10 XOTIC Corp...incurred the following costs in October 2008: direct labor, P 120,000; factory overhead, P 108,000 and direct materials purchases, P 160,000. Inventories are as follows: Opening 27,000 P Closing 30,000 Finished goods Work in process P 61,500 57,500 Raw materials 37,500 43,500 The cost of goods manufactured was P 382,000 b P 386,000 P 388,000 P 443,500 a
Q: Last year, Buckner & Jones Company incurred the following costs: Direct materials $42,000 Direct…
A: Product Cost = Direct material + Direct Labor + Manufacturing Overhead (Indirect manufacturing…
Q: For The period just ended, the gross margin of Robin Company was P 3,840,000, the cost of goods…
A: Total manufacturing costs = cost of goods manufactured + work in process inventory increased =…
Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in…
A: Total cost placed in process includes: Raw materials used in production. (i.e. Beginning inventory…
Q: Mon Inc., a furniture manufacturer, incurred the following costs last month. ($ in thousands of…
A: Cost is defined as the amount of money that a company spends to produce its goods or services. It is…
Q: Loring Company incurred the following costs last year: Direct materials $ 216,000 Sales salaries $…
A:
Q: Ybarra Products began operations in 207. During its first year, the company purchased raw materials…
A: Calculate Ybarra Company’s cost of goods sold in 2017.
Q: Prepare a schedule of cost of goods manufactured for the year ended December 31, 2008 ii)…
A: 1 Synder Corp. Schedule of cost of goods manufactured For the Year Ended December 31,…
Q: Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: The following computations are done for Synder Corp.
Q: 5. Aikman Corporation has the following cost records for June 2010. $ 4,500 Indirect factory labor $…
A:
Q: 3. Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: Income statement is a statement which records the revenue and expenses of an undertaking for a…
Q: Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: Redillas Corporation's 2021 manufacturing costs were as follows: Prime costs P 430,000 Depreciation…
A: Inventory means the stock of goods in which the businessmen deals. For the purpose of valuation of…
Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000…
A: Prime cost is the direct cost of the company related to material and labor. Manufacturing overhead…
Q: Following is the information pertaining to the production cost of Revolving Chair Company for the…
A: Solution: Introduction: A budget is an estimation or a financial plan for a defined period, usually…
Q: 1. The following cost data relates to Bruno Company for the year 2008: Estimated manufacturing…
A: Allocation base is Direct labor cost. Predetermined overhead rate is calculated based on the direct…
Q: The following information was taken from the record of Jenny Manufacturing Inc.: Increase in…
A: Direct materials is the amount or value of materials which is directly being used in the production…
Q: Freeman Furnishings has summarized its data as shown: Depreciation of factory building $116,000…
A: It is nothing but the total amount of expenditure incurred to by the company to convert the…
Q: Dave Inc has the following cost details for the year 2015. Direct Materials Inventory =…
A: Formulas: Beginning direct materials inventory: = Ending inventory of direct materials +Direct…
Q: Ambo, Inc. manufactured 50,000 kilos of compound Am in 2011 at the following costs: Opening…
A: Introduction The following formula is used to calculate the cost of goods manufactured:- Cost of…
Q: The following costs incurred in a recent period: Manufacturing indirect labor** $82,000…
A: Fixed cost is such cost which remains irrespective of level of production. Variable cost are those…
Q: Roderick Company reported the following costs and expenses in May. Factory utilities Depreciation on…
A: Manufacturing overheads are the indirect cost incurred in the manufacturing of products. It is…
Q: 3. Synder Corp., a lamp manufacturer, provides the following information for the year ended December…
A: Cost of goods manufactured refers to the expenses involved in the production of goods by a company…
Q: Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: The income statement represents the net income or net loss calculated by deducting the expenses from…
Q: E1-12 Cepeda Corporation has the following cost records for June 2014. Indirect factory labor $…
A: Cost of goods manufactured means all direct and indirect cost of manufacturing the products like…
Q: 1. Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: Cost of goods sold:- Cost of goods sold defined as the cost which includes all the direct cost…
Q: he following information was taken from the record of Jenny Manufacturing Inc.: Increase in…
A: Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed…
Q: 2. Superior Manufacturing Company has the following cost and expense data for the year ending…
A: a) Calculation of COGS is as follows: Resultant table:
Q: Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of…
A: 1. Compute the amount of overhead cost that would be applied to work in process for year and make…
Q: 14. A company used P35,000 of raw materials, incurred P73,000 in direct labor costs, and P114,000 in…
A: Working notes 1) computation of manufacturing overhead: Particulars Amount PHP Raw material…
Q: Hemingway Co. applies factory overhead based on direct labor costs. The company incurred the…
A: Predetermined overhead rate = Factory overhead costs applied / direct labor costs = $1,800,000 /…
Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in…
A: Raw material means the material purchased and still not enter in to the production lines. Work in…
Q: r last year, L. Mosely Manufacturing reported the following: $420,000 venue ginning inventory of…
A: Period costs are those costs which are expensed as and when incurred. These costs are costs which…
Q: he following cost data for the year just ended pertain to Sentiments, Inc., a greeting card…
A: 1a.
