manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records showed the following: Data Table Balances: Beginning Ending Direct Materials $13,800 $8,500 Work-in-Process Inventory 0 2,500 Finished Goods Inventory 0 5,500 Data Table Other information: Direct materials purchases $35,000 Plant janitorial services 400 Sales salaries 5,600 Delivery costs 1,700 Net sales revenue 109,000 Utilities for plant 1,700 Rent on plant 14,000 Customer service hotline costs 1,600 Direct labor 24,000 Requirement 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Yum Yum Treats Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 Direct Materials Used: Direct Materials Used Manufacturing Overhead: Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirements 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. 2. Prepare an income statement for Yum Yum Treats for the year ended December 31, 2024. 3. How does the format of the income statement for Yum Yum Treats differ from the income statement of a merchandiser? 4. Yum Yum Treats manufactured 17,200 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent.
manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records showed the following: Data Table Balances: Beginning Ending Direct Materials $13,800 $8,500 Work-in-Process Inventory 0 2,500 Finished Goods Inventory 0 5,500 Data Table Other information: Direct materials purchases $35,000 Plant janitorial services 400 Sales salaries 5,600 Delivery costs 1,700 Net sales revenue 109,000 Utilities for plant 1,700 Rent on plant 14,000 Customer service hotline costs 1,600 Direct labor 24,000 Requirement 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. (For accounts with a $0 balance, make sure to enter "0" in the appropriate column.) Yum Yum Treats Schedule of Cost of Goods Manufactured Year Ended December 31, 2024 Direct Materials Used: Direct Materials Used Manufacturing Overhead: Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirements 1. Prepare a schedule of cost of goods manufactured for Yum Yum Treats for the year ended December 31, 2024. 2. Prepare an income statement for Yum Yum Treats for the year ended December 31, 2024. 3. How does the format of the income statement for Yum Yum Treats differ from the income statement of a merchandiser? 4. Yum Yum Treats manufactured 17,200 units of its product in 2024. Compute the company's unit product cost for the year, rounded to the nearest cent.
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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manufactures its own brand of pet chew bones. At the end of December 2024,the accounting records showed the following:
Data Table
Balances:
|
Beginning
|
Ending
|
---|---|---|
Direct Materials
|
$13,800
|
$8,500
|
Work-in-Process Inventory
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0
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2,500
|
Finished Goods Inventory
|
0
|
5,500
|
Data Table
Other information:
|
|
Direct materials purchases
|
$35,000
|
---|---|
Plant janitorial services
|
400
|
Sales salaries
|
5,600
|
Delivery costs
|
1,700
|
Net sales revenue
|
109,000
|
Utilities for plant
|
1,700
|
Rent on plant
|
14,000
|
Customer service hotline costs
|
1,600
|
Direct labor
|
24,000
|
Requirement 1. Prepare a schedule of cost of goods manufactured for
Yum Yum Treats
for the year ended
December
31,
2024.
(For accounts with a $0 balance, make sure to enter "0" in the appropriate column.)
Yum Yum Treats
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Schedule of Cost of Goods Manufactured
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Year Ended December 31, 2024
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Direct Materials Used:
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Direct Materials Used
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Manufacturing
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Total Manufacturing Overhead
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Total
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Total Manufacturing Costs to Account For
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Cost of Goods Manufactured
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Requirements
1.
|
Prepare a schedule of cost of goods manufactured for
Yum Yum Treats
for the year ended
December
31,
2024.
|
2.
|
Prepare an income statement for
Yum Yum Treats
for the year ended
December
31,
2024.
|
3.
|
How does the format of the income statement for
Yum Yum Treats
differ from the income statement of a merchandiser? |
4.
|
Yum Yum Treats
manufactured
17,200
units of its product in
2024.
Compute the company's unit product cost for the year, rounded to the nearest cent. |
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