during january the cost of goods manufactured was $93,000 the beginning finished goods in with was 8,000 and the ending finished goods inventory was 4,000 beginning work in process inventory was 39,000 and ending working in process unevenly was 31,000 what was the cost of goods sold for the month
Q: The following costs are for Optical View Incorporated, a contact lens manufacturer: Output in…
A: VARIABLE COST Variable Cost is a cost that varies with the level of output.variable costs include…
Q: A buyer for home furnishings orders merchandise from a North Carolina vendor totaling 2,800. The…
A: The objective of this question is to determine which of the two options provided by the vendor would…
Q: Prepare the direct materials purchases budget for the first three months of the coming year.…
A: Direct material purchase budget is prepared by a business entity to estimate the raw material…
Q: The Armour Company had the following revenue and costs in the most recently completed fiscal year:…
A: Cost volume profit analysis is the technique used by management for decision making. The methods…
Q: Carla Vista Electric sold $3,950,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated…
A: Introduction: Bonds payable refer to a liability on a company's balance sheet that represents the…
Q: Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the…
A: The amount of income tax that a business anticipates paying in the future as a result of transient…
Q: Fizzy Sodas and Hayes Companies are two of the largest and most successful beverage companies in the…
A: The receivables turnover ratio is used to measure how efficiently a company manages its accounts…
Q: Highlands Company uses the weighted-average method in its process costing system. It processes wood…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Marcy's Manicure Shop has budgeted conversion costs in Operation 1 of solar nails in 2013 of…
A: Cost refers to the money spent by a business either to purchase a product or asset or to receive a…
Q: Mukh
A: The objective of the question is to calculate the amount of expenses for the year for Mukh Vik…
Q: Matthew Tyler's VISA balance is $1,791.72. He may pay it off in 12 equal end-of-month payments of…
A: Interest: It implies to the monetary charge that is paid by the borrower as a result of privilege of…
Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…
A: The plantwide predetermined overhead rate is a method used in manufacturing companies to allocate…
Q: A construction company is evaluating two options for an elevator, each of which has a useful life in…
A: The objective of this question is to determine which of the two options for an elevator is more…
Q: Crane Inc. manufactures cycling equipment. Recently, the vice president of operations of the company…
A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…
Q: Exercise 6-3 (Algo) Internal control strengths and weaknesses LO C1 Determine whether each…
A: The objective of the question is to identify whether each procedure is an internal control strength…
Q: A company has the following information: Net credit sales = $400,000 Net income = $100,000 Average…
A: The ratio is the technique used by the prospective investor or an individual or strategist to read…
Q: 1. On what date does this note mature? 2. & 3. What is the amount of interest expense in the current…
A: At the year end, the accruals entry is required to be recorded and here it is for the interest…
Q: Each of the four independent situations below describes a sales-type lease in which annual lease…
A: Lease is a contractual agreement between 2 parties that are the lessor and lessee. The lessor is the…
Q: Break-even sales and cost-volume-profit chart For the coming year, Cleves Company anticipates a unit…
A: BEP is that point where there is no profit and no loss and it is the point at which both variable…
Q: In the following chart, fill in the missing cells for each of the following independent scenarios.…
A: Contribution margin is the difference between revenue and variable cost. It is also known as profit…
Q: a. Compute the goods available for sale, the cost of goods sold and gross profit for the…
A: Cost of goods available for sale: It represent the total cost of the goods which were in the…
Q: This year Riley files single and reports modified AGI of $81,000. Riley paid $1,200 of interest on a…
A: Introduction:Student Education Loan Interest DeductionAs per TCJA, deduction allowed up to $2,500…
Q: Kimble, Sykes, and Gerard open an accounting practice on January 1, 2022, in Chicago, Illinois, to…
A: In accountancy, a partnership firm means a business set up together by two or more persons acting as…
Q: Simon lost $9,650 gambling this year on a trip to Las Vegas. In addition, he paid $2,270 to his…
A: The objective of the question is to calculate the total amount of expenses that Simon can deduct…
Q: The following costs are for Optical View Incorporated, a contact lens manufacturer: Output in…
A: Fixed costs are those costs that remain fixed and does not vary with the levels of output. However,…
Q: At January 1, Year 1, Edwards Company issued 10,000 stock options permitting employees to buy 10,000…
A: An employee stock option plan is a scheme in which employees are allowed to buy a certain number of…
Q: Coronado Division has the following data: Sales Variable expenses Fixed expenses $509000 231000…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: A company has the following information: Net credit sales = $400,000 Net income = $100,000 Average…
A: The ratio is the technique used by the prospective investor or an individual or strategist to read…
Q: Abbott Equipment leased a protein analyzer to Werner Chemical, Incorporated, on September 30, 2024.…
A: The objective of the question is to determine the pretax amounts related to the lease that Abbott…
Q: Reflect on enterprise systems failures with respect to the challenges presented? Discuss what areas…
A: The objective of this question is to understand the common challenges and failures associated with…
Q: In 2023, an individual taxpayer has $863,000 of taxable income that includes $48,000 of 0%/15 % /…
A: The profit obtained from the sale of assets held for longer than a year is referred to as a…
Q: Required information Problem 4-30 (LO 4-1) (Algo) [The following information applies to the…
A: An rise in a capital asset's value and the money earned upon selling it are referred to as capital…
