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“XYZ Cleaning Company cleaned 41 offices and incurred costs of $ 2,788. What was the cost to clean each office?”
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Read more“Requirements:1. For a manufacturing company, identify the following as either a product cost or a period cost:2. Show how to compute cost of goods manufactured. Use the following amounts:direct materials used, $ 19,000; direct labor, $ 14,000; manufacturing overhead, $ 22,000; beginning Work-in-Process Inventory, $ 33,000; and ending Work-in-Process Inventory, $ 7,000.3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,500 units were manufactured.4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $48 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used.”,”Requirement 1. For a manufacturing company, identify the following as either a product cost or a period cost: a. Depreciation on plant equipment / product cost b. Depreciation on salespersons’ automobiles / period cost c. Insurance on plant building / product cost d. Marketing manager’s salary / period cost e. Raw materials / product cost f. Manufacturing overhead / product cost g. Electricity bill for home office / period cost h. Production employee wages / product costRequirement 2.Cost of Goods ManufacturedBeginning Work-in-Process Inventory: $33,000Direct Materials Used: $19,000Direct Labor: 14,000Manufacturing Overhead: 22,000Total Manufacturing Costs Incurred during the Year: 55,000Total Manufacturing Costs to Account For: 88,000Ending Work-in-Process Inventory: (7,000)Cost of Goods Manufactured: $81,000Requirement 3:Cost of goods manufactured / total units produced = unit product cost81,000 / 1,500 = $54Requirement 4:Beginning Finished Goods Inventory: $10,800+ Cost of Goods Manufactured: 81,000= Cost of Goods Available for Sale: 91,800- Ending Finished Goods Inventory: (13,500)= Cost of Goods Sold: $78
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Read more“Duncan and Harrison provides hair-cutting services in the local community. In February, the business cut the hair of 200 clients, earned $ 5,400 in revenues, and incurred the following operating costs:Hair Supplies Expense: $ 400Building Rent Expense: 1,000Utilities Expense: 200Depreciation Expense—Equipment: 60”,”Select the formula labels, then enter the amounts and compute the cost of service of providing one haircut.Total operating costs / total number of haircuts = cost per haircut$1
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Read more“Doggie Grooming provides grooming services for pets. In April, the company earned $ 16,000 in revenues and incurred the following operating costs to groom 610 dogs:Wages $4,583Grooming Supplies Expense: 1,675Building Rent Expense: 600Utilities Expense: 285Depreciation Expense—Equipment: 55Requirements1. What is Doggie’s net income for April? 2. What is the cost of service to groom one dog?”,”Doggie’s Income StatementMonth Ended April 30 Revenues:Service Revenue $16,000Expenses: Wages Expense $4,583 Grooming Supplies Expense 1,675 Building Rent Expense 600 Utilities Expense 285 Depreciation Expense—Equipment 55 Total Expenses 7,198Net Income (Loss) $8
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Read more“Root Brush Company sells standard hair brushes. The following information summarizes Root’s operating activities for 2016:Selling and Administrative Expenses $44,880Purchases 62,700Sales Revenue 132,000Merchandise Inventory, January 1, 2016 9,900Merchandise Inventory, December 31, 2016 5,280”,”Requirement 1. Calculate the operating income for 2016.Root Brush CompanyIncome StatementYear Ended December 31, 2016 Revenue: Sales Revenue $132,000Cost of Goods Sold: Beginning Merchandise Inventory $9,900 Purchases 62,700 Cost of Goods Available for Sale 72,600 Ending Merchandise Inventory(5,280)Cost of Goods Sold 67,320Gross Profit 64,680Selling and Administrative Expenses 44,880Operating Income $19,800Requirement 2. Root sold 6
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Read more“Below are data for two companies: Company A Company BBeginning balances:Merchandise Inventory $9,600Finished Goods Inventory $14,800Ending balances:Merchandise Inventory 13,900Finished Goods Inventory 12,900Net Purchases 156,500Cost of Goods Manufactured 211,000”,”Requirement 1. Define the three business types: service, merchandising, and manufacturing.Service – Does not sell products. They sell time, skills, and knowledge.Merchandising – Resells products previously bought from suppliers.Manufacturing – Uses labor, equipment, supplies, and facilities to convert raw materials into new finished products. Requirement 2. Based on the data given for the two companies, determine the business type of each one.Company A is a merchandising company and Company B is a manufacturing company.Requirement 3. Calculate the cost of goods sold for each company. Begin by calculating the cost of goods sold for Company A.Beginning Merchandise Inventory $9,600Purchases 153,500Cost of Goods Available for Sale 163,100Ending Merchandise Inventory (12,700)Cost of Goods Sold $150,400Company BBeginning Finished Goods Inventory $15,000Cost of Goods Manufactured 211,000Cost of Goods Available for Sale 226,000Ending Finished Goods Inventory (11,900)Cost of Goods Sold $214
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Read more“Glass Time repairs chips in car windshields. The company incurred the following operating costs for the month of February 2016:Salaries and wages $9,000Windshield repair materials 5,000Depreciation on truck 150Depreciation on building and equipment 1,100Supplies used 600Utilities 1,950Glass Time earned $ 20,000 in revenues for the month of February by repairing 500 windshields. All costs shown are considered to be directly related to the repair service.”,”Glass TimeIncome StatementMonth Ended February 28, 2016Revenues: Sales Revenue $20,000Expenses: Salaries and Wages Expense $9,000 Materials Expense 5,000 Utilities Expense 1,950 Depreciation Expense—Building and Equipment 1,100 Supplies Expense 600 Depreciation Expense—Truck 150Total Expenses 17,800Net Income (Loss) $2
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Read more“Schneider owns Chris’ Pets, a small retail shop selling pet supplies. On December 31, 2016 the accounting records of Chris’ Pets showed the following:Inventory on December 31, 2016 $10,700Inventory on January 1, 2016 15,800Sales Revenue 54,000Utilities Expense for the shop 3,100Rent for the shop 4,600Sales Commissions 3,050Purchases of Merchandise Inventory 30,000Requirements1. Prepare an income statement for Chris’ Pets for the year ended December 31, 2016.2. Chris’ Pets sold 3,850 units. Determine the unit cost of the merchandise sold, rounded to the nearest cent.”,”Chris’ Pets Income StatementYear Ended December 31, 2016Revenue: Sales Revenue $54,000Cost of Goods Sold:Beginning Merchandise Inventory $15,800Purchases of Merchandise Inventory 30,000Cost of Goods Available for Sale 45,800Ending Merchandise Inventory (10,700)Cost of Goods Sold 35,100Gross Profit 18,900Selling and Administrative Expenses:Utilities Expense 3,100Rent Expense 4,600Sales Commissions Expense 3,050Total Selling and Administrative Expenses 10,750Operating Income (Loss) $8
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Read more3 components of product cost,”(1) materials, (2) labor
Average Rating 0 out of 5 stars. 0 votes.You must log in to submit a review.3 components of product cost,”(1)[…]
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