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“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“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“Happy Feet Shoe Company makes loafers. During the most recent year, Happy Feet incurred total manufacturing costs of $ 21 comma 800,000. Of this amount, $ 2,100,000 was direct materials used and $ 14,800,000 was direct labor. Beginning balances for the year were Raw Materials Inventory, $ 900,000; Work-in-Process Inventory, $ 1,200,000; and Finished Goods Inventory, $ 1,000,000. At the end of the year, balances were Raw Materials Inventory, $ 800,000; Work-in-Process Inventory, $ 1,800,000; and Finished Goods Inventory, $ 690,000.RequirementsAnalyze the inventory accounts to determine:1. Cost of raw materials purchased during the year.2. Cost of goods manufactured for the year.3. Cost of goods sold for the year.”,”1. Cost of raw materials purchased during the year.Direct Materials: Direct Materials Used $2,100,000 Beginning Raw Materials Inventory: (900,000) Ending Raw Materials Inventory: 800,000Purchases: $2,000,0002. Cost of goods manufactured for the year.Work-in-Process Beginning Work-in-Process Inventory: $1,200,000Direct Materials Used: $2,100,000Direct Labor: 14,800,000Manufacturing Overhead: 4,900,000Total Manufacturing Costs Incurred during the Year: 21,800,000Total Manufacturing Costs to Account For: 23,000,000Ending Work-in-Process Inventory: (1,800,000)Cost of Goods Manufactured: $21,200,0003. Cost of goods sold for the year.Finished GoodsBeginning Finished Goods Inventory: $1,000,000Cost of Goods Manufactured: 21,200,000Cost of Goods Available for Sale: 22,200,000Ending Finished Goods Inventory: (690,000)Cost of Goods Sold: $21,510
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Read more“Now we will fill in the missing information on the income statement. Select the heading, then complete the statement.”,”Tioga Manufacturing CompanyIncome StatementMonth Ended June 30, 2016Sales Revenue: $463,000Cost of Goods Sold: Beginning Finished Goods Inventory: $111,000 Cost of Goods Manufactured: 168,000 Cost of Goods Available for Sale: 279,000 Ending Finished Goods Inventory: (67,000)Cost of Goods Sold: 212,000Gross Profit: 251,000Selling and Administrative Expenses: Selling Expenses: 96,000 Administrative Expenses: 62,000Total Selling and Administrative Expenses: 158,000Operating Income: $93
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Read more“Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Tioga Manufacturing Company.First we will fill in the missing information on the schedule of cost of goods manufactured. Select the heading, then complete the schedule”,”Tioga Manufacturing CompanySchedule of Cost of Goods ManufacturedMonth Ended June 30, 2016Beginning Work-in-Process Inventory: $27,000Direct Materials Used: Beginning Raw Materials Inventory: $21,000 Purchases of Raw Materials: 59,000 Raw Materials Available for Use: 80,000 Ending Raw Materials Inventory (27,000)Direct Materials Used $53,000Direct Labor: 73,000Manufacturing Overhead: 43,000Total Manufacturing Costs Incurred During the Month: 169,000Total Manufacturing Costs to Account For: 196,000Ending Work-in-Process Inventory (28,000)Cost of Goods Manufactured: $168
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Read more“Requirement 4. Chewy Bones manufactured 17,100 units of its product in 2016. Compute the company’s unit product cost for the year, rounded to the nearest cent.”
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Read moreRequirement 3. How does the format of the income statement for Chewy Bones differ from the income statement of a merchandiser?,”cost of goods manufactured/merchandise purchases. A manufacturer’s cost of goods sold is based on its cost of goods manufactured. In contrast
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Read more“Requirement 2. Prepare an income statement for Chewy Bones for the year ended December 31, 2016.(For accounts with a $0 balance, make sure to enter “”0″” in the appropriate column.)”,”Income StatementYear Ended December 31, 2016Revenue: Sales Revenue: $111,000Cost of Goods Sold: Beginning Finished Goods Inventory: $0 Cost of Goods Manufactured: 82,550 Cost of Goods Available for Sale: 82,550 Ending Finished Goods Inventory: (5,200)Cost of Goods Sold: 77,350Gross Profit: 33,650Selling and Administrative Expenses: Customer Service Hotline Expense: 2,000 Delivery Expense: 1,400 Sales Salaries Expense: 5,400Total Selling and Administrative Expenses: 8,800Operating Income: $24
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Read more“Chewy Bones manufactures its own brand of pet chew bones. At the end of December 2016, the accounting records showed the following:Inventories: Beginning EndingRaw Materials $13,000 $7,000Work-in-Process 0 1,250Finished goods 0 5,200Other information:Raw materials purchases: $38,000Plant janitorial services: 600Sales salaries: 5,400Delivery costs: 1,400Sales revenue: 111,000Utilities for plant: 1,200Rent on plant: 18,000Customer service hotline costs: 2,000Direct labor: 20,000”,”Chewy Bones Schedule of Cost of Goods ManufacturedBeginning Work-in-Process Inventory: $0Direct Materials Used: Beginning Raw Materials Inventory: $13,000 Purchases of Raw Materials: $38,000 Raw Materials Available for Use: 51,000 Ending Raw Materials Inventory: (7,000)Direct Materials Used: $44,000Direct Labor: 20,000Manufacturing Overhead: Rent on Plant: 18,000 Utilities for Plant: 1,200 Plant Janitorial Services: 600Total Manufacturing Overhead: 19,800Total Manufacturing Costs Incurred during the Year: 83,800Total Manufacturing Costs to Account For: 83,800Ending Work-in-Process Inventory: (1,250)Cost of Goods Manufactured: $82
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