WIP is 50% complete as to conversion costs. a. How would the total costs accounted for be distributed to GOODS COMPLETED, using the weighted average method? b. How woluld the total costs accounted for be distributed to ENDING WIP, using the weighted average method?
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Mani
Cost per Equivalent Unit The cost of direct materials transferred into the Filling Department of Ivy Cosmetics Company is $314,430. The conversion cost for the period in the Filling Department is $186,300. The total equivalent units for direct materials and conversion are 66,900 ounces and 69,000 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: $fill in the blank 1 per ounce Conversion costs per equivalent unit: $fill in the blank 2 per ounce