Homework Answers
1. Calculation of Cost of goods Manufactured -
| Particulars | Amt. $ | |
| Cost of Material used | 45000 | |
| Direct Labor Costs | 48000 | |
| Prime Cost | 93000 | |
| Factory overhead | 39000 | |
| Factory Cost | 132000 | |
| add | WIP, Beginning | 18000 |
| less | WIP, Ending | -28000 |
| Cost of Goods manufactured | 122000 |
(b) Period Cost - Period cost are those cost which are incurred with the passage of time.
option (c) depreciation on factory equipment is an example of period cost as the depreciation has been charged on per year basis. It simply charges in ratio of time elapsed.
(c) I think, it could be (c) Miscellaneous Cost
Please check with your answer and let me know.
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The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used...
Calculator Given the following data: Cost of materials used Direct labor costs Factory overhead Work in...
Calculator Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is cost of goods sold? O a. $152,000 b. $10,000 c. $142,000 d. $128,000
QUESTION 1 Given the following data: Cost of materials used Direct labor costs Factory overhead Work...
QUESTION 1 Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending What is cost of goods sold? a. $152,000 b. $10,000 c. $142,000 d. $128,000 $45,000 48,000 39,000 28,000 18,000 28,000 18,000
23. A product cost is expensed in the period in which it is manufactured shown with...
23. A product cost is expensed in the period in which it is manufactured shown with current liabilities on the balance sheet shown with operating expenses on the income statement d expensed in the period the product is sold Conversion costs are a direct materials and direct labor b. direct materials and factory overhead e factory overhead and direct labor d. direct materials and indirect labor 25. Given the following data: Beginning raw materials inventory Materials purchased Ending raw materials...
28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs...
28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is the cost of goods sold? a. $152,000 b. $142,000 C. $10,000 d. $128,000 А Type here to search 30 of 75 MULTIPLE CHOICE Given the following data: Work in process, beginning Work in process, ending Direct labor costs Cost...
Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning...
Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 28,000 Work in process, ending 18,000 Finished goods, beginning 28,000 Finished goods, ending 18,000 What is cost of goods sold? Group of answer choices $10,000 $142,000 $152,000 $128,000
QUESTION 2 Cost of Material Used $ 45,000 Direct Labor Costs $ 48,000 Factory Overhead $...
QUESTION 2 Cost of Material Used $ 45,000 Direct Labor Costs $ 48,000 Factory Overhead $ 39,000 Work in Process, Beg. $ 28,000 Work in Process, End. $ 18,000 Finished Goods, Beg. $ 28,000 Finished Goods, End. $ 18,000 What is the Cost of Goods Sold? O a. $ 152,000 ob. $ 142,000 O c. $ 10,000 d. $ 128,000
structions 10 p Question 8 A company manufactured 50,000 units of a product at a cost...
structions 10 p Question 8 A company manufactured 50,000 units of a product at a cost of $450,000. I sold 45,000 units at $15 each. The gross profit is $270,000 $600,000 $240,000 $750,000 < Previous Next acer The following information is taken from the financial records of Gunner Manufacturing: Cost of materials $45,000 used 48,000 Direct labor costs 39,000 Factory overhead Work in process 18,000 beg. Work in process 28,000 end. What is cost of goods manufactured? $132.000 $142.000 $122000...
4. Information from the records of Cain Corporation for December of the current year is as...
4. Information from the records of Cain Corporation for December of the current year is as follows: Sales Selling and administrative expenses Direct materials used Direct labor Factory overhead $1,230,000 210,000 264,000 300,000 405,000 Direct materials Work in process Finished goods Inventories Dec. 1 Dec. 31 $36,000 $42,000 75,000 84,000 69,000 57,000 The conversion costs are: a. $960,000. b. $1,179,000. c. $705,000. d. $564,000. 5. Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials...
Cost of Materials Used$60,000 Direct Labor costs $55,000 Factory Overhead $32,000 Work in Process, beg. $28,000...
Cost of Materials Used$60,000 Direct Labor costs $55,000 Factory Overhead $32,000 Work in Process, beg. $28,000 Work in Process, end. $18,000 Finished Goods,beg. $28,000 Finished Goods, end. $18,000 What is Cost of Goods Sold?
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
Calculator Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is cost of goods sold? O a. $152,000 b. $10,000 c. $142,000 d. $128,000
QUESTION 1 Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending What is cost of goods sold? a. $152,000 b. $10,000 c. $142,000 d. $128,000 $45,000 48,000 39,000 28,000 18,000 28,000 18,000
23. A product cost is expensed in the period in which it is manufactured shown with current liabilities on the balance sheet shown with operating expenses on the income statement d expensed in the period the product is sold Conversion costs are a direct materials and direct labor b. direct materials and factory overhead e factory overhead and direct labor d. direct materials and indirect labor 25. Given the following data: Beginning raw materials inventory Materials purchased Ending raw materials...
28 of 75 MULTIPLE CHOICE Given the following data: Cost of materials used Direct labor costs Factory overhead Work in process, beginning Work in process, ending Finished goods, beginning Finished goods, ending $45,000 48,000 39,000 28,000 18,000 28,000 18,000 What is the cost of goods sold? a. $152,000 b. $142,000 C. $10,000 d. $128,000 А Type here to search 30 of 75 MULTIPLE CHOICE Given the following data: Work in process, beginning Work in process, ending Direct labor costs Cost...
QUESTION 2 Cost of Material Used $ 45,000 Direct Labor Costs $ 48,000 Factory Overhead $ 39,000 Work in Process, Beg. $ 28,000 Work in Process, End. $ 18,000 Finished Goods, Beg. $ 28,000 Finished Goods, End. $ 18,000 What is the Cost of Goods Sold? O a. $ 152,000 ob. $ 142,000 O c. $ 10,000 d. $ 128,000
structions 10 p Question 8 A company manufactured 50,000 units of a product at a cost of $450,000. I sold 45,000 units at $15 each. The gross profit is $270,000 $600,000 $240,000 $750,000 < Previous Next acer The following information is taken from the financial records of Gunner Manufacturing: Cost of materials $45,000 used 48,000 Direct labor costs 39,000 Factory overhead Work in process 18,000 beg. Work in process 28,000 end. What is cost of goods manufactured? $132.000 $142.000 $122000...
4. Information from the records of Cain Corporation for December of the current year is as follows: Sales Selling and administrative expenses Direct materials used Direct labor Factory overhead $1,230,000 210,000 264,000 300,000 405,000 Direct materials Work in process Finished goods Inventories Dec. 1 Dec. 31 $36,000 $42,000 75,000 84,000 69,000 57,000 The conversion costs are: a. $960,000. b. $1,179,000. c. $705,000. d. $564,000. 5. Rancor Inc. had a per-unit conversion cost of $2.50 during April and incurred direct materials...
20. Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as a. factory overhead cost b. miscellaneous expense c. product costs d. period cost 21. Which of the following is an example of a factory overhead cost? a. repair and maintenance cost on the administrative building b. factory heating and lighting cost e. insurance premiums on salespersons' automobiles d. president's salary 22. Prime costs are a direct materials and factory overhead b....
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