Foremost Enterprises has provided you with the following scant information for the year 2004:  Sales totaled shs100,000 during 2004.  The beginning inventories for the year were: work in progress shs12,000, Finished goods shs 6,000  The company does not carry inventories of raw materials. Materials are purchased as needed for production.  Direct labor is equal to25% of conversion cost.  The work in progress inventory decreased by shs 2,000 during 2004.  Gross margin during 2004 was equal to 55% of sales.  Manufacturing overhead totaled shs 24,000 for 2004.  Direct labor is equal to 40% of prime cost.  Administration expenses for 2004 were twice as great as net income but only 25% of selling expenses. Required : Prepare the following cost statements for the year, in good form: a) Production cost statement b) Profit statement

Alpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. 8) What is the Direct Material cost per equivalent unit for the year? 9) What is the Conversion Cost per equivalent unit for the year? 10) How much is Cost of Goods manufactured for the year? 11) Assume beginning FG inventory was 0 (zero) and that Alpha sold 10% of what it manufactured this year. How much is COGS?

Blossom Industries carries no inventories. Its product is manufactured only when a customer's order is received. It is then shipped immediately after it is made. For its fiscal year ended October 31, 2025, Blossom's break-even point was $1.35 million. On sales of $1.50 million, its GAAP income statement showed a gross profit of $227,500, direct materials cost of $520,000, and direct labor costs of $635,000. The contribution margin was $165,000, and variable manufacturing overhead was $50,000. (a) Calculate the following: 1. Your answer is correct. 2. Variable selling and administrative expenses. Fixed manufacturing overhead. 3. Fixed selling and administrative expenses. $ Maximum increased advertising expenditure $ $ 130000 67500 81000 Ignoring your answer to above part, assume that fixed manufacturing overhead was $100,000 and the fixed selling and administrative expenses were $84,000. The marketing vice president feels that if the company increased its advertising, sales could be…

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ABC Manufacturing produces metal lampposts. The company's income statements for the last two years are given below. The company has no beginning or ending inventories. Last year 60,000 This year 85,000 $2,040,000 Units sold Sales $1,440,000 Less cost of goods sold Gross margin Less operating expenses 785,000 1,060,000 655,000 980,000 237,000 312,000 Net income $418.000 $668.000 Using the high/low method, determine the company's total variable cost per unit. O $15.50 per unit O $12 per unit O $11.75 per unit O $14 per unit

ABC Manufacturing produces metal lampposts. The company's income statements for the last two years are given below. The company has no beginning or ending inventories.                                               Last Year       This YearUnits sold.                            60,000            85,000Sales.                                    1,440,000.      2,040,000Less cost of goods sold.     785,000        1,060,000   Gross margin                        655,000         980,000Less operating expenses.    237,000        312,000Net income                            418,000.       668,000 Determine the company's total fixed costs. a) 182,000b) 125,000c) 205,700d) 162,500

SuperStar company operates 50 weeks per year, and its cost of goods sold last year was $2,000,000. The firm carries four items in inventory: two raw materials, two work-in-process items. The following table shows last year's average inventory levels for these items, along with their unit values. Part Number RM₁ RM₂ WIP₁ WIP₂ 7.175 4.175 6.175 Average 5.175 Inventory (units) Value ($/unit) 15,000 10,000 5,000 6,000 How many weeks of supply does the firm have? 3.00 5.00 8.00 12.00

Whipple Company has sales revenue of $585,000. Cost of goods sold before adjustment is $335,000. The company uses machine hours to allocate manufacturing overhead and estimated 10,450 machine hours would be used during the year. For the year, manufacturing overhead was under-allocated by $13,400. The company's actual manufacturing overhead is $91,000. What is the actual gross profit?   Select one: a. $250,000 b. $159,000 c. $236,600 d. $104,400 e. $263,400