[The following The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was use for selling and administrative functions. Inventory data: Raw material January 1 December 31 $ 15,800 $ 18,200 25700 63 100

[The following The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs Sales revenue ($130 per unit) $ 175,000 254,000 109,000 133,000 80,000 195,000 344,000 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was use for selling and administrative functions. Inventory data: Raw material January 1 December 31 $ 15,800 $ 18,200 25700 63 100

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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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.
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?
A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
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The accounting records of Dela Cruz Corporation revealed the following costs direct material used, $750,000; direct labor used, $1,275,000; factory overhead,$1,125,000; indirect materials used $500,000; indirect labor used $600,000; selling and marketing expenses $660,000; general and administrative expenses $440,000. Dela Cruz Corporation Conversion Cost is? a. $2,400,000 b. $1,700,000 c. $2,225,000 d. $2,200,000
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Mason Corporation began operations at the beginning of the current year. One of the company’s products, a refrigeration element, sells for $185 per unit. Information related to the current year’s activities follows. Net income: $168,000 Variable costs per unit:Direct material............................................................................................$ 20Direct labor......................................................................................................37Manufacturing overhead.......................................................................... 48Annual fixed costs:Manufacturing overhead............................................................................................................$600,000Selling and administrative........................................................................... 860,000Production and Sales activity:Production…
The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw material purchases $ 175,000 Direct labor 254,000 Indirect labor 109,000 Selling and administrative salaries 133,000 Building depreciation* 80,000 Other selling and administrative expenses 195,000 Other factory costs 344,000 Sales revenue ($130 per unit) 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: January 1 December 31 Raw material $ 15,800 $ 18,200 Work in process 35,700 62,100 Finished goods* 111,100 97,900 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. Compute the company’s cost of goods sold
The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory and equipment 3,600 Work-in-process inventory, 12/31/x1 8,200 Finished-goods inventory, 12/31/x0 14,000 Cash balance, 12/31/x1 7,000 Indirect material used 4,600 Depreciation on factory equipment 2,100 Raw-material inventory, 12/31/x0 10,100 Property taxes on factory 2,400 Finished-goods inventory, 12/31/x1 15,400 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,800 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200 Direct-labor cost incurred 79,000 Raw-material inventory, 12/31/x1 11,000 Accounts…
During March of the current year, Rolly Company purchased P3,500,000 raw materials. During the month, Reyes incurred P2,040,000 direct labor cost and applied 80% of direct labor cost. During the same month, there were changes in inventories as follows: Increase in raw materials P100,000; Decrease in work in process P150,000 and decrease in finished goods 75,000. If the goods available for sale is P7,500,000, what is the amount of finished goods at March 1? a.P203,000 b.P278,000 c.P 0 d.P 75,000