Sales $76,500 Direct materials used 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities Sales salaries expense Office salaries expense 1,200 15,600 8,900 Indirect materials 1,200
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- Sales revenue Rent revenue Raw material purchases Energy consumption in production Energy consumption in headquarters depreciation Factory/machinery Direct labor costs Indirect labor costs Salaries for headquarters personnel Raw materials (opening yearly balance-500.000) Work-in process Finished goods Cost of goods sold a. 562.000, 162.000 Beginning Within Ending 4,000,000.00 500,000.00 4,500,000.00 220,000.00 20,000.00 240,000.00 2,000,000.00 200,000.00 2,200,000.00 400,000.00 40,000.00 440,000.00 55,000.00 5,000.00 60,000.00 28,000.00 2,000.00 30,000.00 880,000.00 120,000.00 1,000,000.00 600,000.00 100,000.00 700,000.00 800,000.00 90,000.00 890,000.00 300,000.00 400,000.00 1,200,000.00 1,000,000.00 900,000.00 ? O b. 362.000, 562.000 O c. 362.000, 162.000 O d. 562.000, 362.000 500,000.00 1,900,000.00 Suppose that the table belongs to a firm's December transactions. What are the Cost of Goods Manufactured and Cost of Goods Sold? ?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 40,000Fill in the blanks: Mama Mia Corp. produces customized products. The following accounts appeared in the ledger as of December 31, 2020. Direct Materials 01.01 P220,500.00 Compute 12.31 378,000.00 Factory Overhead Compute Work In Process 01.01 178,500.00 DM Compute Compute DL 1,575,000.00 он 12.31 130,000.00| Accounts Payable 26,250.00 01.01 1,433,250.00 210,000.00 12.31 Sales
- Unit costs associated with the sale of a product AA101: Direct Materials, P230 Direct labor, P120 Manufacturing support costs, P460 Sales staff salaries, P190Direct costs per unit of AA101 area. P540b. P580c. P350d. P310Administrative expenses Depreciation of plant machinery and equipment Direct labor Direct materials Freight out Indirect labor Plant facility rent Sales commissions Compute for the product cost. P40,000 40,000 400,000 300,000 20,000 20,000 30,000 500,000Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [L03-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials $ 217,000 $ 268,000 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $ 371,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 54,000 Ending $ 35,000 $ 23,000 Raw materials Work in process Finished goods $ 39,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $735,0003; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $40,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…
- Raw materials acquired for cash Cost of direct materials used in production Costs to ship products to customers Direct labor cost incurred Total manufacturing overhead incurred Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending $83500 O $148700 O $149300 O $150900 O $150700 82900 2000 42000 26000 4500 4600 13000 15200 How much is cost of goods manufactured for March?2: Cost Concepts Problem(Module 2, Ch. 2) i GALLUP ENTERPRISES Income Statement For the Month Ended August 31 Sales Less: Operating expenses: labour cost Utilities Direct labour cost. Depreciation, factory equipment Raw materials purchased Depreciation, sales equipment Insurance Rent on facilities. Selling and administrative salaries. Advertising Net loss Raw materials Work-in-process Finished goods August 1 August 31 $75,000 $129,000 50,000 80,000 $ 28,000 66,000 175,000 41,000 73,000 50,000 588,000 26,000 41,000 205,000 56,000 139,000 $1,348,400 The company's controller resigned a month ago. Hilda, a new assistant in the controller's office, prepared the income statement above. Hilda has had little experience in manufacturing operations. After seeing the $28,000 loss for August, Gallup's president stated, "I was sure we'd be profitable within six months, but our six months are up and this loss for August is even worse than July's. I think it's time to start looking for someone to buy…Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
- Problem 7-16 (Algo) Comparing Traditional and Activity-Based Product Margins [LO7-1, L07-3, LO7-4, LO7-5] Hi-Tek Manufacturing, Inc., makes two types of industrial component parts-the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Inc. Income Statement $ 1,657,500 1,224,620 432,880 620,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating loss $4 (187,120) Hi-Tek produced and sold 60,500 units of B3o0 at a price of $19 per unit and 12,700 units of T500 at a price of $40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company's two product lines is shown below: в300 T500 Total Direct materials $ 400,600 $ 120,400 $ 162,700 $ 42,000 563,300 162,400 498,920 Direct labor Manufacturing overhead Cost of goods sold $…Inventories Work in process Materials Finished goods Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor Direct materials Income tax Indirect labor Indirect materials Interest expense Interest payable Beginning 15,000 24,000 31,000 Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Research and development expense Retained earnings Selling expenses Sales revenue 12,800 21,100 12,500 5,800 2200 41,000 21,500 8,500 16,800 8,500 6,500 1,800 3,200 5,000 2,600 850 2,400 158,000 7,400 121,100 Ending 6,400 29,000 41,300 Required - Choosing only the appropriate data among those presented above: a) Prepare a statement of cost of goods manufactured for 2016. b) Prepare a statement of cost of goods sold for the same period. c) Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income. d) Prepare…Refer to the following data to answer the question: Direct material used Selling costs Indirect labour Administrative costs Depreciation on factory equipment Direct labour Overtime premiums paid Indirect materials The prime costs are: Select one: O a. $142 000. O b. $40 000. O c. $150 000. O d. $190 000. $ 150 000 $ 5.000 $ 7.000 $ $ $ Ent tit. $ $ Eft 10 000 70 000 40 000 20 000 45 000
