COST ACCOUNTING
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ISBN: 9781323927397
Author: Pearson
Publisher: PEARSON
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Chapter 2, Problem 2.36P
Flow of Inventoriable Costs. Renka’s Heaters selected data for October 2017 are presented here (in millions):
| Direct materials inventory 10/1/2017 | $ 105 |
| Direct materials purchased | 365 |
| Direct materials used | 385 |
| Total manufacturing overhead costs | 450 |
| Variable manufacturing overhead costs | 265 |
| Total manufacturing costs incurred during October 2017 | 1,610 |
| Work-in-process inventory 10/1/2017 | 230 |
| Cost of goods manufactured | 1,660 |
| Finished-goods inventory 10/1/2017 | 130 |
| Cost of goods sold | 1,770 |
Calculate the following costs:
Required
- 1. Direct materials inventory 10/31/2017
- 2. Fixed manufacturing overhead costs for October 2017
- 3. Direct
manufacturing labor costs for October 2017 - 4. Work-in-process inventory 10/31/2017
- 5. Cost of finished goods available for sale in October 2017
- 6. Finished goods inventory 10/31/2017
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Renka’s Heaters selected data for October 2017 are presented here (in millions):Direct materials inventory 10/1/2017 $ 105
Direct materials purchased $365
Direct materials used $385
Total manufacturing overhead costs $450
Variable manufacturing overhead costs$ 265
Total manufacturing costs incurred during October 2017 $1,610
Work-in-process inventory 10/1/2017 $230
Cost of goods manufactured $1,660
Finished-goods inventory 10/1/2017 $130
Cost of goods sold $1,770Calculate the following costs:
1. Direct materials inventory 10/31/2017
2. Fixed manufacturing overhead costs for October 2017
3. Direct manufacturing labor costs for October 2017
4. Work-in-process inventory 10/31/2017
5. Cost of finished goods available for sale in October 2017
6. Finished goods inventory 10/31/2017
The following information relates to Ridley Company for 2017:
Direct materials used
$28,000
Direct manufacturing labor
17,000
Total manufacturing costs incurred
59,000
Ending finished goods inventory
4,000
Beginning finished goods inventory
9,000
Ending work-in-process inventory
3,000
Beginning work-in-process inventory
5,000
What is cost of goods sold for 2017?
Statement of Cost of Goods Manufactured and Income StatementInformation from the records of the Bridgeview Manufacturing Company for August 2017 follows:
Sales
$313,000
Selling and administrative expenses
127,500
Purchases of raw materials
43,000
Direct labor
30,000
Manufacturing overhead
53,500
Inventories
August 1
August 31
Raw materials
$ 6,000
$ 5,000
Work-in-process
12,000
11,000
Finished goods
15,000
17,000
RequiredPrepare a statement of cost of goods manufactured and an income statement for August 2017.Do not use negative signs with any of your answers below.
Bridgeview Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ending August 31, 2017
Current manufacturing costs:
Cost of materials placed in production:
Raw materials, 8/1/17
Answer
Purchases
Answer
Total available
Answer
Raw materials, 8/31/17
Answer
Answer
Direct labor
Answer…
Chapter 2 Solutions
COST ACCOUNTING
Ch. 2 - Define cost object and give three examples.Ch. 2 - Define direct costs and indirect costs.Ch. 2 - Prob. 2.3QCh. 2 - Name three factors that will affect the...Ch. 2 - Define variable cost and fixed cost. Give an...Ch. 2 - What is a cost driver? Give one example.Ch. 2 - What is the relevant range? What role does the...Ch. 2 - Explain why unit costs must often be interpreted...Ch. 2 - Prob. 2.9QCh. 2 - What are three different types of inventory that...
Ch. 2 - Distinguish between inventoriable costs and period...Ch. 2 - Define the following: direct material costs,...Ch. 2 - Describe the overtime-premium and idle-time...Ch. 2 - Define product cost. Describe three different...Ch. 2 - What are three common features of cost accounting...Ch. 2 - Prob. 2.16MCQCh. 2 - Comprehensive Care Nursing Home is required by...Ch. 2 - Frisco Corporation is analyzing its fixed and...Ch. 2 - Year 1 financial data for the ABC Company is as...Ch. 2 - The following information was extracted from the...Ch. 2 - Computing and interpreting manufacturing unit...Ch. 2 - Direct, indirect, fixed, and variable costs....Ch. 2 - Classification of costs, service sector. Market...Ch. 2 - Classification of costs, merchandising sector....Ch. 2 - Classification of costs, manufacturing sector. The...Ch. 2 - Variable costs, fixed costs, total costs. Bridget...Ch. 2 - Variable and Fixed Costs. Consolidated Motors...Ch. 2 - Variable costs, fixed costs, relevant range. Gummy...Ch. 2 - Prob. 2.29ECh. 2 - Cost drivers and functions. The representative...Ch. 2 - Total costs and unit costs, service setting....Ch. 2 - Total and unit cost, decision making. Gayles...Ch. 2 - Inventoriable costs versus period costs. Each of...Ch. 2 - Computing cost of goods purchased and cost of...Ch. 2 - Cost of goods purchased, cost of goods sold, and...Ch. 2 - Flow of Inventoriable Costs. Renkas Heaters...Ch. 2 - Cost of goods manufactured, income statement,...Ch. 2 - Cost of goods manufactured, income statement,...Ch. 2 - Income statement and schedule of cost of goods...Ch. 2 - Interpretation of statements (continuation of...Ch. 2 - Income statement and schedule of cost of goods...Ch. 2 - Terminology, interpretation of statements...Ch. 2 - Labor cost, overtime, and idle time. David...Ch. 2 - Missing records, computing inventory costs. Ron...Ch. 2 - Comprehensive problem on unit costs, product...Ch. 2 - Prob. 2.46PCh. 2 - Cost classification; ethics. Paul Howard, the new...Ch. 2 - Prob. 2.48P
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