Question

In: Accounting

Fultz Company has accumulated the following budget data for the year 2017. 1. Sales: 31,190 units,...

Fultz Company has accumulated the following budget data for the year 2017.
1. Sales: 31,190 units, unit selling price $90.
2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour.
3. Inventories (raw materials only): beginning, 10,180 pounds; ending, 15,410 pounds.
4. Selling and administrative expenses: $170,000; interest expense: $30,000.
5. Income taxes: 30% of income before income taxes.

(a)

Prepare a schedule showing the computation of cost of goods sold for 2017.
FULTZ COMPANY
Computation of Cost of Goods Sold

For the Year Ending December 31, 2017December 31, 2017For the Quarter Ending December 31, 2017
Cost of one unit of finished goods:
    Direct materials $
    Direct labor
    Manufacturing overhead
          Total $
Cost of Goods Sold $

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Question 24 Fultz Company has accumulated the following budget data for the year 2017. 1. Sales:...
Question 24 Fultz Company has accumulated the following budget data for the year 2017. 1. Sales: 31,230 units, unit selling price $85. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $8 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,130 pounds; ending, 15,380 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income...
Exercise 22-13 a-b (Video) Crane Company has accumulated the following budget data for the year 2020....
Exercise 22-13 a-b (Video) Crane Company has accumulated the following budget data for the year 2020. 1. Sales: 31,190 units, unit selling price $90. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,180 pounds; ending, 15,410 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30%...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017. Sales units: First quarter  5,200; second quarter  6,700; third quarter  7,000 Ending raw materials inventory: 40% of the next quarter’s production requirements Ending finished goods inventory: 25% of the next quarter’s expected sales units Third-quarter production: 7,380 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to production and sales...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017. Sales units: First quarter 5,800; second quarter 6,700; third quarter 7,200 Ending raw materials inventory: 40% of the next quarter’s production requirements Ending finished goods inventory: 25% of the next quarter’s expected sales units Third-quarter production: 7,800 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017. Sales units: First quarter 5,100; second quarter 6,300; third quarter 7,300 Ending raw materials inventory: 40% of the next quarter’s production requirements Ending finished goods inventory: 25% of the next quarter’s expected sales units Third-quarter production: 7,670 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017. Sales units: First quarter 5,100; second quarter 6,800; third quarter 7,300 Ending raw materials inventory: 40% of the next quarter’s production requirements Ending finished goods inventory: 25% of the next quarter’s expected sales units Third-quarter production: 7,390 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data...
On January 1, 2017, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2017. Sales units: First quarter 5,000; second quarter 6,000; third quarter 7,000 Ending raw materials inventory: 40% of the next quarter’s production requirements Ending finished goods inventory: 25% of the next quarter’s expected sales units Third-quarter production: 7,200 units. The ending raw materials and finished goods inventories at December 31, 2016, follow the same percentage relationships to...
1.A company has provided the following data:   Sales 12,000 units   Sales price $100 per unit   Variable...
1.A company has provided the following data:   Sales 12,000 units   Sales price $100 per unit   Variable cost $50 per unit   Fixed cost $300,000             If the dollar contribution margin per unit is increased by 10%, total fixed cost is decreased by 20%, and all other factors remain the same, by how much will net income increase? 2.   Hamada Company sells a single product. The product has a selling price of $100 per unit and variable expenses of 80% of sales. If the...
Zot-Ice Corp. has provided the following data for the current year. Units produced 2,500 units Sales...
Zot-Ice Corp. has provided the following data for the current year. Units produced 2,500 units Sales price $400 per unit Direct materials $75 per unit Direct labor $65 per unit Variable manufacturing overhead $25 per unit Fixed manufacturing overhead $225,000 per year Variable selling and administrative costs $30 per unit Fixed selling and administrative costs $150,000 per year Part A Calculate the unit product cost using variable costing and absorption costing. Part B Assuming that Zot-Ice Corp. sells 2,000 units,...
White Corporation’s budget calls for the following sales for next year: Quarter 1 90,000 units Quarter...
White Corporation’s budget calls for the following sales for next year: Quarter 1 90,000 units Quarter 3 68,000 units Quarter 2 76,000 units Quarter 4 96,000 units Each unit of the product requires 3 pounds of direct materials. The company’s policy is to begin each quarter with an inventory of product equal to 5% of that quarter’s estimated sales requirements and an inventory of direct materials equal to 20% of that quarter’s estimated direct materials requirements for production. Required: 1....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT