Homework Help Question & Answers

Various cost and sales data for Medco Inc. are given for the just-completed year: Purchases of...

Various cost and sales data for Medco Inc. are given for the just-completed year: Purchases of raw materials Raw materials in

MEDCO INC. Schedule of Cost of Goods Manufactured For the Year Ended XXXX Direct materials: 0 $ 0 Manufacturing overhead: 0 T

2. Prepare an income statement. MEDCO INC. Income Statement For the Year Ended XXXX Cost of goods sold: 0 0 Selling and admin

3. Assume that the company produced the equivalent of 15,000 units of product during the year. What was the average cost per

6. Assuming the information given in the problem relates to the production of 25,000 fully and partially finished units durin

Various cost and sales data for Medco Inc. are given for the just-completed year: Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 139,500 12,000 19,500 60,000 5,500 63,500 32,000 74,000 560,000 29,500 1,050 84,500 68,500 7,250 31,000 10,750 43,000
MEDCO INC. Schedule of Cost of Goods Manufactured For the Year Ended XXXX Direct materials: 0 $ 0 Manufacturing overhead: 0 Total overhead costs Total manufacturing costs 0 0 Cost of goods manufactured $ 0
2. Prepare an income statement. MEDCO INC. Income Statement For the Year Ended XXXX Cost of goods sold: 0 0 Selling and administrative expenses: 0 0
3. Assume that the company produced the equivalent of 15,000 units of product during the year. What was the average cost per unit for direct materials? What was the average cost per unit for factory depreciation? (Round your answers to 2 decimal places.) Direct materials Depreciation Average cost per unit per unit 4. Assume that the company expects to produce 20,000 units of product during the coming year. What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity? For factory depreciation? (In preparing your answer, assume that direct materials is a variable cost and that depreciation is a fixed cost; also assume that depreciation is computed on a straight- line basis.) (Do not round intermediate calculations. Round "Average cost per unit" answers to 2 decimal places.) Average cost per unit Total cost Direct materials Depreciation
6. Assuming the information given in the problem relates to the production of 25,000 fully and partially finished units during the year and that 5,000 of those units remain unsold, determine the cost components of the finished goods inventory. Direct materials Direct labour Manufacturing overhead Total $ $ 0
0 0
Next > < Previous
ReportAnswer #1
Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Medco
Answer 1 Amount $ Amount $ Amount $
Beginning Work in process inventory              7,250.00
Direct materials used
Beginning Raw material inventory            12,000.00
Raw material Purchases         139,500.00
Total Raw material available for use         151,500.00
Less: Ending Raw material inventory            19,500.00
Direct materials used         132,000.00
Direct Labor            63,500.00
Manufacturing Overhead
Depreciation—Factory            60,000.00
Insurance—Factory              5,500.00
Maintenance—Factory            32,000.00
Factory Supplies Used              1,050.00
Factory Utilities            29,500.00
Indirect Labor            68,500.00
Total Manufacturing Overhead         196,550.00
Total Manufacturing costs         392,050.00
Total cost of work in process         399,300.00
Less: Ending Work in process inventory            31,000.00
Cost of goods manufactured         368,300.00
Workings for Answer 2 Amount $
Cost of goods manufactured         368,300.00
Beginning Finished goods inventory            10,750.00
Cost of goods available for sale         379,050.00
Less: Finished goods inventory, ending            43,000.00
Cost of goods sold         336,050.00
Answer 2
Income Statement Amount $ Amount $
Sales Revenues
Sales Revenues         560,000.00
Less: Cost of goods sold         336,050.00
Gross Profit         223,950.00
Less: Operating costs
Selling Expense            84,500.00
Administrative Expense            74,000.00
Total Operating costs         158,500.00
Net Income           65,450.00
Answer 3 Amount $ Note
Direct materials used         132,000.00 A
Units produced            15,000.00 B
Direct materials cost per unit                      8.80 C=A/B
Depreciation—Factory            60,000.00 D
Units produced            15,000.00 See B
Factory Depreciation cost per unit                      4.00 E=D/B
Answer 4 Amount $
Units produced- proposed            20,000.00 F
Direct materials cost per unit                      8.80 See C
Total Direct materials cost         176,000.00 G=F*C
Units produced- proposed            20,000.00 See F
Depreciation—Factory            60,000.00 See D
Factory Depreciation cost per unit                      3.00 H=D/F
Answer 6 Direct materials Direct Labor Manufacturing overhead Total Note
Cost         132,000.00            63,500.00         196,550.00 I
Units produced            25,000.00            25,000.00            25,000.00 J
Average cost per unit                      5.28                      2.54                      7.86 K=I/J
Ending finished goods inventory              5,000.00              5,000.00              5,000.00 L
Cost of Ending finished goods inventory           26,400.00           12,700.00           39,310.00 78,410.00 M=K*L
Know the answer?
Add Answer to:
Various cost and sales data for Medco Inc. are given for the just-completed year: Purchases of...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Various cost and sales data for Meriwell Company for the just-completed year follow:      Finished goods...

    Various cost and sales data for Meriwell Company for the just-completed year follow:      Finished goods inventory, beginning $ 25,000   Finished goods inventory, ending 50,000   Depreciation, factory 19,000   Administrative expenses 105,000   Utilities, factory 7,000   Maintenance, factory 55,000   Supplies, factory 12,000   Insurance, factory 3,600   Purchases of raw materials 130,000   Raw materials inventory, beginning 9,000   Raw materials inventory, ending 6,000   Direct labour 75,000   Indirect labour 18,000   Work-in-process inventory, beginning 22,000   Work-in-process inventory, ending 24,000   Sales 525,000   Selling expenses 74,000 Required: 1. Prepare...

  • 2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $...

    2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...

  • Please help me answer the question 3,4,6,and show the step The following information pertains to the...

    Please help me answer the question 3,4,6,and show the step The following information pertains to the most recent quarter at Precious Production Limited Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 367,500 42,000 70,500 180,500 20,500 243,500 122,000 284,000...

  • Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...

    Please check my answers. Problem 2-17 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5] The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished...

  • Please help answer question #3, #4 & #6 The following information pertains to the most recent...

    Please help answer question #3, #4 & #6 The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending 366,000 41,600 70,000 178,000 20,400 242,800 121,600 283,200 1,896,000 110,000 4,040 Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses 323,600 262,800 28,200 120,800 40,600 162,400 Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished...

  • Hi, Can I please have help with what I got wrong? Thank you! Various cost and...

    Hi, Can I please have help with what I got wrong? Thank you! Various cost and sales data for Meriwell Company for the just completed year follow: Finished goods inventory, beginning Finished goods inventory, ending Depreciation, factory Administrative expenses Utilities, factory Maintenance, factory Supplies, factory Insurance, factory Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Direct labour Indirect labour Work-in-process inventory, beginning Work-in-process inventory, ending Sales Selling expenses $ 27,000 54,000 21,000 103,000 9,000 61,000 12,000...

  • The following data are from BBC Inc. accounting records at December 31, 2018. Sales 500,000 Raw...

    The following data are from BBC Inc. accounting records at December 31, 2018. Sales 500,000 Raw materials inventory, beginning 8,000 Raw material ending 4,000 Purchase of raw materials (To be determined) Direct labour 30,000 Prime cost (total) 110,000 Indirect materials 20,000 Commissions 36,000 Work in process beginning inventory 8000 Work in process ending inventory 6000 Depreciation - equipment 20,000 Depreciation - factory 22,000 Finished good inventory beginning 10,000 Finished good inventory ending (To be determined) Maintenance expense 8,000 General office...

  • The following data are from BBC Inc. accounting records at December 31, 2018. Sales 500,000 Raw...

    The following data are from BBC Inc. accounting records at December 31, 2018. Sales 500,000 Raw materials inventory, beginning 8,000 Raw material ending 4,000 Purchase of raw materials (To be determined) Direct labour 30,000 Prime cost (total) 110,000 Indirect materials 20,000 Commissions 36,000 Work in process beginning inventory 8000 Work in process ending inventory 6000 Depreciation - equipment 20,000 Depreciation - factory 22,000 Finished good inventory beginning 10,000 Finished good inventory ending (To be determined) Maintenance expense 8,000 General office...

  • The following information pertains to the most recent quarter at Precious Production Limited.      Purchases of...

    The following information pertains to the most recent quarter at Precious Production Limited.      Purchases of raw materials $ 372,000     Raw materials inventory, beginning 43,200     Raw materials inventory, ending 72,000     Depreciation, factory 188,000     Insurance, factory 20,800     Direct labour 245,600     Maintenance, factory 123,200     Administrative expenses 286,400     Sales 1,992,000     Utilities, factory 112,000     Supplies, factory 4,080     Selling expenses 327,200     Indirect labour 265,600     Work in process inventory, beginning 28,400     Work in process inventory, ending 121,600     Finished goods inventory, beginning 41,200     Finished goods inventory, ending...

  • Please check my answers. Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour...

    Please check my answers. Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour (LO1, LO2, LO3, LO4, LO5) Carlton Manufacturing Company provided the following details about operations in February: $ Purchases of raw materials Maintenance, factory Direct labour Depreciation, factory equipment Indirect materials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment Advertising expenses Rent, factory building 169,000 40,900 35, 100 60,200 3,650 46,400 28,600 18,800 4,650 22,600 114,000 The company...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.