Selected nominal account balances of Seneca Products Corporation as of December 31, 2010 were as follows:   Direct Labor……………………………………………..$362,000 Direct Materials Purchases……………………………… 479,000 Manufacturing (factory) Overhead……………………… 145,000     Inventory Balances were as follows:                                                                                     January 1                     December 31 Work In Process                                                          $12,100                         $11,900 Direct Materials                                                             27,800                           26,200   prepare in proper form the SCHEDULE OF COST OF GOODS MANUFACTURED for the year ending December 31, 20CY

The annual data that follows pertain to See It​, a manufacturer of swimming goggles​ (the company had no beginning​ inventory): Sales price. . . . . . . . . . . . . . . . . . . . . . . . . $49 Variable manufacturing expense per unit. . $17 Sales commission expense per unit. . . . . . $9 Fixed manufacturing overhead. . . . . . . . . . $1,980,000 Fixed operating expenses. . . . . . . . . . . . . . $245,000 Number of goggles produced. . . . . . . . . . . 220,000 Number of goggles sold. . . . . . . . . . . . . . . 200,000   Requirements:  1. Prepare both conventional​ (absorption costing) and contribution margin​ (variable costing) income statements for See It for the year.                                                                                               2. Which statement shows the higher operating​ income? Why? 3. The company marketing vice president believes a new sales promotion that costs $150,000 would increase sales to 220,000 goggles. Should the company…

The following is the year ended data for Tiger​ Company:   Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900   What is the gross​ profit?   A. $22,100   B. $38,100   C. $19,200   D.

Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earch

The S&S Corporation produces and sells one product. The following data refer to the year just completed: Beginning Inventory                                0  units Units produced...........................   20,000 Units sold......................................   12,500 Sales price per unit....................       $550 Variable selling and administrative expenses per unit            $           50 Fixed Selling and administrative expenses (Total)                    $500,000 Manufacturing Costs: Direct materials cost per unit..................................................$       150 Direct labor cost per unit..........................................................$        95 Variable manufacturing overhead cost per unit..............$            40 Fixed manufacturing overhead (Total).................................$300,000   Required:a. What is the unit product cost for the month under variable costing? b. What is the unit product cost for the month under absorption…

Lakeshore Manufacturing provided the following information for the month ended March 31: Sales Revenue $31,000 Beginning Finished Goods Inventory 7,000 Ending Finished Goods Inventory 8,500 Cost of Goods Manufactured 11,600 Compute gross profit. OA. $19,400 OB. $17,900 OC. $10,900 O D. $20,900 ***