The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Sales Number 1 $ 448,800 Number 2 367,200 Number 3 204,000 $ Total 1,020,000 The company incurred the following joint costs for the year. Tree pruning and care

The following information applies to the questions displayed below.] California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Sales Number 1 $ 448,800 Number 2 367,200 Number 3 204,000 $ Total 1,020,000 The company incurred the following joint costs for the year. Tree pruning and care

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 15MCQ: Use the following information for Multiple- Choice Questions 2-13 through 2-18: Last year, Barnard...

See similar textbooks

Similar questions

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Materials used, P326,000. Total manufacturing costs charged to production during the year (including direct materials, direct labor, and factory overhead applied at the rate of 60% of direct labor cost), P686,000. Cost of goods available for sale, P826,000. Selling and general expenses, P25,000. 1.What is the amount of direct materials purchased during the year? 2.What is the total conversion cost? 3.What is the direct labor costs charged to production during the year? 4.How much is the total prime cost? 5.The following selected information pertains to Top Gun Manufacturing Inc.: Direct materials of P625,000, indirect materials of P125,000, direct labor of P750,000, indirect labor of P112,500, and factory overhead (not including indirect materials and indirect labor) of P375,000. How much is the conversion cost.
FINANCIAL ACCOUNTING AND REPORTING Superman Company Superman Company has the following costs and expenses for the year ending December 21, 2X20. Raw materials, 1/1/20 P30,000 Property taxes, factory building P6,000 Raw materials, 12/31/20 20,000 Sales revenue 1,500,000 Raw materials purchases 205,000 Delivery expenses 100,000 Work-in-process, 1/1/20 80,000 Sales commissions 150,000 Work-in-process, 12/31/20 50,000 Indirect labor 105,000 Finished goods, 1/1/20 110,000 Factory machinery rent 40,000 Finished goods, 12/31/20 120,000 Factory utilities 65,000 Direct labor 350,000 Depreciation, factory building 24,000 Factory manager’s salary 35,000 Administrative expenses 300,000 Insurance, factory 14,000 Requirement: Prepare a cost of goods manufactured schedule for Superman Company for Note: Assume that all raw materials used were direct materials. Prepare an income statement for…
XSport Sporting Goods Co. operates two divisions—the Winter Sports Division and the Summer Sports Division. The following income and expense accounts were provided from the trial balance as of December 31, 20Y9, the end of the fiscal year, after all adjustments, including those for inventories, were recorded and posted: Sales—Winter Sports Division $10,525,000 Sales—Summer Sports Division 13,610,000 Cost of Goods Sold—Winter Sports Division 6,280,000 Cost of Goods Sold—Summer Sports Division 7,868,000 Sales expense—Winter Sports Division 1,650,000 Sales expense—Summer Sports Division 1,894,000 Administrative Expense—Winter Sports Division 1,002,000 Administrative Expense—Summer Sports Division 1,204,400 Advertising Expense 479,000 Transportation Expense 144,500 Accounts Receivable Collection Expense 120,400 Warehouse Expense 1,164,000 The bases to be used in allocating expenses, together with other essential information, are as follows: A.…
The year-end financial statement of Wando's Vineyards reported Net revenues of $19,425,412 and Cost of goods sold of $7,204,884 in year 2. Note 3 to the financial statements reported that Inventories consisted of: Year 2 Year 1 Winemaking and packaging materials $899,620 $759,321 Work-in-process 7,297,415 6,664,571 Finished goods 4,970,687 4,271,816 Total inventories $13,167,722 $11,695,708 The inventory turnover for Year 2 was: Select one: a. 0.62 b. 0.55 c. 0.58 d. None of these are correct. e. 1.56
Hagrid Gardening Corporation manufactures gardening products. The following information relates to the current period: DM Purchased $14,900 DM Inventory, Jan 1 $12,700 DM Inventory, Dec 31 $16,100 DL $6,400 MOH $16,700 Period Costs $10,500 WIP Inventory, Jan 1 $2,500 WIP Inventory, Dec 31 $8,000 FG Inventory, Jan 1 $19,500 FG Inventory, Dec 31 $4,800 A total of 5,000 products were sold for $25 each. Based on this information, please calculate the following: Cost of Goods Sold?
Hagrid Gardening Corporation manufactures gardening products. The following information relates to the current period: DM Purchased $14,900 DM Inventory, Jan 1 $12,700 DM Inventory, Dec 31 $16,100 DL $6,400 MOH $16,700 Period Costs $10,500 WIP Inventory, Jan 1 $2,500 WIP Inventory, Dec 31 $8,000 FG Inventory, Jan 1 $19,500 FG Inventory, Dec 31 $4,800 A total of 5,000 products were sold for $25 each. Based on this information, please calculate the following: Operating Income?
5. Income statement; profit percentage. The Shelikoff Company submits the following informa- Tion on December 31, 19--: $314.000 Sales for the year.. Inventories at the beginning of the year: Finished goods Work in process Materials Purchases of materials for the year Direct labor 5,900 4,600 3,800 140,000 67,350/ Factory overhead: 50% of labor cost Inventories at the end of the year: Finished goods Work in process. Materials. 9.270 6,200 4,300 Other expenses for the year: Marketing expenses Administrative expenses 23,115 17,650 Required: (1) An income statement for the year ended December 31, 19-- (2) The percentage of income to sales, before income tax.
Hagrid Gardening Corporation manufactures gardening products. The following information relates to the current period: DM Purchased $14,900 DM Inventory, Jan 1 $12,700 DM Inventory, Dec 31 $16,100 DL $6,400 MOH $16,700 Period Costs $10,500 WIP Inventory, Jan 1 $2,500 WIP Inventory, Dec 31 $8,000 FG Inventory, Jan 1 $19,500 FG Inventory, Dec 31 $4,800 A total of 5,000 products were sold for $25 each. Based on this information, please calculate the following: Total manufacturing costs?
Championship Sports Inc. operates two divisions—the Winter Sports Division and the Summer Sports Division. The following income and expense accounts were provided from the trial balance as of December 31, 20Y9, the end of the fiscal year, after all adjustments, including those for inventories, were recorded and posted: Sales—Winter Sports Division $8,900,000 Sales—Summer Sports Division 16,400,000 Cost of Goods Sold—Winter Sports Division 5,000,000 Cost of Goods Sold—Summer Sports Division 9,000,000 Sales Expense—Winter Sports Division 650,000 Sales Expense—Summer Sports Division 1,200,000 Administrative Expense—Winter Sports Division 800,000 Administrative Expense—Summer Sports Division 1,450,000 Advertising Expense 1,090,000 Transportation Expense 192,000 Accounts Receivable Collection Expense 68,000 Warehouse Expense 1,800,000 The bases to be used in allocating expenses, together with other information, are as follows: Advertising expense—incurred at…
Bonita Industries reported the following year-end information: beginning work in process inventory, S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000