P1-3A Incomplete manufacturing costs, expenses, and selling data for two different casesare as follows.e,Case1Direct materials used$ 9,6005,0008,000(a)1,000(b)24,5002,50017,000(c)20,000(d)3,400(e)2,500(f)$ (g)8,0004,00016,000(h)3,000(i)1,40022,0003,300(G)(k)2,5007,000(1)5,000Direct laborManufacturing overheadTotal manufacturing costsBeginning work in process inventoryEnding work in process inventorySales revenueSales discountsCost of goods manufacturedBeginning finished goods inventoryGoods available for saleCost of goods soldEnding finished goods inventoryGross profitOperating expensesNet incomeInstructions(a) Indicate the missing amount for each letter.(b) Prepare a condensed cost of goods manufactured schedule for Case 1.(c) Prepare an income statement and the current assets section of the balance sheet forCase 1. Assume that in Case 1 the other items in the current assets section are asfollows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600, and PrepaidExpenses $400.

Income statement is prepared to know the financial position of an organisation. It is also popularly…

Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (c) Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400.

Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (c) Prepare an income statement and the current assets section of the balance sheet for Case 1. Assume that in Case 1 the other items in the current assets section are as follows: Cash $4,000, Receivables (net) $15,000, Raw Materials $600, and Prepaid Expenses $400.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 12.16E: Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that...

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For each of the following independent cases (A through E), compute the missing values in the table: Case A BCDE Prime Cost 6,840 11,610 Conversion Cost 11,570 7,930 20,560 Direct Materials $ 2,140 $ 2,300 1,440 3,500 Direct Labor Manufacturing Overhead 1,010 S 3.120 1,910 3,560 7,030 3,050 Total Manufacturing Cost 9,370 5,900
E1-15 (Algo) Calculating Missing Amounts [LO 1-4] For each of the following independent cases (A to E), compute the missing values in the table: Case A B C U E Prime Cost Conversion Cost $ 9,540 $ 16,400 $ 55,600 110,100 48,950 Direct Materials 3,970 10,170 41,600 21,300 Direct Labor 7,320 12,050 14,300 Manufacturing Overhead $ 10,830 26,100 24,500 Total Manufacturing Cost 43,590 70,250 56,000
For each of the following independent cases (A to E), compute the missing values in the table: Case B C D E Prime Conversion Cost Cost $ 9,450 $ 16,420 $ 56,200 110,700 49,250 Direct Materials 4,070 10,150 41,800 19,600 Direct Manufacturing Labor Overhead BIM $ 7,440 11,350 13,600 11,040 24,800 23,900 Total Manufacturing Cost 42,390 68,850 56,600
A Incomplete manufacturing costs, expenses, and selling data for two different cases s follows. Case Direct materials used Direct labor $ 9,600 5,000 8,000 (a) 1,000 (b) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses () (k) 2,500 7,000 (1) 5,000 2,500 (f) Net income
For each of the following independent cases (A-E), compute the missing values in the table: Case A B C D E Prime Cost $ 9,520 55,500 Conversion Cost $ Direct Materials $ 16,410 111,100 47,750 3,950 10,190 41,800 19,400 Direct Manufacturing Labor Overhead 7,320 12,750 13,300 $ 10,840 26,100 24,600 Total Manufacturing Cost 43,610 67,150 56,900
nttps:25A%252F%252HM..mh A company allocates materials handling cost to the company's two products using the below data: Product A Product B Total expected units produced 5,400 11,800 Total expected material 530 470 moves Expected direct labor-hour 670 150 per unit The total materials handling cost for the year is expected to be $182,000. If the materials handling cost is allocated on the basis of direct labor-hours, how much of the total materials handling cost would be allocated to the Product B? (Round your intermediate calculations to 5 decimal places.) Multiple Choice $97,944 $74,263 $35,671 $59.791
For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case AB с COE D Prime Cost 6,890 11,650 Conversion Cost 11,620 7,960 20,620 Direct Materials $ 2,110 $ 2,290 1,410 3,310 Direct Manufacturing Labor Overhead 1,160 $ 3,210 1,970 3,620 7,020 3,040 9,370 5,990
For each of the following independent cases (A through E), compute the missing values in the table: Case A B C D E Prime Cost 6,990 11,640 Conversion Cost 11,570 7,940 20,550 Direct Materials $ 2,110 $ 2,200 1,450 3,410 Direct Manufacturing Labor Overhead 1,130 $ 3,120 2,060 3,500 6,780 2,960 Total Manufacturing Cost 9,390 5,860
For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case A B CDE Prime Cost 6,880 11,680 Conversion Cost 11,570 8,050 20,670 Direct Materials $ 2,040 2,200 1,450 3,490 $ Direct Manufacturing Labor Overhead 1,100 S 3,070 2,020 3,520 6,890 3,000 9,500 5,970
Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.
Indicate the missing amount of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balance sheet. P1-3AIncomplete manufacturing costs, expenses, and selling data for two different cases are as follows. Case 1 Direct materials used $ 9,600 5,000 8,000 (a) 1,000 (b) 24,500 2,500 17,000 (c) 20,000 (d) 3,400 (e) 2,500 (f) (LO 5, 6, 7), AN $ (g) 8,000 4,000 16,000 (h) 3,000 (i) 1,400 22,000 3,300 Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process inventory Ending work in process inventory Sales revenue Sales discounts Cost of goods manufactured Beginning finished goods inventory Goods available for sale Cost of goods sold Ending finished goods inventory Gross profit Operating expenses Net income (k) 2,500 7,000 (1) 5,000 Instructions (a) Indicate the missing amount for each letter. (b) Prepare a condensed cost of goods manufactured schedule for Case 1. (C) Prepare an income statement and…
All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…