DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials):Selling expenses$204,000$243,000$20,000$146,000Purchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in process$358,000Actual manufacturing overhead cost$328,000Inventory balances at the beginning and end of the year were as follows:Beginning End ofYear$60,000 $38,000$33,000$44,000of YearRaw materialsWork in processFinished goods$25,000$ ?For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statementincome was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold.How much was the DS-25999 company's sales revenue for the year?< Prev7 of 12Next >17,650MAR14MacBook Air

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Description: DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials):Selling expenses$204,000$243,000$20,000$146,000Purchases of raw materialsDirect laborAdministrative expensesManufactu

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DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses $204,000 $243,000 $20,000 $146,000 Manufacturing overhead applied to work in process$358,000 $328,000 Purchases of raw materials Direct labor Administrative expenses Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Beginning End of of Year $60,000 $25,000 $ ? Year Raw materials Work in process Finished goods $38,000 $33,000 $44,000 For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statement income was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. How much was the DS-25999 company's sales revenue for the year?

DS-25999 company provided the following data for the end of the year (all raw materials are used in production as direct materials): Selling expenses $204,000 $243,000 $20,000 $146,000 Manufacturing overhead applied to work in process$358,000 $328,000 Purchases of raw materials Direct labor Administrative expenses Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Beginning End of of Year $60,000 $25,000 $ ? Year Raw materials Work in process Finished goods $38,000 $33,000 $44,000 For the year, the cost of goods available for sale was $704,000 and the net operating income as reported in its income statement income was $51,000. The DS-25999 company's underapplied or overapplied overhead was closed to Cost of Goods Sold. How much was the DS-25999 company's sales revenue for the year?

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 21E: 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. 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?
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?
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.)
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. 27.55
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
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.
On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
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.
Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600
A company estimated 100,000 direct labor hours and $800,000 in overhead. The actual overhead was $805,100, and there were 99,900 direct labor hours. What is the predetermined overhead rate, and how much was applied during the year?