FUND.OF COST ACCT >CUSTOM<
6th Edition
ISBN: 9781307515565
Author: LANEN
Publisher: MCG/CREATE
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Textbook Question
Chapter 2, Problem 44E
Basic Concepts
The following data refers to one month for Talmidge Company. Fill in the blanks.
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Using the information given, complete the following: a. Prepare the January income statement for
Sorensen Manufacturing Company. Round your answers to the nearest dollar. Sorensen Manufacturing
Company Income Statement For the Month Ended January 31 b. Determine the inventory balances at the
end of the first mon operations. Round your answers to the nearest dollar. Sorensen Manufacturing
Company Inventory Balances For the Month Ended January 31 Inventory balances on January 31 :
Materials Work in process Finished goods $ $ $ The following events took place for Sorensen
Manufacturing Company during January, the first month of its operations as a producer of digita video
monitors: a. Purchased $236, 000 of materials. b. Used $169, 920 of direct materials in production. c.
Incurred $424, 800 of direct labor wages. d. Incurred $169,900 of factory overhead. e. Transferred $
717,400 of work in process to finished goods. f. Sold goods for $1,132,800. g. Sold goods with a cost of
$637,200. h.…
a-1. What is the cost per unit for paychecks processed?
a-2. What is the cost per unit for customer accounts maintained?
a-3. What is the cost per unit for special analyses performed?
b. Assuming the followiing level of cost-driver volumes for a month, what are the accounting department's estimated costs of doing busines using the account analysis approach?
-1000 paycheck processed
-200 customer accounts maintained
-3 special analyses
Consider the following information:
Suppliers’ payment period 40 days
Receivables’ collection period 40 days
Finished goods holding period 15 days
Work – in progress holding period 10 days
Raw materials inventory holding period 20 days
a) what is the operating cycle?
Select one:
A. 75 days
B. 85 days
C. 70 days
D. None of the above
Chapter 2 Solutions
FUND.OF COST ACCT >CUSTOM<
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