Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
16th Edition
ISBN: 9780134475585
Author: Srikant M. Datar, Madhav V. Rajan
Publisher: PEARSON
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Textbook Question
Chapter 2, Problem 2.36P
Flow of Inventoriable Costs. Renka’s Heaters selected data for October 2017 are presented here (in millions):
| Direct materials inventory 10/1/2017 | $ 105 |
| Direct materials purchased | 365 |
| Direct materials used | 385 |
| Total manufacturing |
450 |
| Variable manufacturing overhead costs | 265 |
| Total manufacturing costs incurred during October 2017 | 1,610 |
| Work-in-process inventory 10/1/2017 | 230 |
| Cost of goods manufactured | 1,660 |
| Finished-goods inventory 10/1/2017 | 130 |
| Cost of goods sold | 1,770 |
Calculate the following costs:
Required
- 1. Direct materials inventory 10/31/2017
- 2. Fixed manufacturing overhead costs for October 2017
- 3. Direct
manufacturing labor costs for October 2017 - 4. Work-in-process inventory 10/31/2017
- 5. Cost of finished goods available for sale in October 2017
- 6. Finished goods inventory 10/31/2017
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Cost of goods manufactured, income statement, manufacturing company. Consider the following
account balances (in thousands) for the Peterson Company:
Beginning of
2017
End of
2017
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Direct materials inventory
Work-in-process inventory
Finished-goods inventory
Purchases of direct materials
23,000
21,000
26,000
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Depreciation-plant, building, and equipment
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Marketing, distribution, and customer-service costs
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1. Prepare a schedule for the cost of goods manufactured for 2017.
2. Revenues for 2017 were $310 million. Prepare the income statement for 2017.
1. Renka's Heaters sefected data for October 2014 are presented here (in millions):
$ 105
Direct materials inventory 10/1/2014
Direct materials purchased
365
385
Direct materiais used
450
Total manufacturing overhead costs
Variable manufacturing overhead costs
Total manufacturing costs incurred during October 2014
Work-in-process inventory 10/1/2014
Cost of goods manufactured
Finished goods inventory 10/1/2014
Cost of goods sold
265
1,610
230
1,660
130
1,770
Calculate the following costs:
[A] Direct materials inventory 10/31/2014
[B] Fixed manufacturing overhead costs for October 2014
(C] Direct manufacturing labour costs for October 2014
DĮ Work-in-process inventory 10/31/2014
E Cost of finished gosds available for sale in October 2014
F] Finiched gds inventory 10/31/2014
Chapter 2 Solutions
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3QCh. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9QCh. 2 - What are three different types of inventory that...
Ch. 2 - Distinguish between inventoriable costs and period...Ch. 2 - Define the following: direct material costs,...Ch. 2 - Describe the overtime-premium and idle-time...Ch. 2 - Define product cost. Describe three different...Ch. 2 - What are three common features of cost accounting...Ch. 2 - Prob. 2.16MCQCh. 2 - Comprehensive Care Nursing Home is required by...Ch. 2 - Frisco Corporation is analyzing its fixed and...Ch. 2 - Year 1 financial data for the ABC Company is as...Ch. 2 - The following information was extracted from the...Ch. 2 - Computing and interpreting manufacturing unit...Ch. 2 - Direct, indirect, fixed, and variable costs....Ch. 2 - Classification of costs, service sector. Market...Ch. 2 - Classification of costs, merchandising sector....Ch. 2 - Classification of costs, manufacturing sector. The...Ch. 2 - Variable costs, fixed costs, total costs. Bridget...Ch. 2 - Variable and Fixed Costs. Consolidated Motors...Ch. 2 - Variable costs, fixed costs, relevant range. Gummy...Ch. 2 - Prob. 2.29ECh. 2 - Cost drivers and functions. The representative...Ch. 2 - Total costs and unit costs, service setting....Ch. 2 - Total and unit cost, decision making. Gayles...Ch. 2 - Inventoriable costs versus period costs. Each of...Ch. 2 - Computing cost of goods purchased and cost of...Ch. 2 - Cost of goods purchased, cost of goods sold, and...Ch. 2 - Flow of Inventoriable Costs. Renkas Heaters...Ch. 2 - Cost of goods manufactured, income statement,...Ch. 2 - Cost of goods manufactured, income statement,...Ch. 2 - Income statement and schedule of cost of goods...Ch. 2 - Interpretation of statements (continuation of...Ch. 2 - Income statement and schedule of cost of goods...Ch. 2 - Terminology, interpretation of statements...Ch. 2 - Labor cost, overtime, and idle time. David...Ch. 2 - Missing records, computing inventory costs. Ron...Ch. 2 - Comprehensive problem on unit costs, product...Ch. 2 - Prob. 2.46PCh. 2 - Cost classification; ethics. Paul Howard, the new...Ch. 2 - Prob. 2.48P
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