Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000 Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required: 1. Number of units manufactured during the quarter 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ra

Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000 Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required: 1. Number of units manufactured during the quarter 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ra

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required: 1. Number of units manufactured during the quarter 2. Cost of goods manufactured statement for the quarter 3. Value of closing finished goods inventory 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ra
Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required:4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ratio
Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required: 1. Number of units manufactured during the quarter 2. Cost of goods manufactured statement for the quarter 3. Value of closing finished goods inventory 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ratio Sub part 4_8
Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000 Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required: 1. Number of units manufactured during the quarter 2. Cost of goods manufactured statement for the quarter 3. Value of closing finished goods inventory 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ratio
Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,946,700 Direct labor 2,125,800 Factory overhead (40% variable and 60% fixed) 764,000 Marketing expenses (80% fixed) 516,000 Administrative expense (100% Fixed) 461,000 Sales (12,400 Fans) 6,634,000 Other factory expense 29,000 Inventory opening Finished goods (100 fans) 43,000 Direct material 268,000 Inventory closing Finished goods (200 fans) not known Direct material 167,000 There was no opening and closing work in process inventory.Required: 1. Number of units manufactured during the quarter2. Cost of goods manufactured statement for the quarter3. Value of closing finished goods inventory 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 6. Gross profit to sales ratio7. Cost of goods sold to sales ratio8. Fixed production cost per unit 9. Variable production cost per unit10. Fixed expenses per unit sold 11. Variable expenses per…
Tap Corporation has the following information for the month of March. Determine the Cost of goods manufactured Purchases $ 92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000
The following data refers to the most recent fiscal year for Sterritt Company. Amounts are in thousands of dollars. ($000) $ 4,800 5,250 3,170 225 233 585 510 334 700 7,050 71 Cost of goods manufactured for the year Cost of goods sold Direct labor Direct materials inventory, July 1 Direct materials inventory, June 30 Direct material purchases Finished goods inventory, July 1 Finished goods inventory, June 30 Manufacturing overhead Sales revenue Work-in-process inventory, June 30 Required: Find the following amounts. Note: Enter your answers in thousands. a. Direct materials used for the year b. Gross margin for the year c. Total manufacturing costs for the year d. Work-in-process inventory, July 1
Davis Manufacturing Company had the following data for a recent year: Accounts receivable Materials inventory Work in process inventory Finished goods inventory b. Compute cost of goods sold. January 1 $27,000 22,500 70,200 3,000 Collections on account were $625,000. Cost of goods sold was 68% of sales. Direct materials purchased amounted to $90,000. Factory overhead was 300% of the cost of direct labor. a. Compute sales revenue (all sales were on account). 000 C. Compute cost of goods manufactured. d. Compute direct materials used. December 31 $33,000 6,000 48,000 15,000 e. Compute direct labor incurred.
The following data relates to the Austin Co.: Direct Materials Inventory, Beginning $330 Direct Materials Inventory, Ending $290 Direct Materials Purchases $1,650 Direct Labor $1,200 Factory Overhead $950 Work-in-Process Inventory, Beginning $450 Work-in-Process Inventory, Ending $400 Finished Goods Inventory, Beginning $950 Finished Goods Inventory, Ending 066$ Sales Revenue $5,600 Selling and Administrative Expenses $1300 Income Tax Rate 30% Required: Please answer all the following questions, and show your works and computations to get full credits. 1. Prepare a Statement of Cost of Goods Manufactured for the company. 2. Prepare an Income Statement for the company. Show your work all the way to Net Income/Loss.
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process, March 1 22,000 Work in process, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 Required: Prepare (a) a statement of cost of goods manufactured, (b) an income statement for the month ended March 31, and (c) the inventory section of the balance sheet. Refer to the Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. “Less” or “Plus” will automatically appear if it is required. You will not need to enter colons (:) on the financial statements. Prepare a statement of cost of goods manufactured.…
Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor 25,000 Factory overhead 37,000 Work in process inventory, March 1 22,000 Work in process inventory, March 31 23,500 Finished goods inventory, March 1 21,000 Finished goods inventory, March 31 30,000 Sales 257,000 Sales and administrative expenses 79,000 a. Prepare a statement of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods Manufactured For the Month Ended March 31 $ Direct materials: $ $ Cost of direct materials used $ Total manufacturing costs incurred Total manufacturing costs $ Cost of goods manufactured $ b. Prepare an income statement for the month ended March 31. Zoe Corporation Income Statement For the Month Ended…
Morrow Inc. has the following information for the current year: Opening inventory (units) 600 Production (units) 7,800 Ending inventory (units) 900 Sales price (per unit) $310.00 The company's accounting records provide the following information for the year: Description Amount ($) Customer service dept. Costs 102,300 Administrative costs, head office 107,000 Maintenance manager salary (factory) 88,400 Factory insurance 34,900 Depreciation (head office) 165,100 Salary, president 160,400 Direct Labour 267,400 Depreciation (factory) 213,900 Raw material purchases 428,400 Indirect materials 88,400 Indirect labour 109,300 Factory utilities 55,800 Opening WIP Inventory 4,700 Closing WIP Inventory 9,000 Opening raw materials inventory 9,900 Closing raw materials inventory 8,200 Opening Finished Goods Inventory 16,300 Closing Finished Goods Inventory 21,900 Using the above information, develop a Schedule of Cost of Goods Manufactured,…