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:…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6EB: What are the total costs to account for if a companys beginning inventory had $23,432 in materials...

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Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
Sales Total manufacturing cost Administrative expenses Selling expenses Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Compute the net income for the year. 820,000 456,000 80,000 41,000 50,000 150,000 20,000 40,000
Pederson 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 an of ending finished goods inventory? Select one: a. $1,880,000 b. $225,000 C. $120,000 d. $105,000 hp
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
Assume the following information for a company that produced 10,000 units and sold 8,000 units during its first year of operations and produced 8,000 units and sold 10,000 units during its second year of operations: Per Unit $ 200 $75 $ 50 $ 10 $8 Per Year Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission Fixed manufacturing overhead Using absorption costing, what is the cost of goods sold for the second year of operations? $ 300,000
The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materials Manufacturing overhead Selling and administrative expense P 435,000 215,000 190,000 185,000 1. What is Antonio's prime cost for last quarter? a. P460,000 b. P410,000 c. P405,000 d. P 375,000 2. Antonio's total manufacturing cost is a. P460,000 b. P 645,000 . P 650,000 d. P 840,000
Answer the following questions using the information below: Pederson 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 O units What is the average manufacturing cost per unit? a. $40.00 b. $42.55 c. $0.025 d. $75.00 Desktop
According to the information given in the table below, which of the following is Cost of Production? Raw materials consumed 149500 Wages 107500 52 % of prime cost Factory overhead Administrative expenses 42000 Selling expenses 28000 Select one: O a. 390640 O b. 412300 O C. 422000 O d. 399500
Given the following information, determine the markup per unit. Direct materials $76,000 Direct labor $130,000 Factory overhead $56,500 Selling and administrative expenses $43,000 Estimated units to be produced and sold 15,000 Total assets $200,000 Desired rate of return 10% Normal selling price per unit $21.70
Circetrax, Inc. has provided the following financial information for the year: Finished Goods Inventory: Beginning balance, in units 600 Units produced 2,800 Units sold 2,900 Ending balance, in units 500 Production costs: Variable manufacturing costs per unit $60 Total fixed manufacturing costs $42,000 What is the unit product cost for the year using absorption costing? A. $84 B. $75 C. $130 D. $74
Sales volume (units) Revenue Variable costs Direct materials Direct labor Contribution margin Fixed costs Profit $30,000 $2.00 $45,000 Use direct labor dollars as the cost driver. Compute allocated fixed costs for Product X: O $20,000 Product X 400 $60,000 $50,000 $25,000 $15,000 $20,000 Product Y 600 $60,000 $15,000 $10,000 $35,000 Total 1,000 $120,000 $40,000 $25,000 $55,000 $50,000 $5,000
The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct materials Manufacturing overhead Selling and administrative expense P 435,000 215,000 190,000 185,000 1. What is Antonio's prime cost for last quarter? a. P460,000 b. P 410,000 c. P 405,000 d. P375,000 2. Antonio's total manufacturing cost is P 460,000 b. P 645,000 P 650,000 d. a. C. P 840,000 3. Antonio's total period cost is P 185,000 b. a. P 275,000 P 400,000 d. с. P 620,000

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