Question

In: Accounting

Candy  Company manufactures candy and has the following information for june 2010. Sales totaled $4,125,000.00 and gives...

Candy  Company manufactures candy and has the following information for june 2010. Sales totaled $4,125,000.00 and gives a 4% commission to its sales staff charged as a selling expense. A total of 100,000 direct labor hours were worked for the month with a rate of $6.00 per hour. Raw materials purchases $ 500,000.00 Salaries of Sales Staff 320,000.00 Salary of General Manager 250,000.00 Utilities Expense - Factory 190,000.00 Rent for factory 170,000.00 Administrative Salaries 140,000.00 Rent for Sales Shop 130,000.00 Indirect labor 120,000.00 Factory supervisor's salary 90,000.00 Indirect materials 45,000.00 Utilities Expenses - Office 47,000.00 Factory supplies 45,000.00 Maintenance cost in the factory 35,000.00 Depreciation - Factory Equipment 25,000.00 Depreciation - Office Administrative Equipment 22,000.00 Office Supplies Expense 15,000.00 Insurance for Administrative Offices 6,000.00 Insurance for Factory Premises 5,000.00 Miscellaneous Expense - Office 3,500.00

Inventory levels are as follows: Beginning Inventory Ending Inventory Raw Materials $180,000.00 $140,000.00 Work In Process 180,000.00 200,000.00 Finished Goods 150,000.00 125,000.00  

Find  

. Manufacturing cost , Cost of Goods Manufactured , Cost of Goods Sold , Net Operating Income

Solutions

Expert Solution

Solution:

Hope this helps! In case of any clarifications, kindly use the comment box below


Related Solutions

Lant Company has provided the following information: • Cash sales totaled $220,000. • Credit sales totaled...
Lant Company has provided the following information: • Cash sales totaled $220,000. • Credit sales totaled $482,000. • Cash collections from customers for services yet to be provided totaled $82,000. • A $18,000 loss from the sale of property and equipment occurred. • Interest income was $8,000. • Interest expense was $18,200. • Supplies expense was $320,000. • Rent expense for the store was $32,000. • Wages expense was $42,000. • Other operating expenses totaled $72,000. • Unearned revenue was...
1)Lantz Company has provided the following information: Cash sales totaled $200,000. Credit sales totaled $480,000. Cash...
1)Lantz Company has provided the following information: Cash sales totaled $200,000. Credit sales totaled $480,000. Cash collections from customers for services yet to be provided totaled $80,000. A $16,000 loss from the sale of property and equipment occurred. Interest income was $7,800. Interest expense was $18,000. Supplies expense was $300,000. Rent expense for the store was $30,000. Wages expense was $40,000. Other operating expenses totaled $70,000. Unearned revenue was 4,900. What is the amount of Lantz’s income before income taxes?...
Smith Corporation has provided the following information: Cash sales totaled $125,000. Credit sales totaled $279,000. Cash...
Smith Corporation has provided the following information: Cash sales totaled $125,000. Credit sales totaled $279,000. Cash collections from customers for services yet to be provided totaled $38,000. An $11,000 gain from the sale of property and equipment occurred. Interest income totaled $7,700. How much of these items were included in operating income? A)$460,700. B)$442,000. C)$411,700. D)$415,000.
Mace Company has provided the following information for the year just ended: Cash sales totaled $130,000, Credit sales totaled $219,000, Cash collections from customers for services that have not been provided yet totaled $12,000.
Mace Company has provided the following information for the year just ended: Cash sales totaled $130,000, Credit sales totaled $219,000, Cash collections from customers for services that have not been provided yet totaled $12,000. There was a $3,000 gain from the sale of property and equipment. Interest expense totaled $9,500. How much did net income increase due to these items?A.) $339,500B.) $353,300C.) $350,800D.) $342,500
Dover Corporation has provided the following information for the year just ended: • Cash sales totaled...
Dover Corporation has provided the following information for the year just ended: • Cash sales totaled $125,000 • Credit sales totaled $279,000 • Cash collections from customers for services that have not been provided yet totaled $38,000 • There was an $11,000 gain from the sale of property and equipment • Interest income totaled $8,000 How much did net income increase due to these items?
A Candy Company plans to sell 3,000 candy bars with the following information:                  Financial Information        &nbs
A Candy Company plans to sell 3,000 candy bars with the following information:                  Financial Information                                                                            Selling price per candy bar.........................................................................               $1.00          Variable cost of goods sold per candy bar...............................................               $ .40          Fixed manufacturing cost per year.............................................................           $12,000 Variable cost of goods sold per candy bar....................................................               $ .30          Variable selling and administrative expense per candy bar......................               $ .05          Fixed selling and administrative expense..................................................            $ 4,000 Instructions: Using Excel, prepare the...
Leidenheimer Corporation manufactures small airplane propellers. Sales for year 2 totaled $1,710,000. Information regarding resources for...
Leidenheimer Corporation manufactures small airplane propellers. Sales for year 2 totaled $1,710,000. Information regarding resources for the month follows.       Resources Used Resources Supplied Parts management $ 65,000 $ 71,000 Energy 101,000 101,000 Quality inspections 91,000 101,000 Long-term labor 49,000 70,000 Short-term labor 41,000 51,000 Setups 145,000 230,000 Materials 300,000 300,000 Depreciation 130,000 230,000 Marketing 133,000 168,000 Customer service 22,000 43,000 Administrative 119,000 139,000 In addition, Leidenheimer spent $63,000 on 45 engineering changes with a cost-driver rate of $1,400 and...
Good Morning Sunshine is a wholesaler of coffee makers. In​ 2012, actual June sales revenue totaled...
Good Morning Sunshine is a wholesaler of coffee makers. In​ 2012, actual June sales revenue totaled ​$200,000. ​July's sales are expected to increase​ 10% over​ June's sales.​ August's sales are expected to increase​ 15% over​ July's sales. Prices are set to achieve a 60​% gross profit. The company wants to maintain an ending merchandise inventory equal to​ 15% of the next​ month’s cost of goods sold. This requirement was met on July 1st. The​ company’s budgeted purchases for the month...
The following information is available for the Savvy Company for the month of June. On June...
The following information is available for the Savvy Company for the month of June. On June 30, after all transactions have been recorded, the balance in the company's Cash account has a balance of $17,202. The company's bank statement shows a balance on June 30 of $19,279. Outstanding checks at June 30 total $2,984. The bank collected $770 on a note receivable that is not yet recorded by Savvy Company. A $67 NSF check from a customer, J. Maroon is...
A manufactured product has the following information for June.
A manufactured product has the following information for June.StandardActualDirect materials(6 lbs. @ $8 per lb.)48,500lbs. @ $8.10 per lb.Direct labor(2 hrs. @ $16 per hr.)15,700hrs. @ $16.50 per hr.Overhead(2 hrs. @ $12 per hr.)$198,000Units manufactured8,0001. Compute the standard cost per unit.2. Compute the total cost variance for June. Indicate whether the cost variance is favorable or unfavorable.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT