Question
In: Accounting
Flyers Inc., had the following activities during 2015: Direct materials: Beginning inventory $ 22,000 Purchases 61,600...
Flyers Inc., had the following activities during 2015:
Direct materials: Beginning inventory $ 22,000 Purchases 61,600
Ending inventory 10,800
Direct manufacturing labor 18,000
Manufacturing overhead 11,500
Beginning work-in-process inventory 1,000 Ending work-in-process inventory 3,500 Beginning finished goods inventory 25,000 Ending finished goods inventory 19,000
Required:
a. What is the cost of direct materials used during 2015?
b. What is cost of goods manufactured for 2015? c. What is cost of goods sold for 2015?
d. What amount of prime costs was added to production during 2015?
e. What amount of conversion costs was added to production during 2015?
Solutions
Expert Solution
Beginning inventory 22,000
Add: purchases 61,600
Less: ending inventory 10,800
- Direct material 72,800
Add: direct manufacturing labor 18,000
- Prime cost 90,800
Add: manufacturing overhead 11,500
- Conversion cost 102,300
Add: beginning work-in-progress 1,000
Less: ending work-in-progress 3,500
- Cost of goods manufactured 99,800
Add: opening stock of finished goods 25,000
Less: ending finished goods 19,000
- Cost of goods sold 105,800
ekkarill92 answered 1 year agoRelated Solutions
Units Percentage Complete Cost Beginning WIP Inventory - August 22,000 Direct Materials 75% $ 4,200...
Units
Percentage Complete
Cost
Beginning WIP Inventory - August
22,000
Direct Materials
75%
$ 4,200
Conversion Cost
70%
$ 2,450
Units Started in August
12,000
Costs incurred in August
Direct Materials
$ 17,000
Conversion Cost
$ 16,800
Ending WIP Inventory
6,000
Direct Materials
80%
Conversion Cost
60%
Use weighted-average process costing to compute equivalent units
& prepare a PRODUCTION COST REPORT
Using the format below
% Completed
Equivalent Units
Flow of Units
Physical Units
DM
Conv
DM...
Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 22,000...
Direct Materials and Direct Labor Variances
At the beginning of June, Kimber Toy Company budgeted 22,000 toy
action figures to be manufactured in June at standard direct
materials and direct labor costs as follows:
Direct materials
$46,200
Direct labor
23,100
Total
$69,300
The standard materials price is $0.60 per pound. The standard
direct labor rate is $15.00 per hour. At the end of June, the
actual direct materials and direct labor costs were as follows:
Actual direct materials
$43,300
Actual...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out.
C.
Compute gross profit under for
a...
During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...
During January, a company that uses a perpetual inventory system
had beginning inventory, purchases, and sales as follows :
Units
Cost per unit
Begin Inventory
100
12
Jan 5
Sale
50
10
Purchase
70
16
15
Sale
25
25
Sale
35
Required:
Prepare a schedule showing cost of goods sold and ending
inventory using weighted average.
Prepare a schedule showing cost of goods sold and ending
inventory using First In First Out
Compute gross profit under for a and b....
Account Balance Advertising expense 22,000 Direct material purchases 60,000 Paint for direct materials 15,000 Direct labour...
Account
Balance
Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000
Factory utilities
15,000
Factory repairs
12,000
Amortization, office printers
85,000
Amortization, factory chairs
25,000
Indirect materials
16,000
Indirect labour
31,000
Sale Commissions
4,000
Office Utilities
6,000
By-product sales
22,000
Sales
420,000
Promotional items
82,000
Cost per labour hour
20
Materials inventory, July 1, 19
50,000
Work-in-Process Inventory, July 1, 19
15,000
Finished Goods Inventory, July 1, 19
72,000
Materials Inventory, June 30,...
Account Balance Advertising expense 22,000 Direct material purchases 60,000 Paint for direct materials 15,000 Direct labour...
Account
Balance
Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000
Factory utilities
15,000
Factory repairs
12,000
Amortization, office printers
85,000
Amortization, factory chairs
25,000
Indirect materials
16,000
Indirect labour
31,000
Sale Commissions
4,000
Office Utilities
6,000
By-product sales
22,000
Sales
420,000
Promotional items
82,000
Cost per labour hour
20
Materials inventory, July 1, 19
50,000
Work-in-Process Inventory, July 1, 19
15,000
Finished Goods Inventory, July 1, 19
72,000
Materials Inventory, June 30,...
Account Balance Advertising expense 22,000 Direct material purchases 60,000 Paint for direct materials 15,000 Direct labour...
Account
Balance
Advertising expense
22,000
Direct material purchases
60,000
Paint for direct materials
15,000
Direct labour hours
220,000
Factory utilities
15,000
Factory repairs
12,000
Amortization, office printers
85,000
Amortization, factory chairs
25,000
Indirect materials
16,000
Indirect labour
31,000
Sale Commissions
4,000
Office Utilities
6,000
By-product sales
22,000
Sales
420,000
Promotional items
82,000
Cost per labour hour
20
Materials inventory, July 1, 19
50,000
Work-in-Process Inventory, July 1, 19
15,000
Finished Goods Inventory, July 1, 19
72,000
Materials Inventory, June 30,...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory...
Ryde and Rowe Inc. had the following account balances as of
January 1.
Direct Materials Inventory $ 8,700
Work in Process Inventory 76,500
Finished Goods Inventory 53,000
Manufacturing Overhead 0
During the month of January, all of the following occurred.
1.Direct labor costs were $41,000 for 1,800 hours worked.
2. Direct materials costing $29,000 and indirect materials
costing $3,700 were purchased.
3. Sales commissions of $16,000 were earned by the sales
force.
4. $22,000 worth of direct materials were used...
Ryde and Rowe Inc. had the following account balances as of January 1. Direct Materials Inventory...
Ryde and Rowe Inc. had the following account balances as of
January
1. Direct Materials Inventory $ 8,700
Work in Process Inventory 76,500
Finished Goods Inventory 53,000
Manufacturing Overhead 0
During the month of January, all of the following occurred.
Direct labor costs were $47,000 for 1,800 hours worked.
Direct materials costing $26,000 and indirect materials costing
$5,100 were purchased.
Sales commissions of $17,500 were earned by the sales force.
$26,000 worth of direct materials were used in production.
Advertising...
Frederick Inc. had the following activities during 2018:
Frederick Inc. had the following activities during 2018:
Direct materials:
Beginning inventory
$30,000
Purchases
122,800
Ending inventory
12,200
Direct manufacturing labour
24,000
Manufacturing overhead
26,000
Beginning work-in-process inventory
1,300
Ending work-in-process inventory
2,000
Beginning finished goods inventory
42,000
Ending finished goods inventory
21,000
Required:
What is the cost of direct materials used during 2018?
What are the total manufacturing costs incurred for 2018?
What is cost of goods manufactured for 2018?
What is cost of goods sold for 2018?
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