Selected data concerning the operations of NUBD Company for the year ended December 31, 2021 is available as follows: Units produced Units sold Direct materials used Direct labor incurred Fixed factory overhead 10,000 Variable factory overhead 9,000 Fixed selling & admin. exp P 40,000 Variable selling & admin. exp. P 20,000 Finished goods inventory, beg. P 25,000 P12,000 30,000 4,500 none There were no work in process inventory at the beginning and end of 2021.
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Which costing method, absorption or variable, would show higher operating income and by what amount?
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- During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
- 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.)The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…Gulick Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs OB) $72,000. $240,000 Gulick Company's direct labor cost for the year is OA) $216,000. OC) $360,000. OD) $288,000. 144,000 288,000 216,000 264,000 720,000
- Prepare the Income statement of Cambridge Manufacturers for the year ended 31 March 2021using the absorption costing method. INFORMATIONThe following information was extracted from the accounting records of Cambridge Manufacturers for the year ended31 March 2021:Inventory on 01 April 2020 1 000 unitsProduction for the year 30 000 unitsSales for the year (at R240 per unit) 25 000 unitsCosts:Direct materials cost per unit R60Direct labour cost per unit R36Variable manufacturing overheads cost per unit R24Variable selling and administrative costs per unit sold R12Fixed manufacturing overhead cost R696 000Fixed selling and administrative cost R303 200 Additional information¦ The total manufacturing costs per unit for the year ended 31 March 2020 amounted to R130, comprising R110for variable manufacturing costs and R20 for fixed manufacturing costs. The total selling and administrativecosts per unit for the same period amounted to R10.¦ The first-in-first out method of inventory valuation…The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includesdirect material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 Required: a. The cost of raw material purchased during the year b. Direct labor cost charged to production during the year c. Cost of Goods Manufactured d. Cost of Goods SoldFollowing balances as of the year ended December 31, 2019 of Yelen Trading co. Direct Materials Inventory Finished Goods Inventory 15,000 Debit 49,500 Debit 34,500 Debit 74,500 Debit WIP Inventory Cost of Goods Sold Cost of direct materials purchased Cost of direct materials requisitioned Cost of goods completed Factory overhead applied (120% of direct labour) 48,000 Underapplied factory overhead 41,000 47,000 102,000 4,000 a. Find beginning direct materials inventory b. Find beginning WIP inventory
- The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 7. Direct labor cost charged to production during the year wasa. P135.b. P216.c. P225.d. P360.The WIP account given below relates to the activities of Jones Ltd for the month of April: WIP Inventory A/C Debit side : April1 Bal $15,000, Direct Material Used 123,000, Direct Labour Incurred ??, Manufacturing Overhead Applied ??, Credit Side: Finished Goods ??, Additional data: Manufacturing Labour Costs incurred..$163,500 (75% represents direct labour), Manufacturing Overhead Rate....120% of direct labour cost, Actual Manufacturing Overhead Costs for April...$165,150 Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold on account at a mark-up of 50% on cost. After these transactions have been recorded, the balance in Cost of Goods sold account (after adjusting ffor the MOH variace )is: a. 288,000 b. 306,000 c. 270,000 d. 432,000The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00