ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is $12,000. Cost of FG ending inventory under VC is $2,500. How much is FMOH deferred with ending inventory?
Q: Pennell Company gathered the following information for the year ended ecember 31, 2018. During the…
A: Solution:- Calculation of contribution margin per unit as follows under:-
Q: Krepps Corporation produces a single product. Last year, Krepps manufactured 30,140 units and sold…
A: Contribution Margin - When we deduct variable cost of the product from the net sales , then the…
Q: Donovan Company incurred the following costs while producing 500 units: direct materials, $10 per…
A: Finished goods inventory: Finished goods inventory are those goods that is completely ready for sale…
Q: Pennell Company gathered the following information for the year ended December 31, 2018. During the…
A: Sales: It is an economic activity. Under this, one party sell its goods or services to another…
Q: Krepps Corporation produces a single product. Last year, Krepps manufactured 26,160 units and sold…
A: Selling price per unit = $971,850 / 20,900 units = $46.50 Variable cost per unit = [($188,352 +…
Q: Jax Incorporated reports the following data for its only product. The company had no beginning…
A:
Q: Torid Company processes 18,700 gallons of direct materials to produce two products, Product X and…
A: Ending inventory: Inventory that left over after sales from total production of goods. It is…
Q: Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory…
A: Cost of Goods Manufactured: The term "Cost of Goods Manufactured" (COGM) is used in management…
Q: Betsy's Pies, Inc. has provided the following financial information for the year: Finished Goods…
A: There are two methods for the unit product cost. Absorption costing: As per this method, Unit…
Q: The following data relates to Mandarin Company. Units in beginning inventory — Units produced…
A: Formula: Ending inventory = Units produced - units sold Deduction of units sold from units produced…
Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is…
A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is…
Q: The following information is available for Barnes Company for the fiscal year ended December 31:…
A: Formula: Ending inventory = Total produced units - Total sold units Deduction of sold units from…
Q: Ironman Company had a net income of P85,000 using variable costing and net income of P90,000 using…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Hayes Inc. provided the following information for the current year: Beginning inventory Units…
A: 1. Absorption rate for Fixed manufacturing overhead = Fixed manufacturing overhead costNumber of…
Q: A company has $45,000 of net income using absorption costing. Its beginning inventory contained…
A: Fixed overhead is not incorporated in the inventory value in variable costing. Absorption costing,…
Q: Delilah Incorporated provided the following information regarding its only product: Sale price per…
A: CVP analysis is considered a decision-making tool that helps management to make strategies and take…
Q: The following information pertains to Stark Corporation: Beginning inventory 0 units Ending…
A: The correct option is option c.
Q: During the most recent year, ABC Company reported the following data. During the year 10,000 units…
A: Under absorption costing fixed overhead costs are allocated to each unit of product produced during…
Q: Donovan Company incurred the following costs while producing 500 units: direct materials, $10 per…
A: In variable costing, only the variable cost is taken into consideration while computing the value of…
Q: Peterson Corporation produces a single product. The company had no beginning inventory and they…
A: a)Ending finished goods inventory under variable costing=(Units produced-Units sold)*direct material…
Q: Last year, Fabre Company produced 20,000 units and sold 18,000 units at a price of $12. Costs for…
A: Following are the calculation of ending inventory under variable coting:
Q: Amex Company, which has woolen scarves to produce, has provided the following data concerning its…
A: Under absorption costing, gross profit is calculated as difference between sales and cost of goods…
Q: The Riego company had a net operating income of P85,500 using variable costing and a net operating…
A: Total fixed manufacturing overhead P1,50,000 Production in units 100000 Fixed manufacturing…
Q: Amex Company, which has woolen scarves to produce, has provided the following data concerning its…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: During its first year of operations, the McCormick Company incurred the following manufacturing…
A: Fixed overhead per unit = total Fixed overhead/units produced = $390000/39000 units = $10 per unit
Q: During January 2020, L Company produced 1,000 units of Product A with costs as follows: Materials P.…
A: The income statement is prepared using various methods as variable costing and absorption costing…
Q: Orange Company produces single product. Last year, the company’s net operating income computed by…
A: Inventory can be defined as the goods that a business holds in its storage for the purpose of sale…
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: Donovan Company incurred the following costs while producing 500 units: direct materials, $10 per…
A: Unit product cost = Direct materials + Direct labor + Variable manufacturing overhead = $10 + $25 +…
Q: What is the cost of goods manufactured?
