1.Sales: 32,000 units; unit selling price $822.Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; andmanufacturing overhead, $6 per direct labour hour3.Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg4.Raw materials cost: $5 per kilogram5.Selling and administrative expenses: $200,0006.Income taxes: 30% of income before income taxes(a)Prepare a schedule showing the calculation of the cost of goods sold for 2022.SHEFFIELD COMPANYComputation of Cost of Goods Sold

Cost of goods sold refers to the total cost of merchandise inventory sold during a particular…

1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg 45 Raw materials cost: $5 per kilogram Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes (a) Prepare a schedule showing the calculation of the cost of goods sold for 2022. SHEFFIELD COMPANY Computation of Cost of Goods Sold

1. Sales: 32,000 units; unit selling price $82 2. Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour 3. Inventories (raw materials only): beginning, 10,200 kg; ending, 15,700 kg 45 Raw materials cost: $5 per kilogram Selling and administrative expenses: $200,000 6. Income taxes: 30% of income before income taxes (a) Prepare a schedule showing the calculation of the cost of goods sold for 2022. SHEFFIELD COMPANY Computation of Cost of Goods Sold

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 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
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