Homework Answers
Answer to Question
1:
Prime Cost = Direct Materials used + Direct Labor
Prime Cost = $2,500 + $3,000
Prime Cost = $5,500
Factory Overhead = Factory Depreciation expense + Indirect
labor
Factory Overhead = $5,000 + $5,000 = $10,000
Conversion Cost = Direct Labor + Factory Overhead
Conversion Cost = $3,000 + $10,000
Conversion Cost = $13,000
Option a is correct
Answer to Question
2:
Overhead Cost = Factory Supervisor Salaries + Indirect materials
used
Overhead Cost = $2,500 + $500
Overhead Cost = $3,000
Option b is correct
Answer to Question
3:
Average Inventory = ($3,000 + $4,000) / 2
Average Inventory = $3,500
Day’s sales in Raw Material inventory = 365 * Average Inventory
/ Raw Materials used
Day’s sales in Raw Material inventory = 365 * $3,500 /
$48,000
Day’s sales in Raw Material inventory = 26.61
days
Option b is correct.
Answer to Question
4:
Cost of Goods sold = Beginning Inventory + Cost of Goods
manufactured – Ending Inventory
$7,000 = $10,000 + Cost of Goods Manufactured - $8,000
Cost of Goods Manufactured = $5,000
Option c is correct.
Add Answer to:
1. Based on the following cost summary, calculate prime costs, conversion costs: selling expense 2,000; factory...
Owl Bear's intern in the accounting department is trying to figure out its cost of goods...
Owl Bear's intern in the accounting department is trying to figure out its cost of goods manufactured. The books show a beginning inventory of 10,000 an ending inventory of 8,000 and cost of goods sold were 7,000. Can you help her? a. Yes, it is $11,000 b. Yes, it is $9,000 c. Yes, it is $5,000 d. No Ow tutorn Owl Bear's intern is very grateful you helped her in figuring out cost of goods sold but now she is...
CramTutoring 5. Owl Bear's intern is very grateful you helped her in figuring out cost of...
CramTutoring 5. Owl Bear's intern is very grateful you helped her in figuring out cost of goods sold but now she is confused about how to figure out the raw materials purchased. She gives you the following information: Raw materials beginning inventory 10,000; ending inventory of 12,000; raw materials used 13,000 and finished goods of 7,000. Can you help her? a. Yes, it is 9,000 b. Yes, it is 11,000 c. Yes, it is 15,000 d. No, I didn't help...
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate...
Incomplete manufacturing costs, expenses, and selling data for
two different cases are as follows.
(a)
Indicate the missing amount for each letter.
Case
1
2
Direct materials used
$9,600
$
Direct labor
5,000
8,000
Manufacturing overhead
8,000
4,000
Total manufacturing costs
16,000
Beginning work in process inventory
1,000
Ending work in process inventory
3,000
Sales revenue
24,500
Sales discounts
2,500
1,400
Cost of goods manufactured
17,000
22,000
Beginning finished goods inventory
3,300
Goods available for sale
20,000
Cost of goods...
Assume that a radiologist group practice has the following cost structure: Fixed costs $500,000 Variable cost...
Assume that a radiologist group practice has the following cost structure: Fixed costs $500,000 Variable cost per procedure $25 Charge (price) per procedure $100 Furthermore, assume that the group expects to perform 7,500 procedures in the coming year. a. Construct the group’s base case projected P&L statement. (See exhibit 5-5). b. What is the group’s contribution margin? c. What is the group’s breakeven point in volume? d. What volume is required to provide a pretax profit of $100,000? e. Complete...
please answer the following question 8. Compute Cost of Goods Sold for a retail merchandiser with...
please answer the following question
8. Compute Cost of Goods Sold for a retail merchandiser with the below information: Yard maintenance.........$ 9,000 Delivery Expense........... $ 2,050 Freight in... .............-... $ 550 Purchases..................... $45,000 Ending Inventory............ $ 5,000 Beginning Inventory........ $ 8,000 Revenues... .............. $72,000 9. Calculate the direct materials used from the following: Purchases of direct materials........ ..... $4,750 Beginning inventory of direct materials........... $ 2,500 Freight in........... *.................................$ 100 Delivery Expense...... . $ 150 Property taxes.............. Ending inventory of...
15lepreciation expense for the factory and for thg factory equipment includes a debit to A) Depreciation expense B)...
15lepreciation expense for the factory and for thg factory equipment includes a debit to A) Depreciation expense B) Accumulated depreciation CFactory overhead DI Work in process 6KOva Hat Manufacturer uses 1,000 yards of materials each day to make has usually Lake five days from the time Kova orders materials until it's received. If Kova's safety stock in 2 00 yards, what is Kova's order point? A 7.000 yards B) 5,000 yards C) 3,000 yards D) 1,000 yards For questions 17-19...
Calculate the variable costs per unit within the relevant range. Blossom Enterprises is considering manufacturing a new...
Calculate the variable costs per unit within the relevant
range.