A:
Q: Jax Incorporated reports the following data for its only product. The company had no beginning…
A: Introduction: The profit a business makes after subtracting the costs of manufacturing and selling…
Q: LBC’s beginning work-in-process inventory is P 376,000, ending work-in-process inventory is P…
A: The cost of goods manufactured includes the cost of goods manufactured and completed during the…
Q: Shazam Company had 16,000 units in its beginning inventory. During the year, the company’s variable…
A: Absorption costing and variable costing are two methods which are used. Under absorption costing,…
Q: pls show solutions Last year, Harris Company manufactured 17,000 units and sold 13,000 units.…
A: There are two costing methods which are, (1) Variable costing method (2) Absorption costing method…
Q: Peterson Corporation produces a single product. The company had no beginning inventory and they…
A: Absorption costing is the costing in which variable as well as fixed cost is added to each unit,…
Q: The following information is given for a company for the year ended December 31:…
A: SOLUTION- Absorption costing: Absorption costing is also called traditional costing. This method of…
Q: Panta Corp had net income of P226,000 based on variable costing. Beginning and ending inventories…
A: Absorption costing is one of the method of costing where both direct and indirect cost are included…
Q: During its first year of operation Salon Manufacturing Company sold 1,000 units of inventory. Salon…
A: Fixed manufacturing overhead costs per unit = Fixed manufacturing overhead costs / Total no. of…
Q: Sprint Shoes Inc. had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated…
A: The inventory valuation is based on the flow of inventory. The LIFO method says that recently…
Q: Walsh Company manufactured 30,000 units during July. There were no units in inventory on July 1.…
A: Under variable costing , all variable expenses are deducted from revenue from operation to arrive at…
Q: The related data of Mireia Company: Cost of goods sold…
A: Variance is calculated with the subtraction of actual cost from the estimated cost.
Q: Womble Inc. has a beginning inventory of 200 and an ending inventory of 400 for a given period in…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: The following information pertains to Lextel, Inc., for 2008: Beginning inventory in units Units…
A: Answer - Part 1 - Without preparing an income statement, indicate what the difference will be…
Q: unit product cost for the month under variable costing
A: Variable costing is a cost accounting method which uses variable costs only for product costing.
Q: For each of the following independent situations, calculate the missing values: 1. The Belen plant…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: During its first year of operations, the McCormick Company incurred the following manufacturing…
A: The cost can be classified into two categories i.e fixed cost and variable cost. The FIxed cost…
Q: The following data relates to Alpha Company. Units in beginning inventory — Units produced 25,000…
A: Under variable costing, ending inventory is valued at variable costs and fixed cost is considered as…
Q: Krepps Corporation produces a single product. Last year, Krepps manufactured 27,120 units and sold…
A: Ending inventory units = Total units produced - units sold = 27,120 units - 21,800 units = 5,320…
Q: Hadley Corporation, which has only one product, has provided the following data concerning its most…
A: Period cost can be defined as any expenses that are not directly associated to product manufacturing…
ABC Company produced 3,000 units and sold 2,500 units. Total fixed
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month with the following unit costs: Fixed overhead per unit = 280,000/40,000 units produced = 7. Total fixed factory overhead is 280,000 per month. During October, 38,400 units were sold at a price of 24, and fixed marketing and administrative expenses were 130,500. Required: 1. Calculate the cost of each unit using absorption costing. 2. How many units remain in ending inventory? What is the cost of ending inventory using absorption costing? 3. Prepare an absorption-costing income statement for Pattison Products, Inc., for the month of October. 4. What if November production was 40,000 units, costs were stable, and sales were 41,000 units? What is the cost of ending inventory? What is operating income for November?Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was a. 55,500 b. 92,500 c. 66,500 d. 39,900For each of the following independent situations, calculate the missing values: 1. The Belen plant purchased 78,300 of direct materials during June. Beginning direct materials inventory was 2,500, and direct materials used in production were 73,500. What is ending direct materials inventory? 2. Forster Company produced 14,000 units at an average cost of 5.90 each. The beginning inventory of finished goods was 3,422. (The average unit cost was 5.90.) Forster sold 14,120 units. How many units remain in ending finished goods inventory? 3. Beginning work in process (WIP) was 116,000, and ending WIP was 117,300. If total manufacturing costs were 349,000, what was the cost of goods manufactured? 4. If the conversion cost is 84 per unit, the prime cost is 55, and the manufacturing cost per unit is 105, what is the direct materials cost per unit? 5. Total manufacturing costs for August were 412,000. Prime cost was 64,000, and beginning WIP was 76,000. The cost of goods manufactured was 434,000. Calculate the cost of overhead for August and the cost of ending WIP.
- A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?Chassen Company, a cracker and cookie manufacturer, has the following unit costs for the month of June: A total of 100,000 units were manufactured during June, of which 10,000 remain in ending inventory. Chassen uses the first-in, first-out (FIFO) inventory method, and the 10,000 units are the only finished goods inventory at June 30. Under the absorption costing concept, the value of Chassens June 30 finished goods inventory would be: a. 50,000. b. 70,000. c. 85,000. d. 145,000.Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold for 52 each. The actual unit cost is as follows: The selling expenses consisted of a commission of 1.30 per unit sold and advertising copayments totaling 95,000. Administrative expenses, all fixed, equaled 183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 132,600 for 3,400 easels. Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 2. Prepare a cost of goods sold statement. 3. Prepare an absorption-costing income statement. Add a column for percentage of sales.
- Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?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.
- During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?Inventory Accounts for a Manufacturing Company Fujita Company produces a single product. Costs accumulated at the end of the period are as follows: Assume the beginning raw materials inventory was 62,800, the beginning finished goods inventory was 118,400, and there was no beginning work-in-process inventory. Required: Compute the closing account balances of each of the three inventory accounts: Raw Materials, Work in Process, and Finished Goods.
