5. Aikman Corporation has the following cost records for June 2010. $ 4,500 Indirect factory labor $ 400 Factory utilities Direct materials used 20,000 Depreciation, factory equipment Work in process, 6/1/10 1,400 3,000 Direct labor 30,000 Work in process, 6/30/10 factory equipment Finished goods, 6/1/10 2,200 Finished goods, manager's salary 3,800 Maintenance, 1,800 5,000 Indirect materials 6/30/10 7,500 Factory 3,000 Instructions (a) Prepare a cost of goods manufactured schedule for June 2010. (b) Prepare an income statement through gross profit for June 2010 assuming net sales are $87,100.

5. Aikman Corporation has the following cost records for June 2010. $ 4,500 Indirect factory labor $ 400 Factory utilities Direct materials used 20,000 Depreciation, factory equipment Work in process, 6/1/10 1,400 3,000 Direct labor 30,000 Work in process, 6/30/10 factory equipment Finished goods, 6/1/10 2,200 Finished goods, manager's salary 3,800 Maintenance, 1,800 5,000 Indirect materials 6/30/10 7,500 Factory 3,000 Instructions (a) Prepare a cost of goods manufactured schedule for June 2010. (b) Prepare an income statement through gross profit for June 2010 assuming net sales are $87,100.

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,...

See similar textbooks

Similar questions

Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each of the following costs, identify the cost graph that best illustrates its cost behavior as the number of units produced increases. a. Direct material cost per unit. b. Fees for using a patent of $500,000 plus $0.25 for each unit produced. c. Salary of quality control supervisor. d. Straight-line depreciation per unit on factory equipment. e. Total direct materials cost.
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. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Amounts for materials Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows: The materials purchased during June are summarized from the receiving reports as follows: Materials were requisitioned to individual jobs as follows: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.Determine the total purchase of materials in June. b.Determine the amounts of materials transferred to Work in Process and Factory Overhead during June. c.Determine the June 30 balances that would be shown in the materials ledger accounts.
ABC Company accumulated the following cost information for the year: Salesperson salaries Indirect materials Indirect labor Factory depreciation Direct labor Multiple Choice Using the above information, what are the total factory overhead costs? O $12,900. $78,800. $53,200. $ 16,100 4,100 8,600 $17,000. 12,900 37,100
6. The following cost information is presented for Phoenix Ltd. for the most recent period. Cost of direct material used in manufacturing $ 92,900 Direct labour costs 25,900 Manufacturing overhead 7,400 Sales commissions at 8% of sales 32,900 Opening finished goods inventory 9,900 Opening work-in-process inventory 6,900 Ending finished goods inventory 22,900 Ending work-in-process inventory 17,900 What was the cost of goods manufactured for Phoenix?
Use the cost information below for Laurels Company to determine the total manufacturing costs during the current year: Direct materials used $ 5,500 Direct labor used 7,500 Total factory overhead 5,600 Work in process inventory, beginning 3,500 Work in process inventory, ending 5,000 $17,100. $15,100. $18,600. $13,000. $20,100. <
Use the following data to compute total manufacturing costs for the month: Sales commissions Direct labor Indirect materials Factory utilities Indirect labor Depreciation-office equipment Direct materials Corporate office salaries Depreciation-factory equipment Multiple Choice $155,500. $136,100. $52,400. $ 12,600 41,400 17,000 10,800 15,300 6,800 42,300 44,300 9,300 < Prev Q Search 9 of 39
The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
Use the cost information below for Sundar Company to determine the cost of goods manufactured during the current year: Direct materials used $19,000 Direct labor used 24,500 Factory overhead Beginning work in process 55,100 10,700 inventory Ending work in process 11,300 inventory Multiple Choice $98,600. $43.500. $98.000. $42,900. $79,000.
Q.3. Cost department of Nina Industries made the following estimates for the coming year: Factory overhead Rs.425000; direct materials Rs.850000; production 20800 units; direct labor Rs.250000; direct labor hours 106250. Required: a) Factory overhead rate based on: i. Direct labor cost ii. Direct labor hours iii. Direct material cost b) Total cost of Job No. 924 using each rate in (a) above. Job No.924 requires direct materials cost Rs.21000; direct labor cost Rs.14800 for 3700 hours. (11)
The Putney Company reports the following information: Sales $76,500 Cost of direct materials used in production 7,300 Depreciation on factory equipment 4,700 Indirect labor 5,900 Direct labor 10,500 Factory rent 4,200 Factory utilities 1,200 Sales salaries expense 15,600 Office salaries expense 8,900 Indirect materials 1,200 a. Compute product costs.$fill in the blank 1 b. Compute period costs.