Q: Required information [The following information applies to the questions displayed below.]…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Year 1 Year 2 Year 3 Year 4 Net cash Inflow or Outflow
A: Net cash flow represents the difference between cash inflows and outflows in a business or financial…
Q: Coronado Corporation is a regional company which is an SEC registrant. The corporation's securities…
A: Debentures are long-term debt instruments that governments and businesses issue to raise money. By…
Q: Department Shad 600 units 61% completed in process at the beginning of the period, 8,000 units…
A: FIFO METHOD:— Under this method, equivalent units are calculated by adding equivalent units in…
Q: Sales mix and break-even sales Rosenberg Sports Inc. manufactures and sells two products, baseball…
A: Break even point represents the level of sales at which a company's total revenues equal its total…
Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…
A: The interest rate and the technique used to calculate interest are specified in the note. This…
Q: Coronado Itzek manufactures and sells homemade wine, and he wants to develop a standard cost per…
A: Let's understand the basics.Management calculates the standard cost of a product to determine the…
Q: h 21 HW assignment take frame 7) Burgundy, Inc., and Violet are equal partners in the calendar year…
A: Income is defined as the amount which is received after rendering the services or providing the…
Q: Exercise 6-11 (Algo) Missing Data; Basic CVP Concepts [LO6-1, LO6-9] Fill in the missing amounts in…
A: To compute the contribution margin, one must subtract the variable expenses from the sales. The…
Q: Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of…
A: Allowance for doubtful accounts is determined as the reduction in the accounts receivable that…
Q: Each of the four independent situations below describes a sales-type lease in which annual lease…
A: It is legal contract between the lessor and the lessee in which the lessee pay the amount to lessor…
Q: Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of…
A: The objective of the question is to determine the minimum amount of income that a single taxpayer…
Q: Knowledge Check 01 Darlington Incorporated, permits any of its employees to buy shares directly from…
A: Stock option means where the shares are issued to company employee or executives at less than the…
Q: Diamond acquired Heart's net assets. At the time of the acquisition Heart's Balance sheet was as…
A: Acquisition accounting entry records and reports the financial impact of acquiring another…
Q: During the year, Tempo Inc. has monthly cash expenses of $132,978. On December 31, its cash balance…
A: Lets understand the basics.Calculate the ratio of cash to monthly cash expenses as follows:Ratio of…
Q: The company's expenses during the above period were: depreciation = 1500, exhibition expenses =…
A: The objective of the question is to calculate the total administrative costs from the given list of…
Q: Oriole Corporation earned net income of $235,000 in 2023 and had 100,000 common shares outstanding…
A: Earning per share means the profit earned after taxes per share outstanding.Diluted earning per…
Q: On May 15, 2023, Eric Martin signed a contract to purchase a rental house for $195,000. Closing is…
A: Interest is a amount which is paid by a borrower to the person from the money has been taken by him…
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- During the month, a company with no departmentalization incurred costs of 45,000 for materials, 36,000 for labor, and 22,500 for factory overhead. There were no units in process at the beginning or at the end of the month, and 20,000 units were completed. Determine the unit cost for the month for materials, labor, factory overhead, and the total unit cost. (Round unit costs to three decimal places.)Comacho Chemical Co. recorded costs for the month of 18,900 for materials, 44,100 for labor, and 26,250 for factory overhead. There was no beginning work in process, 8,000 units were finished, and 3,000 units were in process at the end of the period, two-thirds completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)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?
- Ada Clothes Company produced 40,000 units during April. The Cutting Department used 12,800 direct labor hours at an actual rate of 16.50 per hour. The Sewing Department used 19,600 direct labor hours at an actual rate of 19.25 per hour. Assume there were no work in process inventories in either department at the beginning or end of the month. The standard labor rate is 18.00. The standard labor time for the Cutting and Sewing departments is 0.3 hour and 0.5 hour per unit, respectively. a. Determine the direct labor rate, direct labor time, and total direct labor cost variance for the (1) Cutting Department and (2) Sewing Department. b. Interpret your results.Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?Orinder Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 275,800, direct labor cost was 153,000, and overhead cost was 267,300. There were 25,000 units produced. Unit manufacturing cost (rounded to the nearest cent) is a. 28.40 b. 27.98 c. 34.95 d. 27.55
- Clearwater Candy Co. had a cost per equivalent pound for the month of 4.56 for materials, 1.75 for labor, and 1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of 8,775. Clearwater uses FIFO costing. Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process.OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.Norwood Co. had 200 units in work in process at the beginning of the month. During the month, 7,500 units were started in production, 6,800 of which, along with the beginning work in process, were completed by the end of the month. The uncompleted units were in ending inventory, one-half complete. What were the equivalent units of production for the month?
- Argo Manufacturing Co. had 500 units, three-fifths completed, in process at the beginning of the month. During the month, 2,000 units were started in process and finished. There was no work in process at the end of the month. Unit cost of production for the month was 1.20. Costs for materials, labor, and factory overhead incurred in the current month totaled 2,655. Calculate the unit cost for the prior month. (Hint: You must first determine what the dollar balance in work in process must have been at the beginning of the month, as well as the equivalent production of the units in beginning inventory.)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. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