Q: The following information was taken from the record of Bannee Inc.: Increase in finished goods,…
A: Direct material used = Material purchase + decrease in raw material = 960000 + 96000 = P1056000
Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in…
A: Direct material used = Material purchased + Decrease in raw material = P960,000 + P96,000 =…
Q: E1-12 Cepeda Corporation has the following cost records for June 2014. Indirect factory labor $…
A: An operating statement may be a financial plan that shows you the company’s financial gain and…
Q: Classy company, which uses absorption costing, produced 1,000 units of product in its 1st year of…
A: Overhead means the cost incurred indirect in factory for the production of goods. Job costing means…
Q: 3. Synder Corp., a lamp manufacturer, provide the following information for the year ended December…
A: The question is based on the concept of Cost Accounting.
Q: Loring Company incurred the following costs last year:Direct materials $ 216,000Factory rent…
A: Costs Product Cost Period Costs Direct Materials Direct Labor Manufacturing Overhead…
Q: Tamarisk Corporation incurred the following costs during 2022. Direct materials used in product…
A: Cost of goods manufactured = Total manufacturing costs + Beginning work in process - Closing work in…
Q: Buperior Manufacturing Company has the following cost and expense data for the year snding December…
A: Required statements are given below:
Q: Synder Corp., a lamp manufacturer, provides the following information for the year ended December…
A: Answer a)
Q: The following information was taken from the record of Anton Manufacturing Inc.: Increase in…
A: Overhead means the cost incurred indirect in factory for the production of goods. Total cost placed…
Q: Items 8 and 9 are based on the following data: ARMIE CORPORATION manufactures plastic coated metal…
A: DIRECT LABOR COST ARE THE COST OF EFFORT EXERTED BY THOSE EMPOYEES WHO CONVERT RAW MATERIALS INTO…
Q: Consider the following costs incurred in a recent period: Direct Materials $ 33,000 Depreciation…
A: Period cost refers to the cost that are incurred by the entity but such costs are not related to the…
Q: The following information is obtained from the company’s records for 2014: Total manufacturing…
A: The total manufacturing cost refers to the amount incurred in the particular period for…
Q: Prepare a schedule of the cost of goods manufactured for the year ended December 31, 2008 ii)…
A: Cost of goods manufactured=Direct Material used+ Direct Labor+ Factory overheads Unit Product Cost=…
Hi kindly answer the no.10 question. Thank you.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)Kenkel, Ltd. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 80,000. b. Requisitioned raw materials to production, 80,000. c. Distributed direct labor costs, 10,000. d. Factory overhead costs incurred, 60,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 225,000, on account.
- During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced increases. a. Direct material cost per unit. b. Fees for using a patent of $500,000 plus $0.25 for each unit produced. c. Salary of quality control supervisor. d. Straight-line depreciation per unit on factory equipment. e. Total direct materials cost.For E2-17, prepare any journal entries that would have been different if the only trigger points had been the purchase of materials and the sale of finished goods. Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
- Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)The following events took place for Rushmore Biking Inc. during February, the first month of operations as a producer of road bikes: Purchased 480,000 of materials. Used 434,500 of direct materials in production. Incurred 125,000 of direct labor wages. Applied factory overhead at a rate of 40% of direct labor cost. Transferred 578,000 of work in process to finished goods. Sold goods with a cost of 550,000. Revenues earned by selling bikes, 910,000. Incurred 185,000 of selling expenses. Incurred 90,000 of administrative expenses. a. Prepare the income statement for Rushmore Biking for the month ending February 28. b. Determine the inventory balances on February 28, the end of the first month of operations.Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
- Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. Using the data in E5-9, prepare a statement of cost of goods manufactured for the month ended January 31, 2016, assuming that no further work was done in Assembly during January.York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of direct labor. The cost to make job 0325 is $70 in aluminum and two hours of labor at $20 per hour. During the month. York incurs $50 in indirect material cost. $150 in administrative labor, $300 in utilities, and $250 in depreciation expense. What is the predetermined overhead rate if direct labor hours are considered the cost driver? What is the cost of Job 0325? What is the overhead incurred during the month?