Given below is the manufacturing data:Beginning EndingDirect material inventory$90,000 $110,000Work-in progress inventory $180,000 $120,000Finished goods inventory$300,000 $400,000Purchased direct material $300,000Direct laborFactory overheadNet sales$170,000$190,000$1,000,000$280,000Period costWhat is the net profit?A. 120,000B. 180,000C. 300,000D. Insufficient information to determine the gross profitE. None of all above

First, we need to compute the cost of goods manufactured.Start with the beginning direct materials…

Answered: Given below is the manufacturing data:…

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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Direct Materials Direct Labor Manufacturing overhead Total Manufacturing costs Work-in-process 1/1 Work-in-process 12/31 Cost of goods manufactured Sales Finished Goods 1/1 Cost of Goods Available Finished Goods 12/31 Cost of Goods Sold Gross Profit Operating Expenses Net Operating Income Case 1 $36,000 $12,000 $78,000 $12,000 $66,000 $180,000 $42,000 $78,000 $54,000 Case 2 $5,000 $6,000 $21,000 $2,000 $33,000 $50,000 $9,000 $7,000 $10,000 a Calculate the unknown amounts for both Case 1 and 2 b For Case 1, compute the total prime costs for the year. c For Case 1, compute the total conversion costs for the year. d For Case 1, compute the average price per unit if the company sold 15,000 uni e For Case 1, compute the operating income per unit if the company sold 15,000 units f For Case 1, compute the POHR assuming Manufacturing overhead is applied based on DL cost g For Case 1, review beginning and ending work in process. As an auditor or manager what one question might you possibly…
5
Sun Inc. has provided the following information: $ 60,000 55,000 Beginning Work-in-Process Inventory Beginning Raw Materials Inventory Purchases and Freight In of Raw Materials Ending Raw Materials Inventory 315,000 80,000 Direct Labor 70,000 Depreciation-Plant and Equipment Plant Utilities, Insurance, and Property Taxes 25,000 15,500 Ending Work-in-Process Inventory Selling and distribution overhead 23,000 40,000 Calculate the cost of goods manufactured. a) $412,500 b) $437,500 c) $477,500 d) $422,000
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Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory Raw materials purchased 480,000 960,000 Direct labor 900,000 Manufacturing overhead Laflin Company's cost of goods manufactured for the year 720,000 is
Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,600 What was the amount of indirect materials used in production?
What is Cost of good sold?
20. Modern Manufacturing shows cost of goods sold for the month of March was 180,000. The finished goods inventory was 30,000 on March 1 and 35,000 on March 31. Beginning and ending inventory work in process inventories were 40,000 and 50,000 respectively. What was the cost of goods manufactured during March? A. 180,000 B. 195,000 C. 175,000 D. 185,000
Here are selected data for Ramalingagowda Company: Cost of goods manufactured $320,000 Work in process inventory, beginning 109,000 Work in process inventory, ending 104,000 Direct materials used 73,000 Manufacturing overhead is allocated at 50% of direct labor cost. What was the approximate amount of manufacturing overhead costs? Select one: a. $161,333 b. $80,667 c. $242,000 d. $78,000 e. $151,250
Selected data from Design Corporation for 20X6 is as follows: Inventories Materials Work in process Finished goods Beginning $34,000 135,000 110,000 Costs incurred during 20x6 are as follows: Direct materials purchased Manufacturing overhead Direct manufacturing wages Cost of goods sold is Select one: O a. $252,000 O b. $259,000 O c. $244,000 O d. $236,000 Ending $40,000 150,000 102,000 $41,000 $80,000 180% of manufacturing overhead
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 135000 Direct labor 87000 Factory overhead 60 % of purchases Administrative expenses 28500 Purchases 120000 Select one: a. 294000 b. 335000 c. 367300 d. 322500

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