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“Assume the following for Smart Touch Learning for the year ended December 31, 2018: Ending WIP Inventory = $300,000; Direct Materials Used = $190,000; Manufacturing Overhead = $60,000;Beginning WIP Inventory = $325,000; Direct Labor = $90,000. Calculate Cost of Goods Manufactured for the period.”,”A. $365
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Read moreWhich of the following is true regarding the flow of costs through a manufacturer’s inventory accounts?A. Purchases and Freight-In increase the Finished Goods Inventory accountB. Direct materials used increases the Work-In-Process Inventory accountC. Cost of Goods Sold increases the Finished Goods Inventory accountD. Cost of goods manufactured increases the Raw Materials Inventory account
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Read more“Assume the following for Smart Touch Learning for the year ended December 31, 2018: Total units produced = 6,000; Sales Revenue = $1,100,000; Cost of goods manufactured = $600,000; Finished Goods Inventory = $140,000. Calculate the unit product cost for the period.(Round your answers to the nearest whole dollar.)”
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Read more“Assume the following for Smart Touch Learning for the year ended December 31, 2018:Total units produced= 3,000; Sales Revenue = $850,000;Cost of goods manufactured = $525,000;Finished Goods Inventory = $140,000. Calculate the unit product cost for the period. (Round your answers to the nearest whole dollar.)”
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Read moreService companies are unable to calculate its cost per service because service companies do not sell products to customers.
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Read more“Assume the following for Smart Touch Learning when it was a service company during the year ended December 31, 2016:Sales Revenue = $ 42,000; Total costs = $ 21,000; Total liabilities = $12,500;Total Assets = $70,000Number of services provided = 600Calculate the unit cost per service for the period. (Round your answers to the nearest whole dollar.)”
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Read moreHow is the cost per item determined for a merchandiser?A. Total number of items sold / Ending merchandise inventoryB. Ending merchandise inventory / Total number of items soldC. Total cost of goods sold / Total number of items soldD. Total cost of goods manufactured / Total number of items sold
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Read more“QRS Manufacturing Company has the following data for 2017 (amounts in millions):Raw Materials Inventory, January 1: $4Raw Materials Inventory, December 31: $12Work-in-Process Inventory, January 1: $9Work-in-Process Inventory, December 31: $19Finished Goods Inventory, January 1: $14Finished Goods Inventory, December 31: $11Raw Materials Purchased, including Freight In: $32Direct Labor: $46Manufacturing Overhead: $21Prepare the schedule of cost of goods manufactured and the cost of goods sold section of the income statement for the year ended December 31, 2017.Begin by preparing the schedule of cost of goods manufactured.”
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Read more“Now prepare the schedule of cost of goods sold.(for question above)Raw Materials Inventory, January 1: $4Raw Materials Inventory, December 31: $12Work-in-Process Inventory, January 1: $9Work-in-Process Inventory, December 31: $19Finished Goods Inventory, January 1: $14Finished Goods Inventory, December 31: $11Raw Materials Purchased, including Freight In: $32Direct Labor: $46Manufacturing Overhead: $21”
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