The following data are obtained from Glendale Sompany for a given period: Cost of goods manufactured, P187,500 Inventory variations inventory is one-third based on raw materials beginning; no initial inventory of work in process, but at end of period P12,500 was on hand; finished goods inventory was four times as large at end of period as at the start. are as follows: raw materials ending thed SCConNE Net income after taxes amounted to P26,000, income tax rate is 35% Purchase of raw materials amounted to net income before taxes Breakdown of costs incurred in manufacturing was as follows: 00 Raw materials consumed, 50% Direct labor, 30% 000010 Overhead, 20% 5. The raw materials available for use amounted to A AA

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.

The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 發 Balances in inventory August 31 August 1 Materiais Work in Process Finished Goods $65,000547,000 $60.000 *Sue00 M The total amount of inventory to be included in Elite's August 31st balance sheet amounts to A. $135,000 B. $210,000 C. $160,000 D. Some other amount 1 1109

SuperStar company operates 50 weeks per year, and its cost of goods sold last year was $2,000,000. The firm carries four items in inventory: two raw materials, two work-in-process items. The following table shows last year's average inventory levels for these items, along with their unit values. Part Number RM₁ RM₂ WIP₁ WIP₂ 7.175 4.175 6.175 Average 5.175 Inventory (units) Value ($/unit) 15,000 10,000 5,000 6,000 How many weeks of supply does the firm have? 3.00 5.00 8.00 12.00

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 ***