Fundamentals Of Cost Accounting (6th Edition)
6th Edition
ISBN: 9781259969478
Author: WILLIAM LANEN, Shannon Anderson, Michael Maher
Publisher: McGraw Hill Education
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Textbook Question
Chapter 2, Problem 42E
Prepare Statements for a Manufacturing Company
The following balances are from the accounts of Crabtree Machining Company:
Direct materials purchased during the year amount to $717,600, and the cost of goods sold for the year was $2,606,880.
Required
Reconstruct a cost of goods sold statement and fill in the following missing data:
- a. Cost of direct materials used during the year.
- b. Cost of goods manufactured during the year.
- c. Total
manufacturing costs incurred during the year.
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Students have asked these similar questions
Answer the following questions by analysing the T-accounts given below.
a) Purchases of direct material
b) The cost of direct material used
c) Why does direct labor account has a credit balance of $5000? Explain
d) Direct labor costs assigned to production
e) The overhead as a percentage of direct labor costs
f) Total manufacturing costs charged to the Work in Process Inventory account during the current year
g) The cost of finished goods manufactured
h) The year-end balance in the Work in Process Inventory account
i) The cost of goods sold
j) The total amount of inventory listed in the hear-end balance sheet
k) Manufacturing overhead assigned to production
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company
The following information is available for Bandera Manufacturing Company for the month ending January 31:
Cost of goods manufactured
$165,390
Selling expenses
55,250
Administrative expenses
29,210
Sales
351,890
Finished goods inventory, January 1
39,760
Finished goods inventory, January 31
36,240
a. For the month ended January 31, determine Bandera Manufacturing’s cost of goods sold.
Bandera Manufacturing Company
Cost of Goods Sold
January 31
$
$
$
b. For the month ended January 31, determine Bandera Manufacturing’s gross profit.
Bandera Manufacturing Company
Gross Profit
January 31
$
$
c. For the month ended January 31, determine Bandera Manufacturing’s net income.
Bandera Manufacturing Company
Net Income
January 31
$
Operating expenses:
$
Total operating expenses…
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company
The following information is available for Bandera Manufacturing Company for the month ending January 31:
Cost of goods manufactured
$267,820
Selling expenses
89,460
Administrative expenses
47,300
Sales
569,840
Finished goods inventory, January 1
64,390
Finished goods inventory, January 31
58,690
For the month ended January 31, determine Bandera's (a) cost of goods sold, (b) gross profit, and (c) net income.
(a)
Bandera Manufacturing Company
Cost of Goods Sold
January 31
$fill in the blank a5478ffe7014fe8_2
fill in the blank a5478ffe7014fe8_4
$fill in the blank a5478ffe7014fe8_6
fill in the blank a5478ffe7014fe8_8
$fill in the blank a5478ffe7014fe8_10
(b)
Bandera Manufacturing Company
Gross Profit
January 31
$fill in the blank b2846803800df87_2
fill in the blank b2846803800df87_4
$fill in the blank b2846803800df87_6…
Chapter 2 Solutions
Fundamentals Of Cost Accounting (6th Edition)
Ch. 2 - What is the difference in meaning between the...Ch. 2 - What is the difference between product costs and...Ch. 2 - What is the difference between outlay cost and...Ch. 2 - Prob. 4RQCh. 2 - Is cost-of-goods sold an expense?Ch. 2 - Is cost-of-goods a product cost or a period cost?Ch. 2 - What are the similarities between the Direct...Ch. 2 - What are the three categories of product cost in a...Ch. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
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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