Gen Combo Fundamentals Of Cost Accounting; Connect Access Card
6th Edition
ISBN: 9781260848700
Author: William N. Lanen Professor, Shannon Anderson Associate Professor, Michael W Maher
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 76P
Finding Unknowns
BS&T Partners has developed a new hubcap with the model name Spinnin’ Wheel. Production and sales started August 3. As of August 2, there were no direct materials in inventory. Data for the month of August include the following:
a Unit cost based on units produced in August.
b Unit cost based on units sold in August.
Required
Complete the table.
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nvex Mechanical Supplies produces a product with the following costs as of July 1, 20X1: Material $6 Labor 4 Overhead 3 $13 Beginning inventory at these costs on July 1 was 6,100 units. From July 1 to December 1, Convex produced 17,000 units. These units had a material cost of $10 per unit. The costs for labor and overhead were the same. Convex uses FIFO inventory accounting. a. Assuming that Convex sold 19,000 units during the last six months of the year at $20 each, what would gross profit be? b. What is the value of ending inventory?
Cost Flow Relationships
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils:
Sales
$365,980
Gross profit
213,370
Cost of goods manufactured
182,990
Indirect labor
79,420
Factory depreciation
12,080
Materials purchased
112,720
Total manufacturing costs for the period
210,440
Materials inventory, ending
15,010
Using the above information, determine the following missing amounts:
a. Cost of goods sold
$fill in the blank 1
b. Finished goods inventory at the end of the month
$fill in the blank 2
c. Direct materials cost
$fill in the blank 3
d. Direct labor cost
$fill in the blank 4
e. Work in process inventory at the end of the month
$fill in the blank 5
Cost Flow Relationships
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils:
Sales
$410,320
Gross profit
239,220
Cost of goods manufactured
205,160
Indirect labor
89,040
Factory depreciation
13,540
Materials purchased
126,380
Total manufacturing costs for the period
235,930
Materials inventory, ending
16,820
Using the above information, determine the following missing amounts:
a. Cost of goods sold
$
b. Finished goods inventory at the end of the month
$
c. Direct materials cost
$
d. Direct labor cost
$
e. Work in process inventory at the end of the month
$
Chapter 2 Solutions
Gen Combo Fundamentals Of Cost Accounting; Connect Access Card
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