please answer if you know , give correct answer [The following information applies to the questions displayed below]The following selected information was extracted from the 20x1 accounting records of Lone Oak Products:$ 175,000255,000109,000133,000s0,000195,000342,0001,495,000Raw material purchasesDirect laborIndirect laborSelling and administrative salariesBuilding depreciationOther selling and administrative expensesOther factory costsSales revenue ($130 per unit)"Seventy-five percent of the company's building was devoteci to production activities; the remaining 25 percent was usedfor selling and administratlve functions.Inventory data:January 1$ 16,80035,988Decenber 31$18, 20062,10097,900Raw materialNork in processFinished goods113,10a"The January 1 and December 31 finished-goods Inventory consisted of 1,350 units and 1,190 units, respectively.5. Determine the number of completed units manufectured during the year.Number of completed units511,000

The question is based on the concept of Cost Accounting.

following mation applies to th shons displayeO below The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw naterial purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue (S1 30 per unit) $ 175,000 255,000 109,000 133,000 se,000 195,000 342,000 1,495, 00 "Seventy-tive percent of the company's bulldling was devoteci to production activitles; the remaining 25 percent was used for selling and administrative functions.

following mation applies to th shons displayeO below The following selected information was extracted from the 20x1 accounting records of Lone Oak Products: Raw naterial purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation Other selling and administrative expenses Other factory costs Sales revenue (S1 30 per unit) $ 175,000 255,000 109,000 133,000 se,000 195,000 342,000 1,495, 00 "Seventy-tive percent of the company's bulldling was devoteci to production activitles; the remaining 25 percent was used for selling and administrative functions.

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 22E: 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. 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.
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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.
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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?
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2. The selected amounts that follow were taken from Sharon Corporation's accounting records: Raw material used P 27,000Direct labor 35,000Total manufacturing costs 104,000Work-in-process inventory, 1/1 19,000Cost of goods manufactured 100,000Cost of goods available for sale 175,000Finished-goods inventory, 12/31 60,000Sales revenue 300,000Selling and administrative expenses 125,000Income tax expense 18,000 Required:Compute the following:A. Manufacturing overhead.B. Work-in-process inventory, 12/31.C. Finished-goods inventory, 1/1.D. Cost of goods sold. E. Gross margin.F. Net income.
The following transactions were taken from the books ofMasayun La Eni Corporation during the month of June 2020: a. Purchased raw materials on account, P200,000 and factorysupplies, P70,000.b. Issued raw materials to production, P400,000.c. Paid direct factory labor, P950,000.d. Paid indirect factory labor, P160,000.e. Consumed factory supplies in production, P80,000.f. Paid production supervisor’s salary, P60,000.g. Received factory utility bills for the month, P122,460.h. Depreciation of production assets for the month,P64,000.i. Units finished were 10,000 units in the amount ofP1,600,000.j. Sales for the month, P3,600,000. Goods related to salescost P1,800,000. Required: 1. Establish T-accounts for the following manufacturingaccounts and post corresponding beginning balances.Manufacturing Accounts Beginning BalancesRaw Materials Inventory P205,000Work-in-Process Inventory P630,000Finished Goods Inventory P360,000Indirect Materials Inventory P100,000Factory Overhead -2. Prepare…
4.The following were taken from accounting records of Bella Company in December 2020.Prime cost, P301,000Gross profit rate on sales, 20%Cost of goods available for sale, P460,000Direct materials purchased, P170,000Work in process, December 1, 2020, P34,000Direct Materials, December 1, 2020, P16,000Finished goods, December 1, 2020, P30,000Factory overhead, 40% of conversion cost.Sales, P500,000Direct labor, P180,000Compute for December 31, 2020: (1) Direct materials inventory; (2) Work in process inventory; (3) Finished goodsinventory: A.(1) P6,000 ; (2) P25,400 ; (3) P30,000B. (1) P49,000 ; (2) P25,000 ; (3) P30,000C. (1) P65,000 ; (2) P25,400 ; (3) P60,000D. (1) P65,000 ; (2) P25,000 ; (3) P60,000