Vernon Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,930. 4. Depreciation on manufacturing equipment-$5,570. 5. Depreciation on administrative equipment-$1,790. Vernon sold 1,090 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold

Vernon Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,530. 3. Salaries of administrative and sales personnel-$1,930. 4. Depreciation on manufacturing equipment-$5,570. 5. Depreciation on administrative equipment-$1,790. Vernon sold 1,090 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold

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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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Stuart Manufacturing Company began operations on January 1. During the year, it started and completed 1,780 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,200. 2. Wages of production workers-$3,620. 3. Salaries of administrative and sales personnel-$1,990. 4. Depreciation on manufacturing equipment-$5,996. 5. Depreciation on administrative equipment-$1,750. Stuart sold 1,190 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) Total product cost b. Total cost of ending inventory a. C. Total cost of goods sold
Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,620 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,170. 2. Wages of production workers-$3,600. 3. Salaries of administrative and sales personnel-$1,890. 4. Depreciation on manufacturing equipment-$5,056. 5. Depreciation on administrative equipment-$1,795. Rooney sold 1,160 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory C. Total cost of goods sold
Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,190. 2. Wages of production workers-$3,560. 3. Salaries of administrative and sales personnel-$1,975, 4. Depreciation on manufacturing equipment-$4,810. 5. Depreciation on administrative equipment-$1,755. Rooney sold 1,110 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold.. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory e. Total cost of goods sold $ $ 11,560 4,012
Thornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,140. 2. Wages of production workers-$3,540. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,430. 5. Depreciation on administrative equipment-$1,825. Thornton sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
Solomon Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,060. 2. Wages of production workers-$3,510. 3. Salaries of administrative and sales personnel-$1,975. 4. Depreciation on manufacturing equipment-$5,936. 5. Depreciation on administrative equipment-$1,785. Solomon sold 1,060 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending inventory. Note: Do not round intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
Adams Manufacturing Company began operations on January 1. During the year, it started and completed 1,790 units of product. The financial statements are prepared in accordance with GAAP. The company Incurred the following costs: 1. Raw materials purchased and used-$3,170. 2. Wages of production workers-$3,600. 3. Salaries of administrative and sales personnel-$1,945. 4. Depreciation on manufacturing equipment-$5.044. 5. Depreciation on administrative equipment-$1,770. Adams sold 1,200 units of product. Required a. Determine the total product cost for the year. b. Determine the total cost of the ending Inventory. Note: Do not round Intermediate calculations. c. Determine the total of cost of goods sold. Note: Do not round Intermediate calculations. a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
Thornton Manufacturing Company began operations on January 1. During the year, it started and completed 1,660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,140. Wages of production workers—$3,580. Salaries of administrative and sales personnel—$1,995. Depreciation on manufacturing equipment—$4,568. Depreciation on administrative equipment—$1,820. Thornton sold 1,070 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.)
Adams Manufacturing Company began operations on January 1. During the year, it started and completed 1,610 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,220. Wages of production workers—$3,610. Salaries of administrative and sales personnel—$1,925. Depreciation on manufacturing equipment—$4,279. Depreciation on administrative equipment—$1,820. Adams sold 1,170 units of product. Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.)
Finch Manufacturing Company began operations on January 1. During the year, it started and completed 1,630 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,070. Wages of production workers—$3,550. Salaries of administrative and sales personnel—$1,940. Depreciation on manufacturing equipment—$5,279. Depreciation on administrative equipment—$1,830. Finch sold 1,030 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.)
Munoz Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,080. Wages of production workers—$3,510. Salaries of administrative and sales personnel—$1,970. Depreciation on manufacturing equipment—$5,520. Depreciation on administrative equipment—$1,755. Munoz sold 1,210 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. (Do not round intermediate calculations.) Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product cost b. Total cost of ending inventory c. Total cost of goods sold
Larned Corporation recorded the following transactions for the just completed month. a. Purchased $89,000 of raw materials on account. b. $87,000 in raw materials were used in production. Of this amount, $79,000 was direct materials and the remainder was indirect materials. c. Paid employees $118,000 cash. Of this amount, $103,200 was direct labor and the remainder was indirect labor. d. Depreciation of $194,000 was incurred on factory equipment. Required: Record the above transactions in journal entries. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.