Homework Answers
| Amount in $ | ||
| Sales ( 4400 $ 240 ) | 1056000 | |
| Variable Cost of goods sold | ||
| Beginning Inventory | 0 | |
| Production Cost - Material Cost ( 5600 @ $ 20 ) | 112000 | |
| Production Cost - Variable Conversion cost ( 5600 @ $ 10 ) | 56000 | |
| Cost of goods available for sale | 168000 | |
| Ending Inventory ( 1200 units @ $ 30 ) | 36000 | 132000 |
| Contribution Margin | 924000 | |
| Less : Fixed Costs | ||
| Fixed Manufacturing Cost | 196000 | |
| Indirect Manufacturing Cost | 82000 | 278000 |
| Net Operating Income | 646000 |
| Working Notes | |||
| Beginning FG Inventory | in units | 0 | Price / unit |
| Units Produced | 5600 | ||
| Units Sold | 4400 | ||
| Sales | $ | 1056000 | 240 |
| Material Cost | $ | 112000 | 20 |
| Variable Conversion cost used | $ | 56000 | 10 |
| Fixed Manufacturing Cost | $ | 196000 | |
| Indirect Operating Cost ( Fixed ) | $ | 82000 | |
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The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31 Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31 Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,400 5,300 $ 689,000 $ 148,000 $ 74,000 $ 592,000 $ 106,000 The variable costing ending inventory is:
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 7,000 Units sold 5,100 Sales $ 663,000 Materials cost $ 140,000 Variable conversion cost used $ 70,000 Fixed manufacturing cost $ 490,000 Indirect operating costs (fixed) $ 102,000 The variable costing ending inventory is:
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning...
The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales $400,000 Materials cost $96,000 Variable conversion cost used $48,000 Fixed manufacturing cost $72,000 Indirect operating costs (fixed)$80,000 The absorption costing ending inventory is:
Saved The following information is available for Barnes Company for the fiscal year ended December 31:...
Saved The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,800 5,500 $ 1,320,000 $ 156,000 $ 78,000 $ 702,000 $ 87,500 The variable costing operating income is:
Beginning finished goods inventory in units 0 Units produced 4,800 Units sold 4,000 Sales $ 400,000...
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16) San Diego company has the following information available at the end of the fiscal year: Finished goods inventory, January 1, 2015 12,000 units Finished goods inventory, December 31, 2015 14,000 units Work in process inventory, January 1, 2015 10,000 units Work in process inventory, December 31, 2015 11,000 units Raw materials inventory, January 1, 2015 1,000 units Raw materials inventory, December 31, 2015 5,000 units Actual fixed overhead cost rate $2.05 per unit Actual variable overhead cost rate $3.10...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-Process inventory Finished Goods inventory Current December 31 $ 165,000 114,000 45,000 8,000 33,000 11,000 144,000 86,000 55,000 16,000 24,000 $ 23,000 13,000 17,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
Superior Company provided the following data for the year ended December 31 (all raw materials are...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 211,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses $ 157,000 $ 373,000 $ 354,000 Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 56,000 ? $ 32,000 End of Year $ 40,000 $...
The following information is available for Barnes Company for the fiscal year ended December 31 Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,400 5,300 $ 689,000 $ 148,000 $ 74,000 $ 592,000 $ 106,000 The variable costing ending inventory is:
Saved The following information is available for Barnes Company for the fiscal year ended December 31: Beginning finished goods inventory in units Units produced Units sold Sales Materials cost Variable conversion cost used Fixed manufacturing cost Indirect operating costs (fixed) 7,800 5,500 $ 1,320,000 $ 156,000 $ 78,000 $ 702,000 $ 87,500 The variable costing operating income is:
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-Process inventory Finished Goods inventory Current December 31 $ 165,000 114,000 45,000 8,000 33,000 11,000 144,000 86,000 55,000 16,000 24,000 $ 23,000 13,000 17,000 Sales in the current year were $625,000. Required: Prepare a schedule of cost of goods manufactured and an...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 211,000 $ 269,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses $ 157,000 $ 373,000 $ 354,000 Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 56,000 ? $ 32,000 End of Year $ 40,000 $...
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