Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 82,000 jet skis. Finished goods inventory had the following units: January 1 10,660 December 31 15,457 Required: 1. How many jet skis did Allyson sell during the year? units 2. If each jet ski had a product cost of $2,400, what was the cost of goods sold last year?$

Cost of Goods Sold Allyson Ashley makes jet skis. During the year, Allyson manufactured 82,000 jet skis. Finished goods inventory had the following units: January 1 10,660 December 31 15,457 Required: 1. How many jet skis did Allyson sell during the year? units 2. If each jet ski had a product cost of $2,400, what was the cost of goods sold last year?$

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 58P: Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners...

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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.
q2: Junko Company manufactures financial calculators and produced 97,000 units during the year. The finished goods inventory was 1,260 units on January 1 and 1,040 units on December 31. The average unit cost is $118, what was the cost of goods manufactured and the cost of goods sold for the year? Please choose the correct option and show your calculation to validate your selection: A. $11,446,000 & $11,471,960 B. $10,839,680 & $11,446,000 C. $11,446,000 & $12,839,680 D. $10,888,240 & $11,446,000
Allyson Ashley makes jet skis. During the year, Allyson manufactured 42,000 jet skis. Finished goods inventory had the following units. Jan 1 4,300 Dec 31 3,900 How many jet skis did Allyson sell during the year? If each jet ski had a product cost of $2,100, what was the cost of goods sold last year?
Hill & Scott Company makes financial calculators. During the current year, Hill & Scott manufactured 106,700 financial calculators. Finished goods inventory had the following units on hand: January 1 1,386 units December 31 1,144 units How many financial calculators did Hill & Scott sell during the year? Group of answer choices
A company had the following purchases during its first year of operations: January |May September October Purchases 6 units at $28 10 units at $ 22 12 units at $ 25 What is the weighed average cost per unit On May? Round your answer to 2 decimal places. Sales 16 units at $ 50
Rocha & Noel Inc. had cost of goods sold of $123,200 for the current year ended December 31. The finished goods inventory on January 1 was $30,800, and the finished goods inventory on December 31 was $18,700. What was the amount of cost of goods manufactured for the year? Group of answer choices $129,000 $111,100 $67,000 $113,000
Q6. Calculate the total packing and shipping costs for the month of May relating to: ora Sam's Mart Company Activity Cost per Unit of Activity Driver Customer relations per month Selling Accounting Warehousing d. All of the above Packing Shipping Per customer Per sales dollar Per order Per unit shipped Per unit shipped Per pound shipped The following information pertains to Sam's Mart activities in Minnesota for the month of May: Number of orders Sales revenue Cost of goods sold 200 $160,000 $95,000 $100.00 0.06 5.00 0.50 0.25 0.20 a $50 and $40 b. $5,400 and $90,000 c. $1,350 and $18,000 d. $23,850 and $19,080 Number of customers 25 Units shipped Pounds shipped 5,400 90,000 = 5 008.822((A 001.AT2 TS Pailing (5400* (25) Shipping (90,000 1,350 =2
Five Seasons is a merchandiser of packed foods. The company provides the following information for the year. Sales Revenue Cost of Goods Sold Operating Expenses $144,000 63,000 68,000 13,000 24,000 Net Income Number of Units Sold How much was the unit cost per item of product sold? (Round your answer to the nearest cent.) OA. $6.00 OB. $2.63 OC. $5.46 OD. $100.54
Martin Company uses 625 units of a part each year. The cost of placing one order is $8; the cost of carrying one unit in inventory for a year is $4. What is the EOQ for Martin? 20 50 30 45 100
1. DeForest Company had the following transactions for the month. Sales for the month are $85 per unit. Number of Units Cost per Unit Total Beginning inventory 500 $40 $20,000 Purchased Apr. 30 600 45 27,000 Purchased Aug. 15 650 40 26,000 Purchased Dec. 10 700 35 24,500 Totals (goods available) 2,450 97,500 Ending Inventory 550 ? In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…
еВook Print Item Evansville Company had the following transactions for the month. Number Cost of Units per Unit Purchase $5,000 Purchase 4 6,000 Purchase 5. 6,500 Calculate the gross margin for each of the following cost allocation methods, assuming Evansville sold just one unit of these goods for $11,000. Round your intermediate calculations and final answers to the nearest dollar amount. Gross Margin A. First-in, First-out (FIFO) B. Last-in, First-out (LIFO) C. Weighted Average (AVG) When prices are rising (inflation), which costing method would produce the highest value for gross margin? Check My Work Previous Nex 3.
Hernando Manufacturing, Inc. reported the following information for the year: Number of Units Produced $152,000 Number of Units Sold 62,000 Cost of Goods Manufactured 268,000 Cost of Goods Sold 52,900 Sales Revenue 130,000 Gross Profit 72,940 Operating Expense 727,000 What was the unit product cost? (Round your answer to the nearest cent.) A. $1.76 B. $0.85 C. $0.86 D. $4.32