FUND.OF COST ACCT >CUSTOM<
6th Edition
ISBN: 9781307515565
Author: LANEN
Publisher: MCG/CREATE
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Textbook Question
Chapter 2, Problem 59P
Cost Concepts
The controller at Lawrence Components asks for your help in sorting out some cost information. She is called to a meeting, but hands you the following information for April:
Required
Compute:
- a. Direct materials used, April.
- b. Direct materials inventory, April 1.
- c. Conversion costs, April.
- d. Work-in-process inventory, April 30.
- e. Manufacturing
overhead , April. - f. Finished goods inventory, April 1.
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Cost of Materials Issuances Under the FIFO Method
An incomplete subsidiary ledger of materials inventory for May is as follows:
a. Complete the materials isuances and balances for the materials subsidiary ledger under FIFO.
Received
Issued
Balance
Receiving
Materials
Unit
Unit
Report
Quantity
Requisition
Quantity
Amount
Date
Quantity
Amount
Price
price
Number
Number
May 1
260
$8
$2,080
25
$10
260 V
2,080 V
180
May 4
180 V
10 V
1,800
103
290
May 10
10 V
31
120
12
May 21
10 V
12 V
116
170
May 27
12
Feedback
V Check My Work
a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
b. Determine the materials inventory balance at the end of May.
Feedback
V Check My Work
b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the
most recent year:
Cost of goods manufactured
Cost of goods sold
Direct labor costs
Direct materials inventory, December 31
Direct materials purchased
Finished goods inventory, December 31
Prime costs for the year
Total manufacturing costs
Work-in-process inventory, January 11
Required:
Compute:
a. Direct materials used.
b. Direct materials inventory, January 1.
c. Conversion costs.
d. Work-in-process inventory, December 31.
e. Manufacturing overhead.
1. Finished goods inventory, January 1.
a. Direct materials used
b. Direct materials inventory
c. Conversion costs
d. Work-in-process inventory
e. Manufacturing overhead
f. Finished goods inventory
$ 906,000
727,400
184,000
52,000
263,200
236,400
466,600
914,400
26,200
Chapter 2 Solutions
FUND.OF COST ACCT >CUSTOM<
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Ch. 2 - What do the terms step costs and semivariable...Ch. 2 - What do the terms variable costs and fixed costs...Ch. 2 - How does a value income statement differ from a...Ch. 2 - Why is a value income statement useful to...Ch. 2 - Materials and labor are always direct costs, and...Ch. 2 - Prob. 16CADQCh. 2 - In evaluating product profitability, we can ignore...Ch. 2 - Prob. 18CADQCh. 2 - The friend in question 2-18 decides that she does...Ch. 2 - Consider a digital music service such as those...Ch. 2 - Consider a ride-sharing service such as Uber or...Ch. 2 - Pick a unit of a hospital (for example, intensive...Ch. 2 - The dean of Midstate University Business School is...Ch. 2 - Prob. 24CADQCh. 2 - Prob. 25CADQCh. 2 - Basic Concepts For each of the following...Ch. 2 - Basic Concepts For each of the following costs...Ch. 2 - Basic Concepts For each of the following costs...Ch. 2 - Basic Concepts Place the number of the appropriate...Ch. 2 - Basic Concepts Intercontinental, Inc., provides...Ch. 2 - Prob. 31ECh. 2 - For each of the following costs incurred in a...Ch. 2 - Basic Concepts For each of the following costs...Ch. 2 - Basic Concepts The following data apply to the...Ch. 2 - Cost AllocationEthical Issues In one of its...Ch. 2 - Cost AllocationEthical Issues Star Buck, a coffee...Ch. 2 - Prepare Statements for a Manufacturing Company The...Ch. 2 - Prepare Statements for a Service Company Chucks...Ch. 2 - Prepare Statements for a Service Company Where2...Ch. 2 - Prepare Statements for a Service Company The...Ch. 2 - Prepare Statements for a Service Company Lead!...Ch. 2 - Prepare Statements for a Manufacturing Company The...Ch. 2 - Basic Concepts The following data refer to one...Ch. 2 - Basic Concepts The following data refers to one...Ch. 2 - Prepare Statements for a Merchandising Company The...Ch. 2 - Prepare Statements for a Merchandising Company...Ch. 2 - Cost Behavior and Forecasting Dayton, Inc....Ch. 2 - Sophia’s Restaurant served 5,000 meals last...Ch. 2 - Prob. 49ECh. 2 - Components of Full Costs Madrid Corporation has...Ch. 2 - Prob. 51ECh. 2 - Components of Full Costs Larcker Manufacturings...Ch. 2 - Prob. 53ECh. 2 - Gross Margin and Contribution Margin Income...Ch. 2 - Gross Margin and Contribution Margin Income...Ch. 2 - Value Income Statement Ralphs Restaurant has the...Ch. 2 - Value Income Statement DeLuxe Limo Service has the...Ch. 2 - Cost Concepts The following information comes from...Ch. 2 - Cost Concepts The controller at Lawrence...Ch. 2 - Cost Concepts Columbia Products produced and sold...Ch. 2 - Prepare Statements for a Manufacturing Company...Ch. 2 - Prepare Statements for a Manufacturing Company...Ch. 2 - Prepare Statements for a Manufacturing Company The...Ch. 2 - Cost Allocation with Cost Flow Diagram Coastal...Ch. 2 - Cost Allocation with Cost Flow Diagram Wayne...Ch. 2 - Cost Allocation with Cost Flow Diagram The library...Ch. 2 - Greenfield Consultants conducts analyses of public...Ch. 2 - Consider the Business Application, “Indirect Costs...Ch. 2 - Find the Unknown Information After a computer...Ch. 2 - Find the Unknown Information Just before class...Ch. 2 - Cost Allocation and Regulated Prices The City of...Ch. 2 - Koufax Materials Corporation produces plastic...Ch. 2 - Reconstruct Financial Statements San Ysidro...Ch. 2 - Westlake, Inc., produces metal fittings for the...Ch. 2 - Finding Unknowns Marys Mugs produces and sells...Ch. 2 - Finding Unknowns BST Partners has developed a new...
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