Please find the following: Conversion Cost Manufacturing Cost Cost of Goods Sold Cost of Goods Manufactured
Q: How is the cost of goods sold calculated?
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: How is the cost of goods manufactured calculated?
A: Cost of Goods Manufactured, also known to as COGM, is a term used in managerial accounting that…
Q: Compute(a)the cost of goods purchased and (b) the cost of goods sold
A: Cost of Goods Purchased is the net cost of merchandise acquired. It is that situation when business…
Q: Requirements: fill up the question marks and find out the cost of goods manufactured.
A: Cost of goods manufactured can be defined as the total cost being accumulated over the goods beings…
Q: I need support with the statement of cost of goods manufactured and he income statement. Please…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
Q: What is the link that connects the schedule of cost of goods manufactured to the schedule of cost of…
A: Schedule of Cost of goods manufactured: Cost of goods manufactured can be defined as the total…
Q: What are the methods used to determine the cost of goods?
A:
Q: How do you find cost of goods manufactured?
A: Cost of goods manufactured is the total costs incurred to manufactured goods it includes materials…
Q: How much is the cost of goods manufactured?
A: Cost of goods manufactured in the business shows total costs incurred in manufacture and production…
Q: Compute cost of goods manufactured. using a formal schedule of cost of good manufactured then…
A: Cost of goods manufactured shows the total costs incurred on the production of goods. It includes…
Q: why service industry involve operating expenses and retail industry involve operating expenses and…
A: Service Industries include those companies which offers only services to other industries. Retail…
Q: Selling Expense is an example of Period cost Product cost Cost of sales Cost of…
A: Selling expense are those expense that incurred on selling the product after manufacturing. For…
Q: what is the total cost of ?goods manufactured
A: Cost of goods manufactured = Beginning Work in progress + Manufacturing costs incurred - Ending work…
Q: Define cost of goods sold.
A: Cost: It refers to the sum total of economic value to get an asset in place and ready for use.
Q: How much is the total cost of goods available for sale?
A: solution given Purchases 1264500 Purchase return and allowances 39725 Freight in…
Q: how to find cost of goods sold
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: How do you compute the cost of goods manufactured?
A: Cost of goods manufactured is the total amount of expense incurred in order to convert work in…
Q: Acoording to the information given in the table below, which of the following is Cost of Goods Sold?
A: Cost of goods sold is the production costs incurred on goods sold in a particular accounting period.
Q: Explain the difference between a product cost and a period cost. How does the product cost of a…
A: The cost that is linked to the product, i.e. the cost that can be traced back to the product and is…
Q: Prepare the statement of the cost of goods manufactured and sold in good form.
A: Work in progress means where the raw material has enter in to phase of production but still finished…
Q: How much is the cost of goods manufactured? ANSWER IN GOOD ACCOUNTING FORM. THANK YOU :)
A: Cost of goods manufactured means total costs incurred on the goods that are produced and…
Q: Define cost accounting, what are the two basic types of product costing. Explain any one of them…
A: Cost accounting is that branch of accounting in which the cost to be incurred for the manufacturing,…
Q: Prepare a schedule of cost of goods manufactured.
A: Cost of goods manufactured is a statement used for the managerial purpose to show the cost of…
Q: What is the initial cost for transporting the goods as shown in the below table?
A: As question does not specify from which method to apply, SME will solve using North West Corner…
Q: 1. Prepare a statement of cost of goods manufactured. 2. Prepare a statement of cost of go
A: Statement of Cost of Goods Manufactured: Cost of goods manufactured can be defined as the total…
Q: Product costs are: Treated in the same manner as period costs Subtracted from cost of goods sold…
A: There are two types of costs that are incurred in business. One is product costs and other is Period…
Q: Using the attached Prepare a schedule of cost of goods manufactured.
A: Cost of Goods Manufactured: It is a term used in managerial accounting that refers to a schedule or…
Q: How much is the total cost of goods manufactured?
A: Cost of goods manufactured is the sum total of all direct expenses like material and labour costs…
Q: the cost of goods sold is
A:
Q: b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured…
A: Based on the information provided, cost of goods manufactured needs to be prepared. Cost of goods…
Q: what is the cost of goods available for sale
A: The cost of goods available for sale is the sum of beginning inventory and the goods produced during…
Q: What is cost of goods sold? Explain?
A: Cost of goods sold is the accumulated total amount of all the direct costs incurred in manufacturing…
Q: The object of the manufacturing account it ? reached to cost of goods sold. prime cost. cost of raw…
A: The manufacturing account represents the accumulated cost of goods manufactured in the production…
Q: How much is the cost of goods manufactured in department B?
A:
Q: freight out/transportation out included in the calculation of cost of goods manufactured?
A: Solution Concept Freight out Freight out is the cost that is incurred in selling the goods . it is…
Q: 1.Based on the data above. What is the total conversion cost? 2.Based on the data above. What is…
A: Cost accounting means where every cost of doing business is recorded in necessary account and cost…
Q: How to compute the (a) cost of products transferred from weaving to sewing, (b) cost of products…
A: (a) Compute the cost of products transferred from weaving to sewing:
Q: The three major components of cost of goods sold are: a. Direct labor, direct material, and profit…
A: Cost of goods sold means cost of producing the goods which are being sold by the organisation. This…
Q: If FIFO Method is used, the costs of goods manufactured amounted to:
A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…
Q: Compute cost of goods manufactured.
A: Statement of Cost of Goods Manufactured: Cost of goods manufactured can be defined as the total…
Q: Define Cost of goods sold at normal and Cost of goods sold at actual.
