The Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2009. 30,000 finished goods were on hand on December 31, 2009 and 95,000 units were sold during the year. There were no units in work in process inventories on December 31, 2009. The material put into production cost 300,000, 75% were direct materials. There was no beginning or ending material inventories. Labor costs were 350,000, 40% was for indirect labor. Factory overhead costs other than indirect materials and indirect labor were the following: Heat, light and water Depreciation Property Taxes Repairs and Maintenance 120,000 75,000 65,000 40,000 Selling Expenses were 80,0o00, general and administrative expenses were 50,000.

The Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2009. 30,000 finished goods were on hand on December 31, 2009 and 95,000 units were sold during the year. There were no units in work in process inventories on December 31, 2009. The material put into production cost 300,000, 75% were direct materials. There was no beginning or ending material inventories. Labor costs were 350,000, 40% was for indirect labor. Factory overhead costs other than indirect materials and indirect labor were the following: Heat, light and water Depreciation Property Taxes Repairs and Maintenance 120,000 75,000 65,000 40,000 Selling Expenses were 80,0o00, general and administrative expenses were 50,000.

Name: Compute the following:- Cost of goods manufactured. Product CostPrime
Uploaded: 2024-03-20T06:33:06.000Z
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Description: Compute the following:- Cost of goods manufactured. Product CostPrime Cost. Conversion Cost. Period Cost The Kyle Manufacturing Company produces various types of fertilizers. No beginningwork in process or finished goods were on hand on January 1, 2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

Compute the following:
- Cost of goods manufactured
. Product Cost
Prime Cost
. Conversion Cost
. Period Cost

The Kyle Manufacturing Company produces various types of fertilizers. No beginning
work in process or finished goods were on hand on January 1, 2009. 30,000 finished
goods were on hand on December 31, 2009 and 95,000 units were sold during the year.
There were no units in work in process inventories on December 31, 2009. The material
put into production cost 300,000, 75% were direct materials. There was no beginning or
ending material inventories. Labor costs were 350,000, 40% was for indirect labor.
Factory overhead costs other than indirect materials and indirect labor were the
following:
Heat, light and water
Depreciation
Property Taxes
Repairs and Maintenance
120,000
75,000
65,000
40,000
Selling Expenses were 80,000, general and administrative expenses were 50,000.

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