What is the amount of cost of goods manufactured for March 2016?
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A: Under absorption costing, manufacturing costs are considered product costs and included in…
Q: Calculate Manufacturing Cost?
A: Manufacturing Cost = Direct material cost + Direct labour cost + Factory Overhead Cost
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Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
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A: Cost of goods manufactured shows all cost related to manufacturing of products like material cost,…
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A: Solution.. Units sold = Total sales revenue ÷ selling price per unit = P636,400 ÷ P74 per unit =…
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A: Formulas: Beginning direct materials inventory: = Ending inventory of direct materials +Direct…
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A: 1. Marginal cost per unit for November 2016 = Direct materials + Direct labour + Variable…
Q: JRM Inc., which has only one product, provided the following data for April: Sales @ P74/unit…
A:
Q: During April, the Meade Enterprises had the following operating results: Sales revenue $…
A: Raw materials: It is the basic input required to manufacture the finished products. The raw…
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A: Direct labour rate variance means difference in standard cost and actual cost of labour due to…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: Cost of goods manufactured means total cost incurred in manufacturing or production of goods. Income…
Q: Wasik Company had the following inventory balances at the beginning and end of August 2013:…
A: Given the following information: Raw material inventory August 1: $58,000 (Opening)August 31:…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: Cost of goods manufactured: It is a term used to show the total production costs of a company for a…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: A cost sheet is a method of allocating total cost into different categories such as direct material…
Q: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…
A: The following information is about ABC Inc. during month of July: - Raw material purchases at cost…
Q: JRM Inc., which has only one product, provided the following data for April: Sales @ P74/unit…
A: SOLUTION- FORMULA- 1-CONTRIBUTION MARGIN = SALES - VARIABLE COST. 2-GROSS MARGIN = SALES - COGS .…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A:
Q: The Assembly Department of GigaGo, Inc., manufacturer of computers, had 1,000 units of beginning…
A: Total number of units to account for is calculated by adding the beginning inventory and units…
Q: Alexander Gentles Ltd manufactures a single product. For the month of November 2016, the company…
A: The question is based on the concept of Cost Accounting.
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A: Inventory, also termed stock can be defined as the unsold quantity of raw materials, work in…
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A: Under variable costing system unit product cost include all the variable manufacturing cost that is…
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A: given that, Sitka Industries made 3,000 ladders in July 8700 pounds of materials is used to make the…
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A: Given the following information: Raw material inventory August 1: $58,000 (Opening)August 31:…
Q: Reed Production has provided the following information for the year 2015: Direct Labor $153,000…
A:
Q: McCort Company employs a standard cost system in which direct materials inventory is carried at…
A: Labor rate variance analysis help in identifying the variances in the standard and actual labor rate…
Q: e Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: 1) Statement of cost of goods manufactured is shown below: Zoe Corporation Income Statement…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: Raw material consumed means opening stock of raw material plus purchases less closing stock of raw…
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A: The beginning work in process can be calculated from the cost function of factory cost and cost of…
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A: In process costing we come accross with such situation. At the begining…
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A: Given the following information: Materials inventory, January 1, 2014: $45,000 Materials inventory,…
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A: Variable Costing: Product Cost under Variable costing includes direct material cost, direct…
Q: Jarvix Company, which has only one product, has provided the following data concerning its most…
A: Absorption costing includes anything that is a direct cost in producing a good in its cost basis.…
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A: Direct labor incurred = Total manufacturing costs - Manufacturing overhead incurred - Raw materials…
Q: urchases $92,000 Materials inventory, March 1 6,000 Materials inventory, March 31 8,000 Direct labor…
A: Solution: Cost of Goods sold means the carrying value of goods sold during a particular period.…
Q: The Assembly Department of Interface, Inc., manufacturer of computers, had 500 units of beginning…
A: Total Number of Units to account for = Beginning Inventory + Transferred units.
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A: Journal entries are prepared to record the financial and non financial transactions of the business…
Q: Fagan Manufacturing uses an absorption costing system. In 2009 it manufactured 25,000 units and sold…
A: Absorption costing is a method of costing in which fixed overhead costs is allocated to a product…
Q: Zoe Corporation has the following information for the month of March: Purchases $92,000 Materials…
A: A cost sheet is a method of allocating total cost into different categories such as direct material…
Q: company uses a perpetual inventory system and has a highly labour-intensive production process, so…
A: The sales revenue is calculated as sum of cost of goods sold and gross profit. The overhead…
Q: unit product cost for the month under variable costing
A: Variable costing is a cost accounting method which uses variable costs only for product costing.
Q: The following data refers to one month for Talmidge Company. Fill in the blanks. Direct materials…
A: Cost accounting helps to calculate cost per unit and also profit and sale price of per unit. It is…
Q: Cerrone Inc. has provided the following data for the month of July. The balance in the Finished…
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…
Q: The following transactions relate to the SHAINA CORP. for the month of November 2015: Product…
A: Manufacturing Cost = Direct material cost + Direct labour cost + Factory Overhead Cost
Q: a. Prepare a statement of cost of goods manufactured. Zoe Corporation Statement of Cost of Goods…
A:
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- Chassen Company, a cracker and cookie manufacturer, has the following unit costs for the month of June: A total of 100,000 units were manufactured during June, of which 10,000 remain in ending inventory. Chassen uses the first-in, first-out (FIFO) inventory method, and the 10,000 units are the only finished goods inventory at June 30. Under the absorption costing concept, the value of Chassens June 30 finished goods inventory would be: a. 50,000. b. 70,000. c. 85,000. d. 145,000.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
- LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant: During June, direct labor cost was 143,000, direct materials purchases were 346,000, and the total overhead cost was 375,800. The inventories at the end of June were: Required: 1. Prepare a cost of goods manufactured statement for June. 2. Prepare a cost of goods sold schedule for June.Fresno Industries Inc. manufactures and sells high-quality camping tents. The company began operations on January 1 and operated at 100% of capacity (150,000 units) during the first month, creating an ending inventory of 20,000 units. During February, the company produced 130,000 units during the month but sold 150,000 units at 500 per unit. The February manufacturing costs and selling and administrative expenses were as follows: a. Prepare an income statement according to the absorption costing concept for the month ending February 28. b. Prepare an income statement according to the variable costing concept for for the month ending February 28. c. What is the reason for the difference in the amount of operating income reported in (a) and (b)?Norwood Co. had 200 units in work in process at the beginning of the month. During the month, 7,500 units were started in production, 6,800 of which, along with the beginning work in process, were completed by the end of the month. The uncompleted units were in ending inventory, one-half complete. What were the equivalent units of production for the month?
- Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Calculate: a. Equivalent units for material, labor, and overhead, using the weighted average cost method b. Unit costs for materials, labor, and overhead c. Cost of the units completed and transferred d. Detailed cost of the ending inventory e. Total of all costs accounted forMarzons records show raw materials Inventory had a beginning balance of $200 and an ending balance of $300. If the cost of materials used during the month was $900, what were the purchases made during the month?Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
- At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels were made, and 31,000 were sold for 52 each. The actual unit cost is as follows: The selling expenses consisted of a commission of 1.30 per unit sold and advertising copayments totaling 95,000. Administrative expenses, all fixed, equaled 183,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 132,600 for 3,400 easels. Required: 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 2. Prepare a cost of goods sold statement. 3. Prepare an absorption-costing income statement. Add a column for percentage of sales.Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.