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PROBLEM 2-3 COST OF GOODS MANUFACTURED AND, SOLD STATEMENT AND NET INCOME OR LOSS The Parrish Fertilizer Company produces various types of fertilizer. No beginning units process or finished units were on hand on January 1, 19X3; 30, 000 finished units were hand on December 31, 19X3, and 95,000 units were sold during the year. There were units in work-in-process inventory on December 31, 19X3. The materials put into produc tion cost \$300,000 75% were direct materials. There was no beginning or ending material inventory. Labor costs were $350,000; 40% was for indirect labor. Factory overhead cos other than indirect materials and indirect labor, were the following: Heat, light and power Depreciation... Property taxes. Repairs and maintenance.. $115,000 78,000 65,000 42,000 e Conversion costs f Period costs Selling expenses were $80,000; general and administrative expenses were $50,000. d Prime costs a Cost of goods manufactured c Unit cost Required: Compute the following: b Total cost

PROBLEM 2-3 COST OF GOODS MANUFACTURED AND, SOLD STATEMENT AND NET INCOME OR LOSS The Parrish Fertilizer Company produces various types of fertilizer. No beginning units process or finished units were on hand on January 1, 19X3; 30, 000 finished units were hand on December 31, 19X3, and 95,000 units were sold during the year. There were units in work-in-process inventory on December 31, 19X3. The materials put into produc tion cost \$300,000 75% were direct materials. There was no beginning or ending material inventory. Labor costs were $350,000; 40% was for indirect labor. Factory overhead cos other than indirect materials and indirect labor, were the following: Heat, light and power Depreciation... Property taxes. Repairs and maintenance.. $115,000 78,000 65,000 42,000 e Conversion costs f Period costs Selling expenses were $80,000; general and administrative expenses were $50,000. d Prime costs a Cost of goods manufactured c Unit cost Required: Compute the following: b Total cost

Accounting
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter20: Process Cost Systems
Section: Chapter Questions
Problem 20.1APR: Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in...
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PROBLEM 2-3

COST OF GOODS MANUFACTURED AND, SOLD STATEMENT AND NET INCOME OR LOSS

The Parrish Fertilizer Company produces various types of fertilizer. No beginning units process or finished units were on hand on January 1, 19X3; 30, 000 finished units were hand on December 31, 19X3, and 95,000 units were sold during the year. There were units in work-in-process inventory on December 31, 19X3. The materials put into produc tion cost \$300,000 75% were direct materials. There was no beginning or ending material inventory. Labor costs were $350,000; 40% was for indirect labor. Factory overhead cos other than indirect materials and indirect labor, were the following:

Heat, light and power Depreciation...

Property taxes.

Repairs and maintenance..

$115,000 78,000

65,000

42,000

e Conversion costs f Period costs

Selling expenses were $80,000; general and administrative expenses were $50,000.

d Prime costs

a Cost of goods manufactured

c Unit cost

Required: Compute the following:

b Total cost

3:15 91l 74 Yesterday 9:47 AM 84 PART 1 PRODUCT COSTING Inventories leginning Work-in-process Finished goods Ending Work-in process. Finished goods Material cots Direct Indirect Labor corts Direct .. Indirect Other factory overhead: Electricity. Selling, general, and administrative expenses... $ 5,000 18,000 6.000 25,000 75,000 30,000 22,000 20,000 45,000 16,000 ..... . ......... Required: Compute the total costs, assuming no beginning or ending materials inven COST OF GOODS MANUFACTURED AND, SOLD STATEMENT AND NET INCOME OR LOSS The Parrish Fertilizer Company produces various types of fertilizer. No beginning unitu process or finished units were on hand on January I, 19X3; 30,000 finished units were hand on December 31, 19X3, and 95,000 units were sold during the year. There were units in work-in-process inventory on December 31, 19X3. The materials put into produ tion cost $300,000; 75% were direct materials. There was no beginning or ending materia inventory. Labor costs were $350,000; 40% was for indirect labor. Factory overhead con other than indirect materials and indirect labor, were the following: PROBLEM 2-3 Heat, light and power Depreciation.... Property taxes Repairs and maintenance. $115,000 78,000 65,000 r....... . .... .... 42,000 Selling expenses were $80,000; general and administrative expenses were $50,000. Required: Compute the following: a Cost of goods manufactured b Total epst e Unit cost d Prime costs e Conversion costs f Period costs COST OF GOODS MANUFACTURED AND SOLD STATEMENTS AND NET INCOME OR LOSS The Blackwell Clock Company manufactures many types of clocks. They have just pleted production for the current year, The sales for the year were $945,000 and in ries were as follows: PROBLEM 2-4 ENDING BEGINNING Raw materials inventory Work-in-process inventory $60,000 Finished goods inventory --0- -0- $75,000 35,000 54,000 ... Send Favorite Edit Delete More 过意
Transcribed Image Text:3:15 91l 74 Yesterday 9:47 AM 84 PART 1 PRODUCT COSTING Inventories leginning Work-in-process Finished goods Ending Work-in process. Finished goods Material cots Direct Indirect Labor corts Direct .. Indirect Other factory overhead: Electricity. Selling, general, and administrative expenses... $ 5,000 18,000 6.000 25,000 75,000 30,000 22,000 20,000 45,000 16,000 ..... . ......... Required: Compute the total costs, assuming no beginning or ending materials inven COST OF GOODS MANUFACTURED AND, SOLD STATEMENT AND NET INCOME OR LOSS The Parrish Fertilizer Company produces various types of fertilizer. No beginning unitu process or finished units were on hand on January I, 19X3; 30,000 finished units were hand on December 31, 19X3, and 95,000 units were sold during the year. There were units in work-in-process inventory on December 31, 19X3. The materials put into produ tion cost $300,000; 75% were direct materials. There was no beginning or ending materia inventory. Labor costs were $350,000; 40% was for indirect labor. Factory overhead con other than indirect materials and indirect labor, were the following: PROBLEM 2-3 Heat, light and power Depreciation.... Property taxes Repairs and maintenance. $115,000 78,000 65,000 r....... . .... .... 42,000 Selling expenses were $80,000; general and administrative expenses were $50,000. Required: Compute the following: a Cost of goods manufactured b Total epst e Unit cost d Prime costs e Conversion costs f Period costs COST OF GOODS MANUFACTURED AND SOLD STATEMENTS AND NET INCOME OR LOSS The Blackwell Clock Company manufactures many types of clocks. They have just pleted production for the current year, The sales for the year were $945,000 and in ries were as follows: PROBLEM 2-4 ENDING BEGINNING Raw materials inventory Work-in-process inventory $60,000 Finished goods inventory --0- -0- $75,000 35,000 54,000 ... Send Favorite Edit Delete More 过意
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