A: Following is the answer to given question
Q: WHAT IS THE TOTAL COST OF GOODS SOLD?
A: Cost of goods sold in the business means how much total costs has been incurred on manufacturing of…
Q: how much is the cost of goods manufactured?
A: Cost of goods manufactured shows total costs incurred on production and manufacturing of goods in…
Q: .What is the amount of cost of goods manufactured
A: We are given abstract of few accounts from the books of Sharp Manufacturing. Sharp Manufacturing…
Q: the costs transferred to finished goods inventory are called ?
A: Cost of goods manufactured referred to the total cost incurred in order to manufacture the goods.…
Q: Find Cost of goods sold and Gross profit
A: Formula: Gross profit = Sales - Cost of goods sold
Please find the following:
Conversion Cost
Cost of Goods Sold
Cost of Goods Manufactured
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- Claire Corporation’s trial balance includes the following expenses: Raw materials used in production$5,500Raw materials purchased6,500General manager salary50,000Sales manager salary30,000Direct labor incurred130,000General liability insurance premium3,000Factory rent24,000Office lease18,000Factory utilities12,000Depreciation on factory equipment14,000 Assuming that this list represents all expenses for the year, what amount should Claire report as a period (non-product) expense? Select one: a. $74,000 b. $107,500 c. $83,000 d. $101,000The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour: Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax: Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211Balances on 30 June 2020 RWork in process goods on hand 617…
- The following information relates to a company G6 Ltd for the year ended 30 June 2020:Transaction totals for the year ended 30 June 2020 RCredit purchases of raw materials 503 750Freight on raw materials purchases (on credit) 99 833Sales of finished products 11 440 000Direct labour:Factory wages 828 600Pension fund contributions paid by employer 172 500Medical aid paid by employer 227 200UIF contributions paid by employer 8 144Indirect labour 500 250Electricity :Factory 211 450Administrative offices 127 900Rent expense:Factory 82 700Administrative offices 105 900Telephone and fax:Factory 111 166Administrative offices 145 438Insurance:Factory 205 894Administrative offices 132 716Selling and administrative costs 327 195Stationery 60 445Salaries and administrative staff 488 250Sales returns of finished products 49 361Consumables stores (indirect materials issued to the factory) 144 710Depreciation on factory machinery 180 211 Balances on 30 June 2020 RWork in process goods on hand 617…How do you Calculate the cost of labor-to-sales ratio from the numbers below Profit & loss account 2019Sales $ 618,603,629 Purchasing costs $ 397,925,058 Material costs $ 217,667,630 Services $ 167,622,858 Use of assets owned by other $ 12,634,569 Costs of employees $ 96,805,799 Depreciation & Amortization $ 27,586,951 Other operating items $ 67,196,537 Variation of Raw Material $ (1,543,807)Operating P/L [=EBIT] $ 29,089,285 P/L for period [=Net income] $ 19,331,064 Calculate the purchase-to-sales ratioCalculate the cost of labor-to-sales ratioJustify your calculationsComment about the value obtained: is in line with what you were expecting, considering the benchmark seen in class?The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.
- The following information taken from Jejai Limited: Particulars DebitRM CreditRMPurchase of raw materials 258,000Fuel and light 21,000Administration salaries 17,000Factory wages 59,000Carriage outwards 4,000Rent and business rates 21,000Sales 482,000Return inward 7,000General office expenses 9,000Repairs to plant and machinery 9,000Inventory at 1 January 2020:Raw materialsWork in processFinished goods 21,00014,00023,000 Sundry accounts payable 37,000Capital 457,000Freehold premises 410,000Plant and machinery 80,000Accounts receivable 20,000Accumulated provision for depreciation on plant andmachinery 8,000 Cost in hand 11,000 TOTAL 984,000 984,000 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory in hand at 31 December 2020:a. Raw materials RM25,000b. Work in process RM11,000c. Finished goods RM26,000ii. Depreciation of 10% on plant and machinery using the straight-line methodiii. 80% of fuel and light and 75% of rent and rates to be charged to…Use this information for Train Corporation to answer the question that follow. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $46,100 $30,900 Direct operating expenses 26,000 22,500 Sales 91,500 67,000 Interest expense $3,000 General overhead 18,700 Income tax 4,200 The income from operations for the Locomotive Division is a.$36,100 b.$44,500 c.$67,000 d.$13,600The following data refer to Quest Ltd for the current year:Sales Revenues $575 000Work in process inventory, 31December20 000Work in process inventory, 1 January 25 000Product promotion cost 30 000Rental of office space for salespersonnel20 000Cost of idle time: sales employees 20 000Income tax expense 60 000Purchase of raw materials 95 000Raw materials inventory, 31 December 17 500Raw material inventory. 1 January 25 000Direct labour 105 000Electricity: plant 25 000Depreciation plant and equipment 35 000Finished goods inventory, 31December30 000Finished goods inventory, 1 January 15 000Indirect material 5 000Indirect labour 7 500Production supervisor’s salary 40 000Required:a) Prepare the schedule of cost of goods manufactured for Quest Ltd.b) Prepare the schedule of cost of goods sold for Quest Ltd.c) Prepare an income statement for Quest Ltd for the current year.
- The following information pertains to Redping Corporation for the year ended December 31, 2020.Sales to unaffiliated customers $2,000,000Inter-segment sales of products similar tothose sold to unaffiliated customers 600,000All of Redping’s segments are engaged solely in manufacturing operations. Redping has a reportablesegment if that segment’s revenue exceeds ____________________.A. $264,000B. $260,000C. $204,000D. $200,0004.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) P60,000The 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…