SavedRequired information[The following information applies to the questions displayed below.]Selected data concerning the past year's operations of the Ozarks Manufacturing Company are as follows:InventoriesBeginning$ 61,00080,00090,000Ending$ 81,000Raw materialWork in processFinished goods30, 000110,000Other data:Direct material used$334, 000Total manufacturing costs charged to productionduring the year (includes direct material,direct labor, and manufacturing overheadapplied at a rate of 60% of direct-labor cost)Cost of goods available. for saleSelling and administrative expenses686, 000826,00031,0003. What was the cost of goods manufactured during the year?Cost of goods manufactured

Cost of goods manufactured is the total cost incurred to manufacture a product and transferred it…

Required information [The following information applies to the questions displayed below.] Selected data concerning the past year's operations of the Ozarks Manufacturing Company are as follou Raw material Work in process Finished goods Inventories Beginning $ 61,000 80,000 90,000 Ending $ 81,000 30,000 110,000 Other data: Direct material used Total manufacturing costs charged to production during the year (includes direct material, direct labor, and manufacturing overhead applied at a rate of 60% of direct-labor cost) Cost of goods available. for sale Selling and administrative expenses $334,000 686, 000 826,000 31,000 E. What was the cost of goods manufactured during the year? Cost of goods manufactured

Required information [The following information applies to the questions displayed below.] Selected data concerning the past year's operations of the Ozarks Manufacturing Company are as follou Raw material Work in process Finished goods Inventories Beginning $ 61,000 80,000 90,000 Ending $ 81,000 30,000 110,000 Other data: Direct material used Total manufacturing costs charged to production during the year (includes direct material, direct labor, and manufacturing overhead applied at a rate of 60% of direct-labor cost) Cost of goods available. for sale Selling and administrative expenses $334,000 686, 000 826,000 31,000 E. What was the cost of goods manufactured during the year? Cost of goods manufactured

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.
Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
The following environmental cost reports for 20x3, 20x4, and 20x5 (year end December 31) are for the Communications Products Division of Kartel, a telecommunications company. In 2011, Kartel committed itself to a continuous environmental improvement program, which was implemented throughout the company. At the beginning of 20x5, Kartel began a new program of recycling nonhazardous scrap. The effort produced recycling income totaling 25,000. The marketing vice president and the environmental manager estimated that sales revenue had increased by 200,000 per year since 20x3 because of an improved public image relative to environmental performance. The companys Finance Department also estimated that Kartel saved 80,000 in 20x5 because of reduced finance and insurance costs, all attributable to improved environmental performance. All reductions in environmental costs from 20x3 to 20x5 are attributable to improvement efforts. Furthermore, any reductions represent ongoing savings. Required: 1. Prepare an environmental financial statement for 20x5 (for the Products Division). In the cost section, classify environmental costs by category (prevention, detection, etc.). 2. Evaluate the changes in environmental performance.
At the end of 20x5, Bing Pharmaceuticals began to implement an environmental quality management program. As a first step, it identified the following costs in its accounting records as environmentally related for the calendar year just ended: Required: 1. Prepare an environmental cost report by category. Assume that total operating costs are 150,000,000. 2. Use a pie chart to illustrate the relative distribution percentages for each environmental cost category. Comment on what this distribution communicates to a manager.
The beginning and ending balance of selected accounts of Drea Paper Products Inc. for the year 2020 are given below: Ending Balance Beginning Balance Finished goods P400,000 P385,000 Work on process 520,000 495,000 Raw materials 710,000 750,000 Transactions that transpired during the year were: Raw materials costing P280,000 were purchased for cash. Raw materials costing P220,000 were purchased on account. Incurred factory overhed cost, P135,000. Other materials requisitioned for production, P30,000 Factory wages consisted of: Direct labor, P270,000; Indirect labor, P100,000. Finished goods costing 350,000 were sold for P800,000. Required: Prepare the statement of cost of goods manufactured and sold in good form. Determine the following: a. Prime cost b. Conversion cost c. Product cost.
The following information were related to the full year’s activities of Lexus Industries on its first year of operations, 2020: Raw materials, net purchases ₱ 8,125,000; Direct labor cost 2,875,000; Factory overhead 1,250,000; Selling, general and administrative 850,000. The following information are available: (1)80% of available raw materials were transferred to production. (2) 90% of the work in process were completed.(3) 78% of the finished goods were sold. (4)20% of the factory overhead related to depreciation. (5)18% of the Selling, General & Administrative related to depreciation. How much is the cost of goods sold?
Prepare an Income Statement for the ff data of EH Corporation: Selling Expenses 70,000.00 Raw Materials inventory, Beginning 45,000.00 Raw Materials inventory, end 30,000.00 Work in process beginning 90,000.00 Work in process end 50,000.00 Finished Goods beginning 130,000.00 Finished Goods end 105,000.00 Utilities factory 18,000.00 Direct labor cost 75,000.00 Depreciation, Factory 81,000.00 Purchases of raw materials 375,000.00 Sales 1,250,000.00 Insurance Factory 20,000.00 Supplies, Factory 7,500.00 Administrative expenses 135,000.00 Indirect labor 150,000.00 Maintenance, factory 43,500.00
The related data of Megan Company: Ending Beginning Raw materials P78,500 P69,200 Work in process 500,200 355,500 Finished goods 285,700 312,700 The Cost of goods manufactured is P1,317,200. The entity purchased P500,000 raw materials during the year, of which 20% is an indirect material. How much are the direct materials used?
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. . . . . . . . .…
During March of the current year, Rolly Company purchased P3,500,000 raw materials. During the month, Reyes incurred P2,040,000 direct labor cost and applied 80% of direct labor cost. During the same month, there were changes in inventories as follows: Increase in raw materials P100,000; Decrease in work in process P150,000 and decrease in finished goods 75,000. If the goods available for sale is P7,500,000, what is the amount of finished goods at March 1? a.P203,000 b.P278,000 c.P 0 d.P 75,000
Synder corp present the following information for the year ended December 2008. Inventories Beginning Ending Materials $50,000 $25,000 Work in progress $100,000 $65,000 Finished Goods $40,000 $43,000 Other Information: Depreciation of plant, building and equipment $15,000 Material purchases $155,000 Insurance on plant $20,000 Sales Salaries Expense $48,000 Repairs and maintenance-plant $5,000 Indirect Labour $30,000 Direct Labour…
The following information was taken from the record of Jenny Manufacturing Inc.: Increase in finished goods, P100,000; Increase in work in process, P110,000; Decrease in raw materials P96,000; Total cost placed in process, P5,000,000; Materials purchases, P960,000; Direct labor, P880,000; Work in process, beg. P1,600,000. Question: Is the direct materials used here the 96,000 decrease? If yes/not, why? Please provide an explanation so I can understand. Thank you so much!