Bonita Company produced 10,200 units during the past year but sold only 8,700 of the units. The following additional information isalso available:Direct materials usedDirect labour incurredVariable manufacturing overheadFixed manufacturing overheadFixed selling and administrative expensesVariable selling and administrative expenses$88,74034,17022,44046,410(a)69,40010,200There was no work in process inventory at the beginning of the year. Bonita did not have any beginning finished goods inventory either.Calculate Bonita Company's finished goods inventory cost on December 31 under variable costing. (Round per unit calculations to 2decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 125.)

Lets understand the basics.Income statement under costing can be prepared using either,(1) Variable…

Bonita Company produced 10,200 units during the past year but sold only 8,700 of the units. The following additional information is also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $88,740 34,170 22,440 46,410 69,400 10,200 There was no work in process inventory at the beginning of the year. Bonita did not have any beginning finished goods inventory either.

Bonita Company produced 10,200 units during the past year but sold only 8,700 of the units. The following additional information is also available: Direct materials used Direct labour incurred Variable manufacturing overhead Fixed manufacturing overhead Fixed selling and administrative expenses Variable selling and administrative expenses $88,740 34,170 22,440 46,410 69,400 10,200 There was no work in process inventory at the beginning of the year. Bonita did not have any beginning finished goods inventory either.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Housley Paints Co. had a remaining debit balance of $25,000 in its under- and overapplied factory overhead account at year-end. The balance was deemed to be large and, therefore, should be closed to Work in Process, Finished Goods, and Cost of Goods Sold. The year-end balances of these accounts, before adjustment, showed the following: Determine the prorated amount of the underapplied factory overhead that is chargeable to each of the accounts. Prepare the journal entry to close the debit balance in Under-and Overapplied Factory Overhead.
Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
XYZ Company developed the following data for the current year: Ending work in process inventory OMR225,000; Direct materials used OMR96,000; Manufacturing Overhead applied OMR144,000; Cost of goods manufactured OMR350,000; Direct labor cost OMR240,000. Company's beginning work in process inventory is Select one: a. None of the answers given O b. OMR120,000 O c. OMR355,000 O d. OMR605,000 O e. OMR95,000
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct O b. OMR 393,000 Oc OMR 363,000 O d. OMR 383,000 O e. OMR 418,000 NEXT PAGE REVIOUS PAGE ACCT2121 Origin Co #general-chat- a Spotify Free
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct Ob. OMR 418,000 Oc. OMR 383,000 O d. OMR 393,000
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000O The Company used a predetermined overhead rate of OMR 35 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Irentory balance of OMR 17,000. What was cost of goods manufactured? a. OMR 383,000 O b. OMR 418,000 Ос. OMR 363,000 d. OMR 393,000 е. None of the given answer is correct
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (4,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. OMR 383,000 O b. OMR 418,000 O c. OMR 363,000 O d. None of the given answer is correct O e. OMR 393,000
Muscat Company reported the following year-end information: Beginning work in process inventory OMR 1,080,000 Beginning raw materials inventory B00,000 Ending work in process inventory 800,000 Ending raw materials inventory 480 000 Raw materials purchased 960 000 Direct labor 1,000 000 Manufacturing overhead 720,000 Muscat Company's cost of goods manufactured for the year is: Select one: O a. OMR 2,220,000. O b. OMR 2780,000. O c. None of the answers are correct O d. OMR 2,680,000. Oe. OMR 2,400,000.
At the end of their fiscal year Western Industries Ltd. reported the following selected, unadjusted balances:Raw Materials Inventory - $6,000Work in Process Inventory - $62,250Finished Goods Inventory - $74,700Cost of Goods Sold - $278,050Manufacturing Overhead - $2,850 creditWestern Industries uses the proration method to eliminate any balance in Manufacturing Overhead. Which of the following is the correct journal entry to eliminate the balance in Manufacturing Overhead? Select answer from the options below Manufacturing Overhead 2,850.00 Raw Materials Inventory 80.00 Work in Process Inventory 415.00 Finished Goods Inventory 499.00 Cost of Goods Sold 1,856.00 Work in Process Inventory 427.50 Finished Goods Inventory 513.00 Cost of Goods Sold 1.909.50 Manufacturing Overhead 2,850.00 Manufacturing Overhead 2,850.00 Finished Goods Inventory 603.50 Cost of Goods Sold 2,246.50 Manufacturing Overhead 2,850.00 Work in…
Kilt Company had the following information for the year: direct materials used: $1131,000 direct labor incurred: (5,350 hours) $158,000 actual manufacturing overhead incurred: $175,400 Kilt Company used a predetermined overhead rate of $44 per direct labor hour for the year and estimated that direct labor hours would total 5,885 hours. Assume the only inventory balance is an ending Work in Process balance of $17,400. How much overhead was applied during the year?