Blossom Enterprises is considering manufacturing a new product. It projects the cost of direct materials and rent for a range of output as shown below. Output Direct Rent in Units Expense Materials $5,985 $4,788 1,000 2,000 5,985 6,900 9,576 6,900 3,000 4,000 9,576 9,200 9,576 5,000 11,500 6,000 9,576 13,800 9,576 7,000 16,100 8,000 18,400 9,576 9,000 11,970 35,072 10,000 41,895 11,970 11,000 11,970 52,668
Supply the missing data in the following cases. Each case is independent of the others. (Leave...
Supply the missing data in the following cases. Each case is independent of the others. (Leave no cells blank - be certain to enter "0" wherever required.) Case 1 2 3 1 5,500 $ $ $ $ 7,000 4,000 5,000 6,000 8,000 4 4,000 5,000 10,000 6,000 19,500 3,500 21,000 4,000 5,000 3,500 19,000 25,600 2,000 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory...
Mint Manufacturing uses a job order cost accounting system. On May 1, the company has a...
Mint Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $5,500 and two jobs in process: Job No. 429, $3,000 and Job No. 430, $2,500. During May, a summary of source documents reveals the following: For Materials Requisition Slips Labor Time Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000...
Mint Manufacturing uses a job order cost accounting system. On May 1, the company has a...
Mint Manufacturing uses a job order cost accounting system. On May 1, the company has a balance in Work in Process Inventory of $5,500 and two jobs in process: Job No. 429, $3,000 and Job No. 430, $2,500. During May, a summary of source documents reveals the following: For Materials Requisition Slips Labor Time Tickets Job No. 429 $ 3,500 $ 4,400 Job No. 430 2,600 3,400 Job No. 431 3,400 4,200 Job No. 432 3,000 4,000...
Owl Bear's intern in the accounting department is trying to figure out its cost of goods manufactured. The books show a beginning inventory of 10,000 an ending inventory of 8,000 and cost of goods sold were 7,000. Can you help her? a. Yes, it is $11,000 b. Yes, it is $9,000 c. Yes, it is $5,000 d. No Ow tutorn Owl Bear's intern is very grateful you helped her in figuring out cost of goods sold but now she is...
CramTutoring 5. Owl Bear's intern is very grateful you helped her in figuring out cost of goods sold but now she is confused about how to figure out the raw materials purchased. She gives you the following information: Raw materials beginning inventory 10,000; ending inventory of 12,000; raw materials used 13,000 and finished goods of 7,000. Can you help her? a. Yes, it is 9,000 b. Yes, it is 11,000 c. Yes, it is 15,000 d. No, I didn't help...
Incomplete manufacturing costs, expenses, and selling data for
two different cases are as follows.
(a)
Indicate the missing amount for each letter.
Case
1
2
Direct materials used
$9,600
$
Direct labor
5,000
8,000
Manufacturing overhead
8,000
4,000
Total manufacturing costs
16,000
Beginning work in process inventory
1,000
Ending work in process inventory
3,000
Sales revenue
24,500
Sales discounts
2,500
1,400
Cost of goods manufactured
17,000
22,000
Beginning finished goods inventory
3,300
Goods available for sale
20,000
Cost of goods...
please answer the following question
8. Compute Cost of Goods Sold for a retail merchandiser with the below information: Yard maintenance.........$ 9,000 Delivery Expense........... $ 2,050 Freight in... .............-... $ 550 Purchases..................... $45,000 Ending Inventory............ $ 5,000 Beginning Inventory........ $ 8,000 Revenues... .............. $72,000 9. Calculate the direct materials used from the following: Purchases of direct materials........ ..... $4,750 Beginning inventory of direct materials........... $ 2,500 Freight in........... *.................................$ 100 Delivery Expense...... . $ 150 Property taxes.............. Ending inventory of...
15lepreciation expense for the factory and for thg factory equipment includes a debit to A) Depreciation expense B) Accumulated depreciation CFactory overhead DI Work in process 6KOva Hat Manufacturer uses 1,000 yards of materials each day to make has usually Lake five days from the time Kova orders materials until it's received. If Kova's safety stock in 2 00 yards, what is Kova's order point? A 7.000 yards B) 5,000 yards C) 3,000 yards D) 1,000 yards For questions 17-19...
Calculate the variable costs per unit within the relevant
range.
Blossom Enterprises is considering manufacturing a new product. It projects the cost of direct materials and rent for a range of output as shown below. Output Direct Rent in Units Expense Materials $5,985 $4,788 1,000 2,000 5,985 6,900 9,576 6,900 3,000 4,000 9,576 9,200 9,576 5,000 11,500 6,000 9,576 13,800 9,576 7,000 16,100 8,000 18,400 9,576 9,000 11,970 35,072 10,000 41,895 11,970 11,000 11,970 52,668
Supply the missing data in the following cases. Each case is independent of the others. (Leave no cells blank - be certain to enter "0" wherever required.) Case 1 2 3 1 5,500 $ $ $ $ 7,000 4,000 5,000 6,000 8,000 4 4,000 5,000 10,000 6,000 19,500 3,500 21,000 4,000 5,000 3,500 19,000 25,600 2,000 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago